Samson Company Had the Following Transactions

question 222

Essay

Samson Company had the following transactions.
1. Issued 5,000 shares of $100 par preferred stock at $107 for cash.
2. Issued 8,000 share of common stock with a par value of $10 for $120,000.
3. Purchased 500 shares of treasury common stock for $12,000.
Instructions
Prepare the journal entries to record the above stock transactions.

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Definitions:

Distributive Justice

The ethical concept concerning the fair distribution of resources among members of a society.

Earned

Acquired or deserved as a result of effort or action.

Deserve

refers to having earned or being worthy of a specific outcome or treatment due to one's actions or qualities.

Autonomy

The capacity to make an informed, uncoerced decision independently, often used in contexts of personal and political freedom.