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(Solved) Pringle Corporation has been authorized to issue 23,100 shares of


Pringle Corporation has been authorized to issue 23,100 shares of $100 par value, 6%, noncumulative preferred stock and 1,020,800 shares of no-par common stock.

The corporation assigned a $4 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders? equity.

Preferred Stock $140,900
Paid-in Capital in Excess of Par Value?Preferred Stock 21,420
Common Stock 2,200,000
Paid-in Capital in Excess of Stated Value?Common Stock 1,724,000
Treasury Stock? (4,000 common shares) 44,000
Retained Earnings 83,900

The preferred stock was issued for $162,320 cash. All common stock issued was for cash. In November 4,000 shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2014.



Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(1) Issuance of preferred stock for cash.
(2) Issuance of common stock for cash.
(3) Purchase of common treasury stock for cash.

Prepare the stockholders? equity section of the balance sheet at December 31, 2014.

PRINGLE CORPORATION
Partial Balance Sheet
December 31, 2014

 


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Oct 15, 2019

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