Journal entries for P8.24 Transactional analysis
a. Sold 5,200 shares of $10 par value preferred stock at $12.50 per share.
b. Declared the annual cash dividend of $3.20 per share on common stock. There were 18,400 shares of common stock issued and outstanding throughout the year.
c. Issued 6,400 shares of $10 par value preferred stock in exchange for a building when the market price of preferred stock was $14 per share.
d. Purchased 300 shares of preferred stock for the treasury at a price of $16 per share.
e. Sold 140 shares of the preferred stock held in treasury (see d) for $17 per share.
f. Declared and issued a 15% stock dividend on the $1 par value common stock when the market price per share was $45.
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