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Prepare the appropriate journal entries

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Reference no: EM132559258

Question - Prepare the appropriate journal entries, if required, for the following items:

1. Sold 250,000 shares common stock at $5 cash each, $.01 par value

2. Bought back 1,000 shares of company common stock at $6 a share to use for management incentives etc.

3. Issued 100,000 shares of preferred stock for cash, $0.10 par value, for $30 a share.

4. Company declared a 2 for 1 stock split when there were 2,000,000 shares outstanding.

Reference no: EM132559258

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