ZuoTi.Pro
Question

The Company issued for $57 per share 5,000 shares of $30 par value common stock. The...

The Company issued for $57 per share 5,000 shares of $30 par value common stock. The journal entry to record this transaction is: Select one: a. Debit: Cash 285,000 Credit: Common Stock 285,000 b. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Gain on Sale of Stock 135,000 c. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Retained Earnings 135,000 d. Debit: Cash 285,000 Credit: Common Stock 150,000 Credit: Paid-in Capital in Excess of Par Value 135,000

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

The Company issued for $57 per share 5,000 shares of $30 par value common stock. The journal entry to record this transaction is:

Debit Credit
Cash (5,000 x $57) $        285,000
Common Stock (5,000 x $30) $        150,000
Paid-in-Capital in excess of par value (5,000 x $27) $        135,000

The answer is option D

0 0
Add a comment
Know the answer?
Add Answer to:
The Company issued for $57 per share 5,000 shares of $30 par value common stock. The...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Freya, Inc., issued for $76 per share 5,000 shares of $40 par value common stock. The...

    Freya, Inc., issued for $76 per share 5,000 shares of $40 par value common stock. The journal entry to record this transaction is: A) Cash 380,000 Common Stock 380,000 B) Cash 380,000 Common Stock 200,000 180,000 Additional Paid-in capital C) Cash 380,000 Common Stock 200,000 Retained Earnings 180,000 D) Cash 380,000 Common Stock 200,000 Gain on Sale of Stock 180,000

  • A corporation issued 5,000 shares of its no par common stock that was assigned a $1...

    A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was $10 per share. The entry to record this transaction would be Debit Cash $50,000; credit Paid-in Capital in Excess of Stated Value, Common Stock $45,000; credit Common Stock $5,000. Debit Cash $50,000; credit Common Stock $50,000. Debit Common Stock $50,000; credit Cash $50,000. Debit Treasury Stock $50,000; credit Cash $50,000. Debit Common Stock $25,000; debit Paid-in...

  • The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per...

    The Company issued 20,000 shares of no-par common stock, stated value $20, at $32 cash per share. The journal entry to record this transaction is Select one: a. Debit: Cash                                                                       640,000 Credit: Common Stock                                                              400,000 Credit: Paid-in Capital in Excess of Stated Value                        240,000 b. Debit: Cash                                                                       640,000 Credit: Common Stock                                                              640,000 c. Debit: Cash                                                                       640,000 Credit: Common Stock                                                              400,000 Credit: Paid-in Capital in Excess of Par Value                             240,000

  • Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per...

    Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...

  • Crane Company originally issued 4400 shares of $10 par value common stock for $132000 ($30 per...

    Crane Company originally issued 4400 shares of $10 par value common stock for $132000 ($30 per share). Crane subsequently purchases 430 shares of treasury stock for $26 per share and resells the 430 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a credit to Common Stock for $11180. credit to Paid-In Capital from Treasury Stock for $2150. debit to Paid-In Capital in Excess of Par of...

  • Coronado, Inc. issued 10200 shares of stock at a stated value of $7 per share. The...

    Coronado, Inc. issued 10200 shares of stock at a stated value of $7 per share. The total issue of stock sold for $13 per share. The journal entry to record this transaction would include a debit to Cash for $71400. credit to Common Stock for $71400. credit to Common Stock for $132600. credit to Paid-in Capital in Excess of Par for $132600.

  • 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:...

  • Casey Company issued a 5% stock dividend on its $10 par value common stock. At the time of the stock dividend, Casey Co...

    Casey Company issued a 5% stock dividend on its $10 par value common stock. At the time of the stock dividend, Casey Company had 5,000 shares of common stock issued and outstanding and the common stock had a market value of $15. Which of the following is the correct general journal entry necessary to record the stock dividend? Debit 3,750 Credit Retained Earnings Common Stock, $10 Par Value Paid-in Capital in Excess of Par-Common Retained Earnings Common Stock, $10 Par...

  • On January 2, 2019, Cotton Inc. issued 35,000 shares of $10 par-value common stock and 5,000...

    On January 2, 2019, Cotton Inc. issued 35,000 shares of $10 par-value common stock and 5,000 shares of 8 percent, $50 par-value preferred stock for cash at par value. Prepare a journal entry to record the issuance of the stock. Journal entry worksheet Record the issuance of common stock at $10 per share and preferred stock at $50 per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02, 2019

  • 3. The ABC Corporation issued 5,000 shares of common stock, no par, no stated value for...

    3. The ABC Corporation issued 5,000 shares of common stock, no par, no stated value for $8 per share on February 5, 2019. Prepare the journal entry for this sale of common stock. Dr. Cash $40,0000 Cr. Common Stock $5,000 Cr. Pic excess par c.S. $35,000

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT