Reference no: EM133147362

Question - Bramble Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, preferred stock and 1,004,400 shares of no-par common stock. The corporation assigned a $2.70 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity.

Preferred Stock $120,000

Paid-in Capital in Excess of Par-Preferred Stock 24,500

Common Stock 1,004,400

Paid-in Capital in Excess of Stated Value-Common Stock 1,599,600

Treasury Stock (960 common shares) 10,560

Paid-in Capital from Treasury Stock 1,440

Retained Earnings 84,500

The preferred stock was issued for land having a fair value of $144,500. All common stock issued was for cash. In November, 1,440 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 480 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022.

Required - Make the journal entries for the:

(1) Issuance of preferred stock for land.

(2) Issuance of common stock for cash.

(3) Purchase of common treasury stock for cash.

(4) Sale of treasury stock for cash.