4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21 per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for $13 per share.
3. Record the purchase of 12,000 shares of its own common stock for $26 per share.
4. Record the resale of 6,000 shares.
Homework Answers
Journal entry
| No | Description | Debit | Credit |
| 1 | Cash | 2100000 | |
| common Stock | 100000 | ||
| Paid in capital in excess of par value-Common Stock | 2000000 | ||
| 2 | cash (1600*13) | 20800 | |
| Preferred stock | 16000 | ||
| Paid in capital in excess of par value-Preferred stock | 4800 | ||
| 3 | Treasury stock (12000*26) | 312000 | |
| Cash | 312000 | ||
| 4 | Cash (6000*31) | 186000 | |
| Treasury stock | 156000 | ||
| Paid in capital from sale of treasury stock | 30000 | ||
Add Answer to:
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for...
7 entries required: 1. Record the issuance of 120,000 shares of common stock for $62 per share. 2. Record the issuance...
7 entries required:
1. Record the issuance of 120,000 shares of common stock for $62
per share.
2. Record the issuance of 52,000 shares of preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $52 per share.
4. Record the resell of 6,000 shares of treasury stock for $57
per share.
5. Record the declaration of a cash dividend on its common stock
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2. Record the purchase of 4,100 shares of treasury stock for $46
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3. Record the declaration of a cash dividend of $1.05 per share
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4. Record payment of the cash dividend declared on June 1.
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Record These Journal Entries: 1) Record the issuance of 1.10 million shares of common stock for...
Record These Journal Entries:
1) Record the issuance of 1.10 million shares of common stock
for $31 per share.
2) Record the issuance of 560,000 shares of preferred stock for
$22 per share.
3) Record the purchase of 110,000 shares of its own common stock
for $26 per share.
4) Record the resell 82,500 shares of treasury stock for $41 per
share.
5) Record the declaration of a cash dividend on its common stock
of $1.10 per share and a...
Record the issuance of 61,000 additional shares of $1 par value common stock for $58 per...
Record the issuance of 61,000 additional shares of $1 par value
common stock for $58 per share.
Record the purchase of 5,600 shares of treasury stock for $61
per share.
Record the declaration of a cash dividend of $1.80 per share to
all stockholders of record on June 15. (Hint: Dividends are not
paid on treasury stock.)
Record payment of the cash dividend declared on June 1.
Record the resale of 2,800 shares of treasury stock purchased
on May 10...
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Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value...
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7 entries required:
1. Record the issuance of 120,000 shares of common stock for $62
per share.
2. Record the issuance of 52,000 shares of preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $52 per share.
4. Record the resell of 6,000 shares of treasury stock for $57
per share.
5. Record the declaration of a cash dividend on its common stock
of $0.60 per share and a $20,800...
1 Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: 2 Issues 100,000 shares of common stock for $15 per share 6 Issues 1,000 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $20 per share December 15 Resells 6,000 shares of treasury stock at $25 per share....
5 required entries:
1. Record the issuance of 46,000 additional shares of $1 par
value common stock for $43 per share.
2. Record the purchase of 4,100 shares of treasury stock for $46
per share.
3. Record the declaration of a cash dividend of $1.05 per share
to all stockholders of record on June 15.
4. Record payment of the cash dividend declared on June 1.
5. Record the resale of 2,050 shares of treasury stock purchased
on May 10...
Record These Journal Entries:
1) Record the issuance of 1.10 million shares of common stock
for $31 per share.
2) Record the issuance of 560,000 shares of preferred stock for
$22 per share.
3) Record the purchase of 110,000 shares of its own common stock
for $26 per share.
4) Record the resell 82,500 shares of treasury stock for $41 per
share.
5) Record the declaration of a cash dividend on its common stock
of $1.10 per share and a...
Record the issuance of 61,000 additional shares of $1 par value
common stock for $58 per share.
Record the purchase of 5,600 shares of treasury stock for $61
per share.
Record the declaration of a cash dividend of $1.80 per share to
all stockholders of record on June 15. (Hint: Dividends are not
paid on treasury stock.)
Record payment of the cash dividend declared on June 1.
Record the resale of 2,800 shares of treasury stock purchased
on May 10...
Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $18 per share. February 6 Issues 1,300 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $23 per share. December 15 Resells 6,000 shares of treasury stock at $28 per...
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $17 per share. February 6 Issues 1,200 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $22 per share. December 15 Resells 5,000 shares of treasury stock at $27 per...
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $34 per share. February 6 Issues 2,900 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $39 per share. December 15 Resells 5,000 shares of treasury stock at $44 per...
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