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Coutts Real Estate Investment Trust, Inc was authorized to issue 20,000 shares of $100 par,...

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Accounting

Coutts Real Estate Investment Trust, Inc was authorized to issue 20,000 shares of $100 par, convertible, callable preferred stock and 100,000 shares of $10 stated value common stock. Currently, Coutts has 6,000 shares of preferred stock outstanding and 40,000 shares of common stock outstanding. Prepare journal entries for each of the following transactions. Treat these as independent of each other. Acquired a patent by issuing 2,000 shares of common stock and bonds with a face value of $100,000. The stock is currently selling for $27 and the bonds at 98. Sold for $96,000 cash a

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