Homework Answers
The entry would be
| Cash (10,000*50) | 500,000 | |
| Common stock (10,000*10) | 100,000 | |
| Paid in capital in excess of par | 400,000 |
Option C
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500,000 shares of $1 par value common stock were authorized, and
210,000 of these shares were issued for $9 per share. Net income
for the year ended December 31, 2019, was $1,900,000. Springer
Co.’s board of directors declared dividends of $1.40 per share of
common stock on December 31, 2019, payable on January 27, 2020.
The entry to record the issuance of common stock on January 1,
2019 is:...
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Mendoza Corp was organized on JAN 1, 2017.
It is authorized to issue 20,000 shares of 6%, $40 par value
preferred stock, and 500,000 shares of no-par common stock with a
stated value of $2 per share.
These stock transactions were completed during the first year.
Jan 10 Issued 100,000 shares of common stock for cash at $3 per
share. ar. 1 Issued 10,000 shares of preferred stock for cash at
$55 per share.
Apr. 1 Issued 25,000 shares of...
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