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Diane’s Designs has two classes of stock authorized 8%, $10 par preferred and $1 par value common. The following transactions affect stockholders equity during 2015 its first year of operations

Diane’s Designs has two classes of stock authorized: 8%, $10 par preferred and $1 par value common. The following transactions affect stockholders’ equity during 2015, its first year of operations:

 

January 1   Issue 200,000 shares of common stock for $15 per share.

February 6  Issue 1,000 shares of preferred stock for $11 per share.

October 10 Repurchase 10,000 shares of its own common stock for $18 per share.

November 12  Reissue 5,000 shares of treasury stock at $20 per share.

 

Record each of these transactions.

 

 

 

133. Oregon Outfitters issues 1,000 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to repurchase 200 shares at a cost of $22 per share. (1) Record the original issue of the 1,000 shares, (2) Record the repurchase of 200 shares, and (3) record the entry if Oregon Outfitters reissues the 200 shares of treasury stock at $25 per share.

Jan 25 2020 View more View Less

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