E8-8A. Record stock transactions. (LO 1, 2, 3)
Quicksilver Corporation is authorized to issue both preferred and common stock. Quicksilver’s preferred stock is $200 par, 5% preferred stock. During the first month of operations, the company engaged in the following transactions related to its stock. Show each of the following transactions in the accounting equation
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Jan. 1 |
Issued 30,000 shares of $1 par value common stock for cash at $51 per share |
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Jan. 10 |
Issued 1,000 shares of preferred stock at par |
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Jan. 15 |
Purchased 2,000 shares of common stock to be held in the treasury for $53 per share |
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Jan.20 |
Issued 40,000 shares $1 par value common stock for cash at $56 per share |
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Jan.21 |
Sold 1,500 shares of the treasury stock purchased on the 15th for $56 per share |
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Jan. 31 |
Declared a $25,000 dividend |