Need help because I am stuck again.
P11-3 Recording Transactions Affecting Stockholders' Equity (AP11-2) LO3, 7 McGee Corporation began operations in January 2009. The charter authorized the following capital stock:
Preferred stock: 11 percent, $14.5 par, authorized 40,000 shares.
Common stock: $7.5 par, authorized 82,000 shares.
During 2009, the following transactions occurred in the order given:
a. Issued 23,000 shares of common stock to each of the three organizers and collected $10 cash per share from each of them.
b. Sold 6,000 shares of the preferred stock at $19 per share.
c. Sold 850 shares of the preferred stock at $21.5 and 1,100 shares of common stock at $13 per share.
Required:
Give the journal entries indicated for each of these transactions. (Omit the "$" sign in your response.)
Debit Credit
(a) Cash (5%) 690,000 (5%)
Common stock (5%) 517,500 (5%)
Contributed capital in excess of par (5%) 172,500 (5%)
(b) Cash (5%) 114,000 (5%)
Preferred stock (5%) 87,000 (5%)
Contributed capital in excess of par (5%) 27,000 (5%)
(c) Cash (5%) 32575 (5%)
Preferred stock (5%) 12,325 (5%)
Common stock (5%) 8,250 (5%)
Contributed capital in excess of par, preferred (5%) ______? (0%)
Contributed capital in excess of par, common (5%) ______? (0%)
2
P11-5 Preparing the Stockholders’ Equity Section after Selected Transactions (AP11-3) LO1, 3 Global Marine Company obtained a charter from the state in January 2009, which authorized 211,000 shares of common stock, $5 par value. During the first year, the company earned $38,400 and the following selected transactions occurred in the order given:
a. Sold 60,600 shares of the common stock in an initial public offering at $14 per share.
b. Repurchased 2,200 shares of the previously issued shares at $17 cash per share for treasury stock..
c. Resold 1,400 of the shares of the treasury stock at $20 cash per share.
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2009. Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.
Stockholders' Equity
Contributed Capital:
Common stock $ 303,000 (17%)
Contributed capital in excess of par ______? (0%)
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Total contributed capital $ _____? (0%)
Retained Earnings ______? (0%)
Less: Treasury stock held ( _____? (0%))
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Total stockholder's equity $ _____? (0%)
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P11-3 Recording Transactions Affecting Stockholders' Equity (AP11-2) LO3, 7 McGee Corporation began operations in January 2009. The charter authorized the following capital stock:
Preferred stock: 11 percent, $14.5 par, authorized 40,000 shares.
Common stock: $7.5 par, authorized 82,000 shares.
During 2009, the following transactions occurred in the order given:
a. Issued 23,000 shares of common stock to each of the three organizers and collected $10 cash per share from each of them.
b. Sold 6,000 shares of the preferred stock at $19 per share.
c. Sold 850 shares of the preferred stock at $21.5 and 1,100 shares of common stock at $13 per share.
Required:
Give the journal entries indicated for each of these transactions. (Omit the "$" sign in your response.)
Debit Credit
(a) Cash (5%) 690,000 (5%)
Common stock (5%) 517,500 (5%)
Contributed capital in excess of par (5%) 172,500 (5%)
(b) Cash (5%) 114,000 (5%)
Preferred stock (5%) 87,000 (5%)
Contributed capital in excess of par (5%) 27,000 (5%)
(c) Cash (5%) 32575 (5%)
Preferred stock (5%) 12,325 (5%)
Common stock (5%) 8,250 (5%)
Contributed capital in excess of par, preferred (5%) ______? (0%)
Contributed capital in excess of par, common (5%) ______? (0%)
2
P11-5 Preparing the Stockholders’ Equity Section after Selected Transactions (AP11-3) LO1, 3 Global Marine Company obtained a charter from the state in January 2009, which authorized 211,000 shares of common stock, $5 par value. During the first year, the company earned $38,400 and the following selected transactions occurred in the order given:
a. Sold 60,600 shares of the common stock in an initial public offering at $14 per share.
b. Repurchased 2,200 shares of the previously issued shares at $17 cash per share for treasury stock..
c. Resold 1,400 of the shares of the treasury stock at $20 cash per share.
Required:
Prepare the stockholders' equity section of the balance sheet at December 31, 2009. Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.
Stockholders' Equity
Contributed Capital:
Common stock $ 303,000 (17%)
Contributed capital in excess of par ______? (0%)
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Total contributed capital $ _____? (0%)
Retained Earnings ______? (0%)
Less: Treasury stock held ( _____? (0%))
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Total stockholder's equity $ _____? (0%)
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