Kingsley Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders’ equity.
| Preferred Stock Don't use plagiarized sources. Get Your Custom Essay on prepare the stockholders rsquo equity section at december 31 2014 618677 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | $ 240,000 |
| Paid-in Capital in Excess of Par—Preferred Stock | 56,000 |
| Common Stock | 2,000,000 |
| Paid-in Capital in Excess of Stated Value—Common Stock | 4,400,000 |
| Treasury Stock (1,000 common shares) | 22,000 |
| Paid-in Capital from Treasury Stock | 3,000 |
| Retained Earnings | 560,000 |
The preferred stock was issued for land having a fair value of $296,000. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $22. In December, 500 shares of treasury stock were sold for $28 per share. No dividends were declared in 2014.
Instructions
(a)Prepare the journal entries for the:
(1)Issuance of preferred stock for land.
(2)Issuance of common stock for cash.
(3)Purchase of common treasury stock for cash.
(4)Sale of treasury stock for cash.
(b)Prepare the stockholders’ equity section at December 31, 2014.
part one For this assignment you are to to watch: Shattered Glass Write a two…
Standard Project - WebServers. Instruction attached. Need all requirements, you do not have to make…
Read classmates post and respond with 100 words:The International Categorization of Diseases, Tenth Revision, Clinical…
Most Americans have at least 1 issue that is most important to them. Economic issues…
For this assignment, you are the court intake processor at a federal court where you…
Use a standard outline format to lay out how you are going to write your…