Business

Gianni Sharp

20 February, 09:10

Sarasota Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 52,000 shares for cash at $55 per share. July 1 Issued 67,500 shares for cash at $59 per share.

a. Journalize the transactions.

b. Post to the stockholders’ equity accounts. (Use T-accounts.)