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  3. hold the boodreported the following items in de eq

hold the boodreported the following items in de equity 31 December 2010 Amount $13,500,000 Info...

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Accounting

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hold the boodreported the following items in de equity 31 December 2010 Amount $13,500,000 Info Preferred shares, 54 dividend; 120,000 shares outstanding, cumulative, participating in dividends with common shares after the common shares have received $2.40 per share; participation is based on an even 50/50 split of the remaining dollar balance Common shares, 640,000 shares issued Contributed capital on retirement of $4 preferred shores Retained earnings Treasury stock, 40,000 common shares $2,200,000 $37,200 $26,679,500 $2,400,000 Required: Prepare journal entries for the following transactions. (3 parts below) a) Repurchase and retirement of 30,000 common shares for $76.25 per share (4 marks) b) Repurchase and retirement of 5,000 $4 preferred shares for $120 per share (5 marks) Ecer

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