Question
Spangler Corporation's charter allows it to issue shares of $ par preferred stock
and shares of $ par common stock. The company had the following stock
transactions during the past year:
Issued shares of common stock to the corporate founders in exchange for a
building valued at $ and equipment valued at $
Sold shares of preferred stock at $ per share and shares of common stock
at par to an investor.
Sold shares of common stock for $ per share.
Issued shares of common stock with a market value of $ per share, and
shares of preferred stock with a market value of $ per share, for a lump sum of
$
Purchased at $ per shire, shares of Spangler Corporation common stock.
Sold shares of treasury stock at $ per share.
Sold shares of treasury stock at $ per share.
Instructions:
Prepare journal entries for the transactions noted above. No other transactions have
affected the stock accounts. Record all lump sum transactions using the proportional
method and all treasury stock transactions using the cost method.
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