90.2K

Verified Solution

Link Copied!

Problem 11-6A Windsor, Inc. has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,090,700 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2019, the ledger contained the following balances pertaining to stockholders' equity Preferred Stock Pald-in Capital in Excess of Par-Preferred Stock Common Stock Pald-in Capital in Excess of Stated Value-Common Stock Treasury Stock (367 common shares) Pald-in Capital from Treasury Stock Retained Earnings Accumulated Other Comprehensve Income $120,000 24,000 1,090,700 1,761,900 4,037 80,000 4.000 The preferred stock was issued for land having for value of $144,000. All common stock issued was for cash, la November, 550 shares of common stock were purchased for the treasury at a per share cost of $11. in December, 183 shares of treasury stock were sold for $14 perare. No dividends were dedare in 2019. Prepare the yournal entries for the following: (Credit account titles are automatically indented when amount is entered De not indent manually. I ne entry is required, select "No Entry for the account tities and enter for the amounts) (1) T ance of preferred to for and (2) Issuance of common stock for cash (2) Purchase of common treasury stock for cash (4) Sale of treasury stock for cash (4) Sale of treasury stock for cash. No. Account Titles and Explanation Debit Credit Prepare the stockholders' equity section at December 31, 2019. (Enter the account name only and do not provide Windsor, Inc. Balance Sheet (Partial) an Dolm a nnen

Answer & Explanation Solved by verified expert

See Answer