Homework Help is Here – Start Your Trial Now!
Business
Accounting
FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 5 par value preferred Stock. During 2019, the company has the following stock transactions. Entry I Issued 400,000 common shares of stock at $3 cash per share. Entry 2 Issued 30,.000 preferred shares to purchase a land advertised for sale at S 300,000. On this day, the preferred stock had a market price of $ 9 per share. Entry 3 Purchased 10,000 of its common shares from the market for the treasury, when the market price per common share was S4. Entry 4 Sold 2,000 shares of its treasury stock for S 6 per share. Entry 5 Issued 10,000 preferred shares for cash, at 10 per share. Entry 6 Sold 3,000 shares of treasury stock for S3 per share. Entry 7 The Board of Directors declared a total cash dividends of $ 80,000 for all shareholders on recoed, as of 25 December, 2019 (both preferred and common). Dividends will be paid on 30 December, 2019.

FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 5 par value preferred Stock. During 2019, the company has the following stock transactions. Entry I Issued 400,000 common shares of stock at $3 cash per share. Entry 2 Issued 30,.000 preferred shares to purchase a land advertised for sale at S 300,000. On this day, the preferred stock had a market price of $ 9 per share. Entry 3 Purchased 10,000 of its common shares from the market for the treasury, when the market price per common share was S4. Entry 4 Sold 2,000 shares of its treasury stock for S 6 per share. Entry 5 Issued 10,000 preferred shares for cash, at 10 per share. Entry 6 Sold 3,000 shares of treasury stock for S3 per share. Entry 7 The Board of Directors declared a total cash dividends of $ 80,000 for all shareholders on recoed, as of 25 December, 2019 (both preferred and common). Dividends will be paid on 30 December, 2019.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 5 par value preferred Stock. During 2019, the company has the following stock transactions. Entry I Issued 400,000 common shares of stock at $3 cash per share. Entry 2 Issued 30,.000 preferred shares to purchase a land advertised for sale at S 300,000. On this day, the preferred stock had a market price of $ 9 per share. Entry 3 Purchased 10,000 of its common shares from the market for the treasury, when the market price per common share was S4. Entry 4 Sold 2,000 shares of its treasury stock for S 6 per share. Entry 5 Issued 10,000 preferred shares for cash, at 10 per share. Entry 6 Sold 3,000 shares of treasury stock for S3 per share. Entry 7 The Board of Directors declared a total cash dividends of $ 80,000 for all shareholders on recoed, as of 25 December, 2019 (both preferred and common). Dividends will be paid on 30 December, 2019.
Transcribed Image Text:FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 5 par value preferred Stock. During 2019, the company has the following stock transactions. Entry I Issued 400,000 common shares of stock at $3 cash per share. Entry 2 Issued 30,.000 preferred shares to purchase a land advertised for sale at S 300,000. On this day, the preferred stock had a market price of $ 9 per share. Entry 3 Purchased 10,000 of its common shares from the market for the treasury, when the market price per common share was S4. Entry 4 Sold 2,000 shares of its treasury stock for S 6 per share. Entry 5 Issued 10,000 preferred shares for cash, at 10 per share. Entry 6 Sold 3,000 shares of treasury stock for S3 per share. Entry 7 The Board of Directors declared a total cash dividends of $ 80,000 for all shareholders on recoed, as of 25 December, 2019 (both preferred and common). Dividends will be paid on 30 December, 2019.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Consolidations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS