Problem 11-5APringle Corporation has been authorized to issue 23,300 shares of $100 par value, 7%, noncumulative preferred stock and 1,023,100 shares of no-par common stock.<\/p>\n
The corporation assigned a $4 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders\u2019 equity.<\/p>\n
Preferred Stock $151,800Paid-in Capital in Excess of Par Value\u2014Preferred Stock 22,030Common Stock 2,170,000Paid-in Capital in Excess of Stated Value\u2014Common Stock 1,700,000Treasury Stock\u2014 (5,680 common shares) 79,520Retained Earnings 82,500<\/p>\n
The preferred stock was issued for $173,830 cash. All common stock issued was for cash. In November 5,680 shares of common stock were purchased for the treasury at a per share cost of $14. No dividends were declared in 2014.<\/p>\n
Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)(1) Issuance of preferred stock for cash.(2) Issuance of common stock for cash.(3) Purchase of common treasury stock for cash.No.Account Titles and ExplanationDebitCredit1. 2. 3. SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTLINK TO TEXTLINK TO VIDEOPrepare the stockholders\u2019 equity section of the balance sheet at December 31, 2014.PRINGLE CORPORATION<\/p>\n
Partial Balance Sheet<\/p>\n
December 31, 2014<\/p>\n
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income \/ (Loss)Property, Plant and EquipmentRevenuesStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders\u2019 EquityTotal Additional Paid-in Capital Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income \/ (Loss)Property, Plant and EquipmentRevenuesStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders\u2019 EquityTotal Additional Paid-in Capital Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income \/ (Loss)Property, Plant and EquipmentRevenuesStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders\u2019 EquityTotal Additional Paid-in Capital $ Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income \/ (Loss) Property, Plant and Equipment Revenues Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders\u2019 Equity Total Additional Paid-in Capital $ Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income \/ (Loss)Property, Plant and EquipmentRevenuesStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders\u2019 EquityTotal Additional Paid-in Capital $ Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income \/ (Loss) Property, Plant and Equipment Revenues Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders\u2019 Equity Total Additional Paid-in Capital Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income \/ (Loss) Property, Plant and Equipment Revenues Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders\u2019 Equity Total Additional Paid-in Capital Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income \/ (Loss) Property, Plant and Equipment Revenues Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders\u2019 Equity Total Additional Paid-in Capital Add Less : Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income \/ (Loss) Property, Plant and Equipment Revenues Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders\u2019 Equity Total Additional Paid-in Capital $<\/p>\n","protected":false},"excerpt":{"rendered":"
Problem 11-5APringle Corporation has been authorized to issue 23,300 shares of $100 par value, 7%, noncumulative preferred stock and 1,023,100 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-49966","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=49966"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49966\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=49966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=49966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=49966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}