Ivanhoe Company had these transactions during the current period. June 12 Issued

Question

Ivanhoe Company had these transactions during the current period. June 12 Issued 86,500 shares of $1 par value common stock for cash of $324,375. July 11 Issued 3,100 shares of $103 par value preferred stock for cash at $108 per share. Nov. 28 Purchased 1,800 shares of treasury stock for $9,350. Prepare the journal entries for the Ivanhoe Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Explanation / Answer

Jun-12 Cash 324375       Common stock 86500       Paid in capital in excess of par-Common stock 237875 Jul-11 Cash 334800 =3100*108       Preferred stock 319300 =3100*103       Paid in capital in excess of par-Preferred stock 15500 Nov-28 Treasury stock 9350       Cash 9350

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