Tyler Corporation was organized in 2014. It's corporate charter authorized the issuance of 50,000 shares of common stock, par value $5 per share, and 10,000 shares of 8% preferred stock, per value $25 per share.
Prepare journal entries for each of the following transactions:
January 1 Sold and issued 45,000 shares of common stock for cash at $ 25 per share
February 1 Sold and issued 5,000 shares of preferred stock for cash of $75 per share.
June 1 Purchased 7,500 shares of common stock in the open market at $24 per share.
August 1 Sold 1,000 shares of the treasury stock at $26 per share.
October 1 Sold another 1,500 shares of the treasury stock at $23 per share.
December 1 Declared dividends totaling $100,000.
Allocations of the dividend to preferred and common stockholders.
December 31 Paid the dividends that were declared.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Tyler Corporation was organized in 2014. It's corporate charter authorized the issuance of 50,000 shares of common stock, par value $5 per ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Wrecked Furniture. Ralph buys new furniture for his living room from Good Times Furniture. It is agreed that the goods will be placed with a common carrier for delivery.
Answers (1)
General mills actively researches people who don't buy their products to find out why they are not adopters. this practice is most likely to occur during which phase of the new product development process?
Answers (1)
James purchased office equipment for his business. The equipment has a depreciable basis of $7,000 and was put in service on June 1, 2019.
Answers (1)
A corporation has $80,000 in total assets, $36,000 in total liabilities, and a $12,000 credit balance in retained earnings. what is the balance in the contributed capital accounts? a. $44,000. b. $32,000. c. $56,000. d. $48,000.
Answers (1)
If the demand for letters written by Abraham Lincoln is higher than the demand for letters written by John Wilkes Booth, what would have to be true for the market equilibrium prices for these letters to be equal?
Answers (2)
New Questions in Business
What type of information is required on a 1040 EZ form
Answers (1)
Amos and Thomas form the Show Corporation during the current year. Amos owns 40% of Show's stock, Thomas owns 20%, and Arthur owns the remaining 40%. Amos paid $50,000 for his interest, and Thomas paid $25,000.
Answers (1)
True or false: Income from passive investments may be taxed at ordinary rates, preferential rates, or may be exempt from taxation while income from portfolio investments will be taxed at ordinary rates.
Answers (1)
15. Marta is interviewing candidates for a position in the Human Resources department at her company. She is deciding who to interview by going through resumés and looking at the subject areas in which each candidate studied.
Answers (1)
Judge Reynolds, in trying a case involving on-line piracy, based the decision on a previously decided case from 3 years ago in which the circumstances were very similar. What type law did Judge Reynolds use to make the decision?
Answers (1)