v. Analysis of Common and Treasury Stock Transactions (10 Points) Instructions: In the appropriate..

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v. Analysis of Common and Treasury Stock Transactions (10 Points) Instructions: In the appropriate col insert the letters of the accounts to be debited and credited in recording the selected transactions described below. A. Land B. Cash C. Common Stock D. Organization Costs E. Paid-In Capital from Sale of Treasury Stock F. Paid-In Capital in Excess of Par Common Stock G. Paid-In Capital ip Excess of Par -Preferred Sock H. Preferred Stock I. Retained Earnings J. Stock Dividends K. Sock Dividends Distributable L. Treasury Stock M. Cash Dividends Payable N. Cash Dividends O. Income Summary Debit Credit TRANSACTIONS 0. Issued 1,000 shares of $100 par common stock at $120, receiving cash. 1-2. Issued 150 shares of $50 par common stock with a fair value of $60 per share to an attorney in payment of legal fees for organizing the corporation 3-4. Declared a small stock dividend of 2,000 shares of $100 par common stock, fair market value is $120 per share 5-6. Issued the Common Stock for the stocks dividends declared in Question 3-4 7-8. Sold all 500 shares of treasury stock that was originally purchased at $68 for $85, receiving cash 9-10. Issued 300 shares of $5 par common stock currently trading for $15 per share for land appraised at $4,000 11-12. Declared a cash dividend of $2.00 per share on the $100 par common stock, the fair market value of the stock is $120 per share The company earned $50,000. The Income Summary account was closed 13-14 out to the Retained Earnings account.
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Analysis of Common and Treasury Stock Transactions Instructions: In the appropriate columns, insert the letters of the accounts to be debited and credited in recording the selected transactions described below. Land Cash Common Stock Organization Costs Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par – Common Stock Paid-In Capital in Excess of Par – Preferred Sock Preferred Stock Retained Earnings Stock Dividends Sock Dividends Distributable Treasury Stock Cash Dividends Payable Cash Dividends Income Summary

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