Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of...
A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: A credit to Land for $12,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000. A debit to Common Stock for $12,000. A debit to Land for $12,000. A credit to Common Stock for $84,000.
More Info May 19 Issued 1,400 shares of $2 par value common stock for cash of $9.00 per share. Jun. 3 Isssued 400 shares of $9, no-par preferred stock for $20,000 cash. 11 Received equipment with a market value of $70,000 in exchange for 5,000 shares of the $2 par value common stock Print Done More Info Jun. 3 Isssued 400 shares of $9, no-par preferred stock for $20,000 cash 11 Received equipment with a market value of $70,000 in...
The entry to record selling 400 shares of $28 stated value common stock for $44 per share would include debiting Common Stock for $17,600 crediting Paid-in Capital in Excess of Stated Value for $6,400 crediting Cash for $17,600 O debiting Paid-in Capital in Excess of Stated Value for $6,400
If shares of preferred stock are sold at par value for cash, the transaction would be entered by: A. debiting Cash and crediting Preferred Stock. B.debiting Cash and crediting Paid−in Capital in Excess of Par. C. debiting Paid−In Capital in Excess of Par and crediting Preferred Stock. D. debiting Preferred Stock and crediting Cash.
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
On May 1, Sequoia Inc. issued 30,000 shares of its common stock with a $15 par value and $50 fair value in exchange for all of Saguaro Inc. outstanding common stock. As a result of this acquisition Saguaro ceased to exist as a separate legal entity. On the date of the acquisition, Saguaro had net assets with a book value of $900,000 and fair market value of $1,280,000. Sequoia's journal entry to record this transaction should include: A. $1,500,000 credit...
O'Malley, Inc. issued 80 comma 00080,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $ 1 comma 480 comma 000$1,480,000. The stock has a par value of $ 0.05$0.05 per share. The journal entry to record this transaction includes a ________. A.credit to Common Stocklong dash—$ 0.05$0.05 Par Value for $ 1 comma 480 comma 000$1,480,000 B. credit to Gain on Sale of Common Stock for $ 1 comma 560 comma 000$1,560,000...
O'Malley, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction Includes a credit to Paid-in Capital in excess of Par-Common for $1,417,000 credit to Gain on Sale of Common Stock for $1,480,000 debit to Cash for $14,170,000 O credit to Common Stock -- $0.05 Par Value for $1,420,000 On December 31, 2018,...
Freya, Inc., issued for $76 per share 5,000 shares of $40 par value common stock. The journal entry to record this transaction is: A) Cash 380,000 Common Stock 380,000 B) Cash 380,000 Common Stock 200,000 180,000 Additional Paid-in capital C) Cash 380,000 Common Stock 200,000 Retained Earnings 180,000 D) Cash 380,000 Common Stock 200,000 Gain on Sale of Stock 180,000
Instructions (a) (b) Issued 1,000 shares of $15 par common stock at $54 for cash. Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000. (c) Purchased 100 shares of treasury stock at $26 (d) Sold 100 shares of treasury stock purchased in (c) at $29. Required Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles Journalize the entry for each transaction...