Sikie Shoe Manufacturing Co. was incorporated in the New York State on January 15, 2021 and received authorization to issue 100,000 shares of $25 par value, preferred stock 200,000 shares of $2 Par Value Common Stock. Prepare journal entries to record the following transactions. (40 POINTS) 1 What journal entry would you make on January 15, the authorization date?

2 On Jan. 20, 50,000 preferred stock were sold cash at $70 per share.

3 On February 1, 2021 Sikie Shoe Manufacturing Co. issued 70,000 common shares with a Market price of $8

4 On February 15, 2021 Sikie Shoe Manufacturing Co. issued 4,000 common shares to Delkab Consulting Co. in settlement of various Professional Services Provided at a fee of $100,000

5 On March 20, 2021 Mr. Park agreed to exchange a piece of land he owns with a fair value of $150,000 for 10,000 common shares. Sikie Shoe Manufacturing Co. Shares are actively traded at $10 per share on the stock exchange.

6 On July 1, 2021 Sikie Shoe Manufacturing Co. issued 45,000 common shares for cash at a Market price of $25

7 As of July 31, How many common shares have been issued?

8 As of July 31, How many common shares are outstanding?

The following treasury stock transactions were made by Sikie in 2021 Prepare the necessary journal entries to record the transactions in the financial records of the company. (25 POINTS)
9 1-Aug Purchased 5,000 shares of its own $2 par value common stock at $20 per share

10 1-Sep Sold 1,500 shares of treasury stock purchased on August 1 for $30 per share

11 21-Oct Sold 700 shares of treasury stock purchased on August 1 for $27 per share

12 1-Nov Sold 900 shares of treasury stock purchased on August 1 for $13,500

13 18-Nov Sold 600 shares of treasury stock purchased on August 1 for $9,600

Prepare the stockholders' equity section of Sikie Shoe Manufacturing Co as of December 31, 2021 including disclosure of all relevant information. (Hint: Refer to Learning Objective 3 Illustration 13.11 page 13-18 of your text book). (35 points)