ch 11 fall - Chapter 11 Homework Problems E11-10 Recording...

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E11-10 Recording Stockholders’ Equity Transactions Electronic Teacher Corporation obtained a charter at the start of 2006 that authorized 68,000 shares of no-par common stock and 21,000 shares of preferred stock, par value $10. The corporation was organized by four individuals who received shares of the common stock. The remaining shares were to be sold to other individuals at $42 per share on a cash basis. During 2006, the following selected transactions occurred: A . Collected $14 per share cash from the four organizers and issued 4,200 shares of common stock to each of them. B. Sold and issued 5,500 shares of common stock to an outsider at $42 cash per share. C. Sold and issued 8,900 shares of preferred stock at $20 cash per share. Required: Give the journal entries indicated for each of these transactions. a. Cash 235,200 Common stock, no-par 235,200 b. Cash 231,000 Common stock, no-par 231,000 c. Cash 178,000 Preferred stock 89,000 Contributed capital in excess of par, preferred 89,000 E11-15 Recording Treasury Stock Transactions and Analyzing Their Impact During 2006, the following selected transactions affecting stockholders' equity occurred for Groucho Corporation: a . Apr. 1 Purchased in the open market 160 shares of the company's own common stock at $24 per share. b.
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ch 11 fall - Chapter 11 Homework Problems E11-10 Recording...

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