rabern corp completed the following transactions in 2016 the first year of operation 4373124

Rabern Corp. completed the following transactions in 2016, the first year of operation: 1. Issued 15,000 shares of $10 par common stock at par. 2. Issued 5,000 shares of $50 stated value preferred stock at $52 per share. 3. Purchased 800 shares of common stock as treasury stock for $12 per share. 4. Declared a 5 percent cash dividend on preferred stock. 5. Sold 300 shares of treasury stock for $16 per share. 6. Paid the cash dividend on preferred stock that was declared in Event 4. 7. Earned revenue of $80,000 and incurred operating expenses of $48,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $6,000 of retained earnings. Required a. Prepare journal entries to record these transactions and post them to T-accounts. b. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2016. View Solution:
Rabern Corp completed the following transactions in 2016 the first

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