On January 5, 2020, Sheridan Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,800 shares of $10 par value common stock. It then completed these transactions.
Jan. 11 Issued 19,300 shares of common stock at $16 per share.
Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $50,600; a factory building with a fair value of $153,000; and land with an appraised value of $290,000.
July 29 Purchased 2,000 shares of common stock at $19 per share. (Use cost method.)
Aug. 10 Sold the 2,000 treasury shares at $15 per share.
Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31 Closed the Income Summary account. There was a $162,500 net income.
Required:
Record the journal entries for the transactions listed above.
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On January 5, 2020, Sheridan Corporation received a charter granting the right to issue 4,600 shares...
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