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On February 1, Rinehart Company purchased 340 shares (2% ownership of Givens Company common stock for...
Exercise 12-6 On February 1, Rinehart Company purchased 580 shares (2% ownership of Givens Company common...
Exercise 12-6 On February 1, Rinehart Company purchased 580 shares (2% ownership of Givens Company common stock for $32 per share. On March 20, Rinehart Company sold 116 shares of Givens stock for $3,364. Rinehart received a dividend of $2.00 per share on April 25. On June 15, Rinehart sold 232 shares of Givens stock for $8,816. On July 28, Rinehart received a dividend of $1.00 per share. Prepare the journal entries to record the transactions described above. (Credit account...
Exercise 16-06 On February 1, Cullumber Company purchased 280 shares (2% ownership) of Givens Company common...
Exercise 16-06 On February 1, Cullumber Company purchased 280 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Cullumber Company sold 56 shares of Givens stock for $1,624. Cullumber received a dividend of $3.00 per share on April 25. On June 15, Cullumber sold 112 shares of Givens stock for $4,256. On July 28, Cullumber received a dividend of $1.75 per share. Prepare the journal entries to record the transactions described above. (Credit account...
xercise 16-06 On February 1, Sunland Company purchased 900 shares (2% ownership) of Givens Company common...
xercise 16-06 On February 1, Sunland Company purchased 900 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Sunland Company sold 180 shares of Givens stock for $5,220. Sunland received a dividend of $2.00 per share on April 25. On June 15, Sunland sold 360 shares of Givens stock for $13,680. On July 28, Sunland received a dividend of $1.75 per share. Prepare the journal entries to record the transactions described above. (Credit account...
Sunland Company has 57,000 shares of $11 par value common stock outstanding. It declares a 13%...
Sunland Company has 57,000 shares of $11 par value common stock outstanding. It declares a 13% stock dividend on December 1 when the market price per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
BACK Exercise13-8 Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock...
BACK Exercise13-8 Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock for $254,800. It later resold 1,625 shares for $55 per share, then 1,625 more shares for $50 per share, and finaly 1,650 shares for $44 per share Qutatien 12 Prepare jourmal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered Do not indent manually) Account Titles and Explanation...
Nosker Inc. had the following transactions pertaining to investments in common stock. Jan. 1 Purchased 4,800...
Nosker Inc. had the following transactions pertaining to
investments in common stock.
Jan.
1
Purchased 4,800 shares of Escalante Corporation common stock
(7%) for $291,840 cash.
July
1
Received a cash dividend of $4 per share.
Dec.
1
Sold 960 shares of Escalante Corporation common stock for
$61,440 cash.
Dec.
31
Received a cash dividend of $4 per share.
Journalize the transactions. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. Record journal entries in...
Pina Colada Corporation purchased 1,050 common shares of Nolan Inc. common stock for $14,600 (Pina Colada...
Pina Colada Corporation purchased 1,050 common shares of Nolan Inc. common stock for $14,600 (Pina Colada does not have significant influence). During the year, Nolan paid a cash dividend of $3.90 per share. At year end, Nolan stock was selling for $35.20 per share. Prepare Pina Colada’s journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Culver Corporation purchased 700 common shares of Ditch Inc. for $12,600 on February 21. Culver paid...
Culver Corporation purchased 700 common shares of Ditch Inc. for $12,600 on February 21. Culver paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided to account for them following the cost model. On June 30, Ditch declared and paid a cash dividend of $1.20 per share. Prepare Culver Corporation's journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Teal Corporation has 11.20 million shares of common stock issued and outstanding. On June 1, the...
Teal Corporation has 11.20 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 75 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Exercise 12-6 On February 1, Rinehart Company purchased 580 shares (2% ownership of Givens Company common stock for $32 per share. On March 20, Rinehart Company sold 116 shares of Givens stock for $3,364. Rinehart received a dividend of $2.00 per share on April 25. On June 15, Rinehart sold 232 shares of Givens stock for $8,816. On July 28, Rinehart received a dividend of $1.00 per share. Prepare the journal entries to record the transactions described above. (Credit account...
Exercise 16-06 On February 1, Cullumber Company purchased 280 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Cullumber Company sold 56 shares of Givens stock for $1,624. Cullumber received a dividend of $3.00 per share on April 25. On June 15, Cullumber sold 112 shares of Givens stock for $4,256. On July 28, Cullumber received a dividend of $1.75 per share. Prepare the journal entries to record the transactions described above. (Credit account...
Sunland Company has 57,000 shares of $11 par value common stock outstanding. It declares a 13% stock dividend on December 1 when the market price per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
BACK Exercise13-8 Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock for $254,800. It later resold 1,625 shares for $55 per share, then 1,625 more shares for $50 per share, and finaly 1,650 shares for $44 per share Qutatien 12 Prepare jourmal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered Do not indent manually) Account Titles and Explanation...
Nosker Inc. had the following transactions pertaining to
investments in common stock.
Jan.
1
Purchased 4,800 shares of Escalante Corporation common stock
(7%) for $291,840 cash.
July
1
Received a cash dividend of $4 per share.
Dec.
1
Sold 960 shares of Escalante Corporation common stock for
$61,440 cash.
Dec.
31
Received a cash dividend of $4 per share.
Journalize the transactions. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. Record journal entries in...
Culver Corporation purchased 700 common shares of Ditch Inc. for $12,600 on February 21. Culver paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided to account for them following the cost model. On June 30, Ditch declared and paid a cash dividend of $1.20 per share. Prepare Culver Corporation's journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
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