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Fleer Corporation: Journalizing Transactions

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The stockholders' equity accounts of Fleer Corporation on January 1, 2008, were as follows.

Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par Value—Preferred Stock 100,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000
Retained Earnings 1,816,000
Treasury Stock—Common (10,000 shares) 50,000

During 2008, the corporation had the following transactions and events pertaining to
its stockholders' equity.

Feb. 1 Issued 25,000 shares of common stock for $120,000.
Apr. 14 ...

Solution Summary

The solution discusses journalizing transactions in the Fleer Corporation.

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