This is the question:
Boron Company is authorized to issue 50,000 shares of $50 par value, 8% cumulative, fully participating preferred stock, and 750,000 shares of $5 par value common stock.
prepare journal entries to record the following selected transaction that occurred during the company ‘s first year of operations:
May 5: Exchanged 2,200 shared of preferred stock for a building with a market value of $135,000.
July 20: Sold 1,550 shares of preferred stock for $50 cash per share.
Dec. 20 Sold 1,000 shares of preferred stock at $52 cash per share.