Exercise 8-13 Sagan Co. had these transactions during the current period. June 1

Question

Exercise 8-13 Sagan Co. had these transactions during the current period. June 12 Issued 80,000 shares of $1 par value common stock for cash of $300,000 July 11 Issued 3,000 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 2,000 shares of treasury stock for $9,000 Prepare a tabular summary to record the Sagan Co. transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Paid-in-Capital Retained Earnings PIC in Excess of + Pref. Stock + Common Stock PIC in Excess of Par Pref Treasury Stock Cash + Revenue Expense Dividend Par Com une 22 July 11 Nov. 28 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT

Explanation / Answer

Assets Liabilities Paid in capital Cash Common Stock PIC in excess of par Com. Pref. stock PIC in excess of par Pref. Treasury stock Revenue Expenses Dividend 22-Jun 300000 80000 220000 11-Jul 318000 300000 18000 28-Nov -9000 -9000

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