Prepare the general journal entries

Reference no: EM13657861

Minor Company, is authorized to sell 1,200,000 shares of $10 par value common stock and 60,000 shares of $100 par value 6 percent preferred stock. As of the end of the current year, the company has actually sold 550,000 shares of common stock at $12 per share and 40,000 shares of preferred stock at $110 per share. In addition, of the 550,000 shares of common that have been sold, 25,000 shares have been repurchased at $23 per share and are currently being held in treasury to be used to meet the future requirements of a stock option plan that the company intends to implement.

a. Prepare the general journal entries required to record all of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM13657861

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