115 during 2016 goodfellow has the following transactions involving its common and p 4313701

115 during 2016 goodfellow has the following transactions involving its common and p 4313701

115.During 2016, Goodfellow has the following transactions involving its common and preferred stock:

a.

Issued 15,000 shares of $5 par common stock for $15 a share. This brings total shares outstanding to 50,000 sharesand 100,000 shares are authorized.

b.

Issued 5,000 shares of $100 par, 6%, cumulative preferred stock for $121 per share.

c.

When the market value of the common stock reached $15 a share, Goodfellow declared a 3-for-1 stock split, reducing the par value to $1.67 per share.

Required:
Prepare a journal entry for each transaction.

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