FINAL EXAM REVIEW

BE15-4. Lump-Sum Sales

Ravonette Corporation issued 300 shares of 10 par value common stock and 100 shares of 50 par value preferred stock for a lump sum of 13,500. The common stock has a market price of 20 per share, and the preferred stock has a market price of 90 per share. Prepare journal entry.

P15-2. Treasury Stock Problem

Clemson Company had the following stockholders' equity as of January 1, 2012.

Common stock, 5 par value, 20,000 shares issued

100,000

Paid-in capital in excess of par-common stock

300,000

Retained earnings

320,000

Total stockholders' equity

720,000

Feb. 1

Clemson repurchased 2,000 shares of treasury stock at a price of 19 per share.

Mar. 1

800 shares of treasury stock repurchased above were reissued at 17 per share.

Mar. 18

500...