Date | Account Titles and Explanation | Debit | Credit |
2020 | Land | $ 41,000 | |
Common Stock (1200*10) | $ 12,000 | ||
Paid in capital in Excess of Par-Common Stock | $ 29,000 | ||
To record issue of common shares @ $10 par for Land purchased |
Current Attempt in Progress In 2020. Pina Inc. issued 1.200 shares of $10 par value common...
Pina Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2020, Pina reacquired 220 shares at $86 per share. On November 1, Pina reissued the 220 shares at $77 per share. Pina had no previous treasury stock transactions. Prepare Pina's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Current Attempt in Progress Crane Inc. issued $4,190,000 par value, 7% convertible bonds at 95 for cash. If the bonds had not included the conversion feature, they would have sold for 95. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit
Current Attempt in Progress Pearl Corporation issued 385 shares of $10 par value common stock and 127 shares of $50 par value preferred stock for a lump sum of $18,360. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, eg. 0.546872 and final answers to O decimal places, ed., 1,520. Credit...
Pina Corporation issued 10,500 shares of $2 par value common stock upon conversion of 2.100 shares of $100 par value preferred stock. The preferred stock was originally issued at $107 per share. The common stock is trading at $25 per share at the time of conversion. Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
Pina Inc acquired 125,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd. on January 1, 2020 for $793,750. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $38,080. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.40 per share on July 31, 2020. Tahiti Ltd. reported $1.1 million as net income on December 31, 2020 for...
Current Attempt in Progress Waterway Company obtained land by issuing 2,120 shares of its $15 par value common stock. The land was recently appraised at $99,730. The common stock is actively traded at $45 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and...
Question 8 View Policies Current Attempt in Progress Grouper Inc.'s $9 par value common stock is actively traded at a market price of $15 per share. Grouper issues 4,900 shares to purchase land advertised for sale at $89,500. Journalize the issuance of the stock in acquiring the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
Current Attempt in Progress Stellar Corporation's charter authorized issuance of 100,000 shares of $10 par value common stock and 53,400 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. Issued a $9,500,9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $103 a share. Issued 480 shares of common stock for...
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...
Current Attempt in Progress Waterway Corporation has outstanding 517,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the...