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(solution) Pringle Corporation has been authorized to issue 23,700 shares of


Pringle Corporation has been authorized to issue 23,700 shares of $100 par value, 7%, noncumulative preferred stock and 1,108,700 shares of no-par common stock.

The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders? equity.

Preferred Stock $151,900
Paid-in Capital in Excess of Par Value?Preferred Stock 21,620
Common Stock 2,260,000
Paid-in Capital in Excess of Stated Value?Common Stock 1,747,000
Treasury Stock? (4,040 common shares) 36,360
Retained Earnings 81,600

The preferred stock was issued for $173,520 cash. All common stock issued was for cash. In November 4,040 shares of common stock were purchased for the treasury at a per share cost of $9. No dividends were declared in 2014.
Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(1) Issuance of preferred stock for cash.
(2) Issuance of common stock for cash.
(3) Purchase of common treasury stock for cash.

No. Account Titles and Explanation Debit Credit
1.
2.
3.

SHOW LIST OF ACCOUNTS
LINK TO TEXT LINK TO TEXT LINK TO TEXT

Prepare the stockholders? equity section of the balance sheet at December 31, 2014.


PRINGLE CORPORATION
Partial Balance Sheet
December 31, 2014
 Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital
 Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital
 Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital
$
    Current Assets    Current Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Net Income / (Loss)    Property, Plant and Equipment    Revenues    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders? Equity    Total Additional Paid-in Capital     $
 Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital
$
    Current Assets    Current Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Net Income / (Loss)    Property, Plant and Equipment    Revenues    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders? Equity    Total Additional Paid-in Capital    
    Current Assets    Current Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Net Income / (Loss)    Property, Plant and Equipment    Revenues    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders? Equity    Total Additional Paid-in Capital    
    Current Assets    Current Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Net Income / (Loss)    Property, Plant and Equipment    Revenues    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders? Equity    Total Additional Paid-in Capital    
    Add    Less    : 
    Current Assets    Current Liabilities    Expenses    Intangible Assets    Long-term Investments    Long-term Liabilities    Net Income / (Loss)    Property, Plant and Equipment    Revenues    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Expenses    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Revenues    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders? Equity    Total Additional Paid-in Capital     $




Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do

 

-1 Issuance of preferred stock for cash.

 

-2 Issuance of common stock for...

 


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