A Company Is Authorized to Issue 50,000 Shares of $50

question 66

Essay

A company is authorized to issue 50,000 shares of $50 par value,8%,cumulative,fully participating preferred stock and 750,000 shares of $5 par value common stock.Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations:
May 5 Exchanged 2,000 shares of preferred stock for a building with a market value of
$135,000.
July 20 Sold 1,550 shares of preferred stock for $50 cash per share.
Dec.20 Sold 1,000 shares of preferred stock at $55 cash per share.

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Definitions:

Femoral Vessels

The major blood vessels (arteries and veins) in the thigh that supply blood to and from the lower limbs.

Rubber Bladder

A flexible sac made of rubber or similar materials, used for the containment of liquids or gases in various applications, including medical devices.

Arm Circumference

A measurement around the upper arm, used in medical and fitness assessments to gauge muscle mass or nutritional status.

Apical Rate

The heart rate as measured at the apex of the heart, typically through auscultation, and reflects the actual beat of the heart.