Tyler corporation was organized in 2014. it’s corporate charter authorized the issuance of 50,000 shares of common stock, par value $5 per share, and 10,000 shares of 8% preferred stock, per value $25 per share.
prepare journal entries for each of the following transactions:
january 1 sold and issued 45,000 shares of common stock for cash at $ 25 per share
february 1 sold and issued 5,000 shares of preferred stock for cash of $75 per share.
june 1 purchased 7,500 shares of common stock in the open market at $24 per share.
august 1 sold 1,000 shares of the treasury stock at $26 per share.
october 1 sold another 1,500 shares of the treasury stock at $23 per share.
december 1 declared dividends totaling $100,000.
allocations of the dividend to preferred and common stockholders.
december 31 paid the dividends that were declared.

Answer& Explanation:

cash 1,125,000 (45,000 x 25)

   common stock   225,000 (45,000  x 5)

  additional paid-in 900,000 (1,125,000 - 225,000)

cash 375,000 ( 5,000 x 75)

  common stock      25,000    (5,000 x 5)

  additional paid in   50,000 ( 75,000 - 25,000)

Treasury Stock    180,000 ( 7,500 x 24)

     Cash                               180,000

Cash                           26,000

    Treasury Stock                 24,000 ( 1,000 x 24)

     Asdditional paid in TS       2,000 ( 26,000 - 24,000)

Cash                         34,500  ( 1,500 x 23)

Additional Paid-in TS 1,500

   Treasury Stock                36,000 ( 1,500 x 24)

Dividends 100,000

    Dividneds payable   100,000

Dividends payable 100,000

    cash                                      100,000

answer; /// i believe the correct answer is (market share); good luck

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