Land Corporation reported the following:
Common Stock,
$ 5.00$5.00 par,206 comma 000206,000 shares authorized,167 comma 000167,000 shares issued |
$ 835 comma 000$835,000 |
Paid
in Capital in Excess of
Parlong dash—Common |
210 comma 000210,000 |
Retained Earnings |
239 comma 000239,000 |
Total Stockholders' Equity |
$ 1 comma 284 comma 000$1,284,000 |
Which of the following is included in the entry to record the corporation's purchase of
40 comma 00040,000
shares of its common stock for
$ 12.00$12.00
per share?
Journal entry
date | account and explanation | Debit | Credit |
Treasury stock (40000*12) | 480000 | ||
Cash | 480000 | ||
(To record purchase treasury stock) |
Land Corporation reported the following: Common Stock, $ 5.00$5.00 par, 206 comma 000206,000 shares authorized, 167...
Land Corporation reported the following: Common Stock, $5.00 par, 208,000 shares authorized, 162,000 shares issued Paid in Capital in Excess of Par—Common Retained Earnings Total Stockholders' Equity $810,000 200,000 215,000 $1,225,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $15.50 per share? O A. Paid – In Capital from Treasury Stock Transactions is credited for $430,000. OB. Retained Earnings is debited for $620,000. OC. Common Stock-$5.00...
Land Corporation reported the following: Common Stock, $5.00 par, 217,000 shares authorized, 178,000 shares issued $890,000 Paid in Capital in Excess of Par—Common 202,000 Retained Earnings 231,000 Total Stockholders' Equity $1,323,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $13.50 per share? OA. Paid - In Capital from Treasury Stock Transactions is credited for $190,000. OB. Treasury Stock-Common is debited for $540,000. OC. Common Stock-$5.00 Par...
Common Stock, $5.00 par, 207,000 shares authorized, 172,000 shares issued Paid in Capital in Excess of Par-Common Retained Earnings Total Stockholders' Equity $860,000 205,000 229,000 $1.294,000 Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common O A Retained Earnings is debited for $580,000 CIO B. Paid - In Capital from Treasury Stock Transactions is credited for $300,000 O C. Treasury Stock-Common is debited for $580,000 O D. Common Stock-$5.00...
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...
Contributed Capital: Common Stock - $4 par value, 5,000,000 shares authorized, 300,000 shares issued and outstanding Paid capital in Excess of Par, Common Retained Earnings Total Stockholders' Equity $1,200,000 1.600.000 2.000.000 $4,800,000 The following transactions occurred in sequence during 2019: a. Issued 40,000 shares of $100 par value, 10% cumulative preferred stock at par, b. Declared a 2 per 1 stock split on outstanding common shares. c. Bought land valued at $980,000 by using 100,000 shares of common stock. d....
Jackson Corporation issues 1000 shares of $2 par value common stock for $10,000. When common stock is issued, which of the following is the correct journal entry? a. Common stock 10,000 Common stock 2,000 Cash 8,000 b. Paid in capital in excess of par 11,000 Cash 10,000 Common stock 1,000 c. Cash 10,000 Common stock 2,000 Paid in capital in excess of par 8,000 d. Cash 8,000 Common Stock 2,...
Preferred Stock: 10%, $200 par value; 7,000 shares authorized; 3,200 shares issued and outstanding; Paid-in Capital in Excess of Par Value—Preferred Stock, $9,600. Common Stock: $60 par value; 20,000 shares authorized; 9,500 shares issued and outstanding; Paid-in Capital in Excess of Par Value—Common Stock, $11,400. Retained Earnings: Total, $125,000; appropriated for warehouse construction, $50,000. Using this information, prepare the Stockholders’ Equity section of the corporation’s balance sheet
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to record the issue of 50,000 shares of common stock for $18 per share cash. D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to...
Common Stock, $1 par (2,700,000 shares authorized, 705,000 shares issued and outstanding) $705,000 Paid-in Capital in Excess of Par Value 1,430,000 Retained Earnings 684,000 Accumulated Other Comprehensive Income 47,000 During 2022, the following transactions and events occurred. 1. Issued 45,500 shares of $1 par value common stock for $2 per share. 2. Issued 60,500 shares of common stock for cash at $5 per share. 3. Purchased 23,700 shares of common stock for the treasury at $3.30 per share. 4. Declared...
Common Stock (.10 par, 15,000 shares authorized, 2000 shares issued and outstanding $ 200 Paid-In Capital in Excess of Par $49,000 Retained Earnings $28,000 Treasury Stock $15.000 What is the total stockholders' equity based on the above account balances? $62,200 O $28,000 none of the above $92200 Next → DOLL