History Bookmarks People Window Help × . Problern 13-6A Irwin Corpor- X ugen.wil

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History Bookmarks People Window Help × . Problern 13-6A Irwin Corpor- X ugen.wileyplus.com/edugen/Iti/main,uni Problem 13-6A (Part Level Submission) Secure https://edugen, wileyplus.com edugen/shared assignment/test oprint.uni ygand Print by: Cullen Lonnborg KCC01 ACC 1200 03 1179 1: 2017 Fall Term (1) Fundamentals of Accounting 11 ACC 1200 03140ss (Kingsborough CC) / CH13 HW13.2 EC Problem 13-6A (Part Level Submission) Irwin Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 1,081,700 shares of no-par common stock. The corporation assigned a $2.90 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity Preferred Stock $200,000 41,500 1,081,700 1,902,300 7,260 990 84,500 Paid-in Capital in Excess of Par--Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (660 common shares) Paid-in Capital from Treasury Stock Retained Earnings The preferred stock was issued for land having a fair value of $141,500. All common stock issued was for cash. In November, 990 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 330 shares of treasury stock were sod ror 14 per share. NO dividends were declared in 2017 Prepare the journal entries for the: (Credit account titres are automatically indented when amount is entered. Do MacBook Air

Explanation / Answer

BALANCE SHEET (PARTIAL) SHAREHOLDERS EQUITY AMOUNT AMOUNT Common Stock $10,81,700 Paid-in Capital in excess of par - Common Stock $19,02,300 Preferred Stock $1,00,000 Paid-in Capital in excess of par - Preferred Stock $41,500 Retained Earning $84,500 Less : Treasury Stock Treasury Stock (660 Common Shares) $7,260 Less: Paid in capital $990 $6,270 Total $32,03,730

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