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28 Sep 2019
Finishing Touches has two classes of stock authorized: 7%, $10par preferred, and $1 par value common. The following transactionsaffect stockholdersâ equity during 2018, its first year ofoperations: (Required: Record the journal entriesfor each of these transactions)
1. January 2 Issues 100,000 shares of common stock for $33 pershare.
2. February 6 Issues 2,800 shares of 7% preferred stock for $13per share.
3. September 10 Repurchases 12,000 shares of its own commonstock for $38 per share.
4. December 15 Reissues 6,000 shares of treasury stock at $43per share.
Required: Record the journal entries for eachof these transactions
Finishing Touches has two classes of stock authorized: 7%, $10par preferred, and $1 par value common. The following transactionsaffect stockholdersâ equity during 2018, its first year ofoperations: (Required: Record the journal entriesfor each of these transactions)
1. January 2 Issues 100,000 shares of common stock for $33 pershare.
2. February 6 Issues 2,800 shares of 7% preferred stock for $13per share.
3. September 10 Repurchases 12,000 shares of its own commonstock for $38 per share.
4. December 15 Reissues 6,000 shares of treasury stock at $43per share.
Required: Record the journal entries for eachof these transactions
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Elin HesselLv2
28 Sep 2019
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