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ACC 551 Problem 15-1 (13th Edition)

ACC 551 Problem 15-1 (13th Edition) -...

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P15-1   (Equity Transactions and Statement Preparation)  On January 5, 2010, Phelps Corporation received a  charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred  stock, and 50,000 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,000 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 4,000 shares of preferred stock for the following assets: machinery with a  fair market value of $50,000; a factory building with a fair market value of $160,000; and land with  an appraised value of $270,000. July 29 Purchased 1,800 shares of common stock at $17 per share. (Use cost method.) Aug. 10 Sold the 1,800 treasury shares at $14 per share. Dec. 31 Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend.
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