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    brittanif's Avatar
    brittanif Posts: 2, Reputation: 1
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    Oct 5, 2011, 03:01 PM
    On January 1, 2007, Fender Corporation had 90,000 shares of $1 stated value common st
    Feb. 1 Issued 10,000 shares of common stock for $130,000.

    Mar. 5 Issued 2,000 shares of preferred stock for $62 per share.

    May 15 Purchased 7,000 shares of common stock for the treasury for $4 per share.

    Jun. 1 Declared a cash dividend of $0.50 per share of common stock to stockholders of record on June 15 to be paid on June 25.

    Dec. 15 Declared the annual cash dividend to preferred stockholders to be paid on Dec. 31.

    Dec. 31 Close out the net income for the year which amounted to $245,000.

    Prepare journal entries to record the above transactions. Make sure to include dates for all journal entries
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    ScottGem Posts: 64,966, Reputation: 6056
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    Oct 5, 2011, 03:04 PM
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