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Remaialng Time: 2 hors, 20 minben, 28 secods Question Completion Status Path p QUESTION 13 Diesel-Vann Company Problem 2 Diesel-Vann Company has 750.000 shares of $40 par value preferred stock authorizred. During 2017, had the following transactions related to ies preferred stock (a) Issued 15,000 shares at $56 per share (b) Issued 7O,000 shares for Warehouse having a $6,800,000 asking price. The stock had a market value of $69 per share Instructions: Jounalize the transactions JohnWright Corporation Problem 3 JohnWhight Corporation has the following stockholders equity accounts on February 1. 2018 $1,500,000 200,000 Common Stock, $15 par value Paid-in Capital in Excess of Par Retained Eamings Total Stockholders Equity 2.200020 The company uses the cost method to account for treasury stock transactions During 2018, the following treasury stock transactions occumed May 1 Purchased 15,000 shares at $25 per share September 1 Sold 5,000 shares at $28 per share November 1 Sold 3,000 shares at $21 per share a Joumalize the treasury stock transactions that occueed in 2018, prior to year end January 31, 2019 Click Save and Subuit to sove and subit Cliek Save All Answers to save all anvers DOLL
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Answer #1

Solution 13-2:

Journal Entries - Diesel Vann Company
Event Particulars Debit Credit
a Cash Dr $840,000.00
       To Preferred Stock $600,000.00
       To Paid up capital in excess of par - Preferred Stock $240,000.00
(To record issue of preferred stock)
b Building Dr $4,830,000.00
       To Preferred Stock $2,800,000.00
       To Paid up capital in excess of par - Preferred Stock $2,030,000.00
(To record issue of preferred stock on purchase of warehouse)

Solution 13-3:

Journal Entries - John Wright Corporation
Date Particulars Debit Credit
1-May Treasury stock Dr $375,000.00
       To Cash $375,000.00
(To record purchase of own stock
1-Sep Cash Dr $140,000.00
       To Treasury Stock $125,000.00
       To Additional paid in capital $15,000.00
(To record sale of treasury stock)
1-Nov Cash Dr $63,000.00
Additional paid in capital Dr $12,000.00
       To Treasury Stock $75,000.00
(To record sale of treasury stock)
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