On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding....
On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding. These shares were originally issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of $75 per share. During the year, the following stock transactions occurred: 1. March 3: Lorain reacquired 100 shares of its own common stock at a cost of $24 per share. 2. April 27: It sold 25 shares of the common stock acquired on March 3 for $33 per share. 3. July 10: It sold 25 shares of the common stock acquired on March 3 for $22 per share. 4. October 12: It retired the remaining shares acquired on March 3.
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![solution Date General Journal Debit Gredit March 3 2400 Treasury stock [100 shares y 24] Cash 2400 Arp 27 Cash (25 shares X 3](http://img.homeworklib.com/questions/d34e7560-7261-11ea-b8b3-0394824c8fb0.png?x-oss-process=image/resize,w_560)
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On January 1, Lorain Corporation had 2,000 shares of $5 par
common stock authorized and outstanding....
15-15 Required: Prepare memorandum and journal entries to record the preceding transactions. 16.15 Treasury stock, Cost...
15-15
Required: Prepare memorandum and journal entries to record the preceding transactions. 16.15 Treasury stock, Cost Method On January 1. Larain Corporation had 2.000 shares of Par 187 authorized and outstanding. These shares were originally issued at a price of $26 per These shares were originally issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of 7o Pet following stock transactions occurred: outstanding. These...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
On January 1, 2018 Tonge Industries had outstanding 660,000 common shares ($1 par) that originally sold for $30 per share, and 9,000 shares of 10% cumulative preferred stock ($100 par), convertible i...
On January 1, 2018 Tonge Industries had outstanding 660,000 common shares ($1 par) that originally sold for $30 per share, and 9,000 shares of 10% cumulative preferred stock ($100 par), convertible into 90,000 common shares. On October 1, 2018, Tonge sold and issued an additional 16,000 shares of common stock at $33. At December 31, 2018, there were 25,000 incentive stock options outstanding, issued in 2017, and exercisable after one year for 25,000 shares of common stock at an exercise...
On January 1, 2021, Tonge Industries had outstanding 580,000 common shares ($1 par) that originally sold...
On January 1, 2021, Tonge Industries had outstanding 580,000 common shares ($1 par) that originally sold for $25 per share, and 5,000 shares of 10% cumulative preferred stock ($100 par), convertible into 50,000 common shares. On October 1, 2021, Tonge sold and issued an additional 12,000 shares of common stock at $34. At December 31, 2021, there were 21,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 21,000 shares of common stock at an exercise...
On January 1, 2018, Tonge Industries had outstanding 580,000 common shares ($1 par) that originally sold...
On January 1, 2018, Tonge Industries had outstanding 580,000 common shares ($1 par) that originally sold for $25 per share, and 5,000 shares of 10% cumulative preferred stock ($100 par), convertible into 50,000 common shares. On October 1, 2018, Tonge sold and issued an additional 12,000 shares of common stock at $34. At December 31, 2018, there were 21,000 incentive stock options outstanding, issued in 2017, and exercisable after one year for 21,000 shares of common stock at an exercise...
Contributed Capital: Common Stock - $4 par value, 5,000,000 shares authorized, 300,000 shares issued and outstanding...
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....
n January 1, 2021, Tonge Industries had outstanding 720,000 common shares ($1 par) that originally sold for $30 per share, and 6,000 shares of 10% cumulative preferred stock ($100 par), convertible into 60,000 common shares
On January 1, 2021, Tonge Industries had outstanding 720,000 common shares ($1 par) that originally sold for $30 per share, and 6,000 shares of 10% cumulative preferred stock ($100 par), convertible into 60,000 common shares.On October 1, 2021, Tonge sold and issued an additional 16,000 shares of common stock at $39. At December 31, 2021, there were 23,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 23,000 shares of common stock at an exercise price of...
On January 1, 2021, Tonge Industries had outstanding 800,000 common shares ($1 par) that originally sold...
On January 1, 2021, Tonge Industries had outstanding 800,000 common shares ($1 par) that originally sold for $20 per share, and 3,000 shares of 10% cumulative preferred stock ($100 par), convertible into 30,000 common shares. On October 1, 2021, Tonge sold and issued an additional 20,000 shares of common stock at $36. At December 31, 2021, there were 28,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 28,000 shares of common stock at an exercise...
Mesa Company is authorized to issue 1,000,000 shares of its $5 par value common stock and...
Mesa Company is authorized to issue 1,000,000 shares of its $5 par value common stock and 600,000 shares of its $10 par value preferred stock. During 2018 – its first year of business - the company earned $650,000 of net income and had the following select transactions. No dividends were declared or paid throughout the year. The net income and events below are the only ones that impact Stockholders’ Equity this year. 1. Issued 300,000 shares of common stock for...
On January 1, Molini Corporation had 95,000 shares of no-par common stock issued and outstanding. The...
On January 1, Molini Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a par value of $5 per share. During the year, the following occurred. Jan. 5 Issued 25,000 additional shares of common stock for $17 per share. April 15 Declared a cash dividend of $1 per share to stockholders of record on April 30. May 10 Paid the $1 cash dividend. July 15 Declared a 10% stock dividend on 120,000 (95,000 + 25,000)...
15-15
Required: Prepare memorandum and journal entries to record the preceding transactions. 16.15 Treasury stock, Cost Method On January 1. Larain Corporation had 2.000 shares of Par 187 authorized and outstanding. These shares were originally issued at a price of $26 per These shares were originally issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of 7o Pet following stock transactions occurred: outstanding. These...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
On January 1, 2018 Tonge Industries had outstanding 660,000 common shares ($1 par) that originally sold for $30 per share, and 9,000 shares of 10% cumulative preferred stock ($100 par), convertible into 90,000 common shares. On October 1, 2018, Tonge sold and issued an additional 16,000 shares of common stock at $33. At December 31, 2018, there were 25,000 incentive stock options outstanding, issued in 2017, and exercisable after one year for 25,000 shares of common stock at an exercise...
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On January 1, 2021, Tonge Industries had outstanding 800,000 common shares ($1 par) that originally sold for $20 per share, and 3,000 shares of 10% cumulative preferred stock ($100 par), convertible into 30,000 common shares. On October 1, 2021, Tonge sold and issued an additional 20,000 shares of common stock at $36. At December 31, 2021, there were 28,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 28,000 shares of common stock at an exercise...
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