agan Co. had these transactions during the current period. Prepare the journal e

Question

agan Co. had these transactions during the current period.

Prepare the journal entries for the Fagan Co. transactions shown above.

Can anyone give me the solution for this qustion ?

With explanation.

Thanks

June 12 Issued 84,800 shares of $1 par value common stock for cash of $318,000. July 11 Issued 4,120 shares of $101 par value preferred stock for cash at $108 per share. Nov. 28 Purchased 1,410 shares of treasury stock for $9,030. Suppose you could survive the sun's heat and you were on its surface. Find the escape velocity from the sun. you might have to look up the sun's radios use the mass you got in #1.

Explanation / Answer

Journal Entries S.No Particular Dr. Cr 12-Jul Cash A/c Dr $318,000                    to Common Stock $84,800                    Additional paid in capital $233,200 11-Jul Cash A/c Dr. 444960.00                      to Preferred Stock 416120                      to Paid in capital in excess 28840.00 28-Nov Treasury Stock A/c Dr. $9,030                          to Cash $9,030

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