The corporate charter of Torres Corporation allows the issuance of a maximum of 4,000,000 shares of $1 par value common stock. During its first three years of operation, Torres issued 2,080,000 shares at $15 per share. It later acquired 80,000 of these shares as treasury stock for $25 per share.
Instructions
Based on the above information, answer the following questions:
(a) How many shares were authorized?
(b) How many shares were issued?
(c) How many shares are outstanding?
(d) What is the balance of the Common Stock account?
(e) What is the balance of the Treasury Stock account?
2) Miles Co. had these transactions during the current period.
June 12 Issued 50,000 shares of $3 stated value common stock for cash of $250,000.
July 11 Issued 2,000 shares of $100 par value preferred stock for cash at $108 per share.
Nov. 28 Purchased 2,000 shares of treasury stock for $10,000.
Instructions
Prepare the journal entries for the preceding transactions.
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