157. On February 13, Epperson Company issue for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Epperson issued at par 15,000 share of 1%, $60 par preferred stock at par for cash On November 23, Epperson issued for cash 8,000 shares of 1%, $60 par preferred stock at $70.
Required: Journalize the entries to record the February 13, September 9 and November 23 transactions.
Feb.13Cash (75,000 shares ´ $140)10,500,000
Common Stock9,375,000
Paid-In Capital in Excess of Stated Value1,125,000
[75,000 shares ´ ($140-125)].
Sept.9Cash900,000
Preferred Stock900,000
(15,000 shares ´ $60).
Nov.23Cash560,000
Preferred Stock480,000
Paid-In Capital in Excess of Par80,000
[8,000 shares ´ ($70-60)].
158. Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared a 3% stock dividend to be issued April 30 to stockholders of record on March 14. The market price of the stock was $90 per share on February 13.
Required: Journalize the entries required on February 13, March 14, and April 30.
159. On February 1, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On March 15, Marine sold 4,500 of the reacquired shares at $34 per share. On June 2, Marine sold the remaining shares at $28 per share.
Required: Journalize the transaction of February 1, March 15, and June 2.