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The Shareholders Equity section the balance sheet of Chequessett Corporation is presented in the following table.

Shareholders' Equity
Preferred Stock, $25 par, 4.8%, cumulative, nonparticipating, 10,000 shares issued and outstanding	$250,000
Common Stock, $1 Par, 500,000 shares issued and outstanding	500,000
Paid-in Capital in Excess of Par - Preferred	25,000
Paid-in Capital in Excess of Par - Common	2,785,000
Retained Earnings	12,700,000
Total Shareholders' Equity	$16,260,000

Instructions

Prepare journal entries for the following share transactions for Chequessett Corporation.

1. Issued 250 shares of common for $10.50 per share.
2. Issued a $10,000, 8% bond payable for $10,100 and gave as a bonus 5 shares of preferred stock, which at that time was selling for $27 per share.
3. Issued 500 shares of common and 50 shares of preferred for a lump sum amounting to $6,500. The common had been selling at $10.80 per share and the preferred at $27 per share.
4. Repurchased 200 shares of common stock for $10.75 per share.
5. Repurchased 100 shares of common for $11 per share.
6. Reissued 100 shares of treasury stock for $11.80 per share. Assume the Chequessett values the cost of its Treasury Stock using the first-in, first-out method.
7. Reissued the remaining shares of treasury stock for equipment with a fair market value of $2,100.

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