ACCOUNT-Pringle Corporation has been authorized to issue
by ella | Aug 20, 2025 | Business
| Pringle Corporation has been authorized to issue 20,400 shares of $100 par value, 8%, noncumulative preferred stock and 1,007,100 shares of no-par common stock.
The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
| Preferred Stock |
$148,800 |
| Paid-in Capital in Excess of Par Value—Preferred Stock |
21,230 |
| Common Stock |
2,110,000 |
| Paid-in Capital in Excess of Stated Value—Common Stock |
1,662,000 |
| Treasury Stock— (3,140 common shares) |
37,680 |
| Retained Earnings |
84,200 |
The preferred stock was issued for $170,030 cash. All common stock issued was for cash. In November 3,140 shares of common stock were purchased for the treasury at a per share cost of $12. No dividends were declared in 2014.
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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.
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