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McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued 40,000...

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Accounting

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McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued 40,000 shares of $5 par value common stock at $17 cash per share. Jan. 20 issued 9,000 shares of $50 par yalue, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 4,500 shares of its own common stock at $20 cash per share. Jun. 25 Sold 3,000 shares of the treasury stock at $26 cash per share. Jul. 15 Sold the remaining 1,500 shares of treasury stock at $19 cash per share. a. Prepare the journal entries for these transactions. b. Post the journal entries to the related T-accounts. a. Prepare the journal entries for these transactions

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