I can email you the actual excel template.... thegang1@bellsouth.net Sapp Compan

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I can email you the actual excel template.... thegang1@bellsouth.net

Sapp Company Journal Entries for stock transactions
Sapp Company is authorized to issue 20,000 shares of no-par, $5 stated-value common stock and 5,000 shares of 9%, 100 par preferred stock. It enters into the following transaction:

1. Accepts a subscription contract to 7,000 shares of common stock at $42 per share and receives a 30% down payment

2. Collects the remaining balance of the subscription contract and issues the common stock

3. Acquires a building by paying $23,00 cash and issuing 2,,000 shares of common stock and 600 shares of preferred stock. Common stock is currently selling at $46 per share; preffed stock has no current market value. The building is appraised at $180,000

4. Sells 1,000 shares of common stock at $45 per share

5. Sells 900 shares of preferred stock at $112 per share

6. Declares a two-for-one stock split on the common stock, reducing the stated value to $2.50 per share

Required: Prepare journal entires to record the preceding transactions.

Explanation / Answer

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