Boron Company is authorized to issue 50,000 shares of $50 par value, 8%, cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: May 5Exchanged 2,200 shares of preferred stock for a building with a market value of $135,000.July 20Sold 1,550 shares of preferred stock for $50 cash per share.Dec. 20Sold 1,000 shares of preferred stock at $52 cash per share.
What will be an ideal response?
| May 5 | Building …………………………………… | 135,000 | ? |
| ? | Preferred Stock (2,200 * $50) …………. Paid-in Capital in Excess of | ? | 110,000 |
| ? | Par Value, Preferred Stock | ? | 25,000 |
| ? | ? | ? | ? |
| July 20 | Cash (1,550 * $50) ……………………….. | 77,500 | ? |
| ? | Preferred Stock ……………………….. | ? | 77,500 |
| ? | ? | ? | ? |
| Dec. 20 | Cash (1,000 * $52) ……………………….. | 52,000 | ? |
| ? | Preferred Stock (1,000 * $50) ………… Paid-in Capital in Excess of | ? | 50,000 |
| ? | Par Value, Preferred Stock …………. | ? | 2,000 |
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