Homework Answers
Answer : Debit Equipment $42,000
The stock is issued in exchange of Assets: Market value is only considered for the Exchange.
The asset will be debt at the market value
the common stock will be credit at par value
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Ragle Corp. issues 1,000 shares of its $5 par value common stock in exchange for equipm...
In year 1, Pride Corp. issued 10,000 shares of $1 par value common stock for $8...
In year 1, Pride Corp. issued 10,000 shares of $1 par value common stock for $8 per share. In year 3, Pride repurchased and immediately retired 1,000 shares of the stock at $6 per share. Which of the following entries would be required to retire the shares? Click the answer you think is right. Credit paid-in capital $7,000. Debit common stock $6,000 Debit paid-in capital in excess of par $7,000. Debit retained earnings $6,000. Credit common stock $6,000. Read about...
On May 10, Riverbed Corp issues 2,300 shares of $5 par value common stock for cash...
On May 10, Riverbed Corp issues 2,300 shares of $5 par value common stock for cash at $12 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amoun Debit Credit Date Account Titles and Explanation May 10
Sudoku Company issues 22,000 shares of $5 par value common stock in exchange for land and a building. The land is v...
Sudoku Company issues 22,000 shares of $5 par value common stock in exchange for land and a building. The land is valued at $227.000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Land Building
Sudoku Company issues 31,000 shares of $6 par value common stock in exchange for land and...
Sudoku Company issues 31,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $241,000 and the building at $363,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building View transaction list Journal entry worksheet Record the issue of 31,000 shares of $6 par value common stock in exchange for land valued at $241,000 and a building valued at $363,000. Note: Enter debits...
Sudoku Company issues 27,000 shares of $9 par value common stock in exchange for land and...
Sudoku Company issues 27,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $362,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 27,000 shares of $9 par value common stock in exchange for land valued at $235,000 and a building valued at $362,000. Note: Enter debits...
Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and...
Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $226,000 and the building at $363,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 18,000 shares of $8 par value common stock in exchange for land valued at $226,000 and a building valued at $363,000. Note: Enter debits...
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share....
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to a.Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 b.Common Stock, $15,000, and Paid-In Capital in Excess of Par—Common Stock, $7,000 c.Common Stock, $22,000 2. Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:...
On May 10, Bridgeport Corp. issues 1,300 shares of $5 par value common stock for cash...
On May 10, Bridgeport Corp. issues 1,300 shares of $5 par value common stock for cash at $15 per share. Journalize the issuance of the stock.
White Corp. has outstanding 40,000 shares of $5 par value common stock. At year-end, the company...
White Corp. has outstanding 40,000 shares of $5 par value common stock. At year-end, the company declares and issues a 6% common stock dividend when the market price of the stock is $22 per share. What will be the entry to retained earnings as a result of this stock dividend? a. 40,800 credit b. 12,000 debt c. 40,800 debit d. 52,800 debit
Sudoku Company issues 19,000 shares of $9 par value common stock in exchange for land and...
Sudoku Company issues 19,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $375,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. Record the issue of 19,000 shares of $9 par value common stock in exchange for land valued at $231,000 and a building valued at $375,000.
In year 1, Pride Corp. issued 10,000 shares of $1 par value common stock for $8 per share. In year 3, Pride repurchased and immediately retired 1,000 shares of the stock at $6 per share. Which of the following entries would be required to retire the shares? Click the answer you think is right. Credit paid-in capital $7,000. Debit common stock $6,000 Debit paid-in capital in excess of par $7,000. Debit retained earnings $6,000. Credit common stock $6,000. Read about...
On May 10, Riverbed Corp issues 2,300 shares of $5 par value common stock for cash at $12 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amoun Debit Credit Date Account Titles and Explanation May 10
Sudoku Company issues 22,000 shares of $5 par value common stock in exchange for land and a building. The land is valued at $227.000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Land Building
Sudoku Company issues 31,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $241,000 and the building at $363,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building View transaction list Journal entry worksheet Record the issue of 31,000 shares of $6 par value common stock in exchange for land valued at $241,000 and a building valued at $363,000. Note: Enter debits...
Sudoku Company issues 27,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $362,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 27,000 shares of $9 par value common stock in exchange for land valued at $235,000 and a building valued at $362,000. Note: Enter debits...
Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $226,000 and the building at $363,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 18,000 shares of $8 par value common stock in exchange for land valued at $226,000 and a building valued at $363,000. Note: Enter debits...
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