Homework Answers
| Journal entries | |||
| Event | General Journal | DEBIT | CREDIT |
| ($ in million) | ($ in million) | ||
| 1 | Cash (10 million shares x $ 15) | 150.00 | |
| Common stock | 10.00 | ||
| Paid-in capital in excess of Par-Common stock | 140.00 | ||
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Penne Pharmaceuticals sold 10 million shares of its $1 par common stock to provide funds for...
Penne Pharmaceuticals sold 18 million shares of its $1 par common stock to provide funds for...
Penne Pharmaceuticals sold 18 million shares of its $1 par
common stock to provide funds for research and development. If the
issue price is $15 per share, what is the journal entry to record
the sale of the shares? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions (i.e., 10,000,000
should be entered as 10).)
Penne Pharmaceuticals sold 18 million shares of its $1 par common...
Brief Exercise 18-2 (Algo) Stock issued [LO18-4] Penne Pharmaceuticals sold 18 million shares of its $1...
Brief Exercise 18-2 (Algo) Stock issued [LO18-4] Penne Pharmaceuticals sold 18 million shares of its $1 par common stock to provide funds for research and development If the issue price is $15 per share, what is the journal entry to record the sale of the shares? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ded No General Journal...
Exercise 18-7 (Algo) Share issue costs; issuance (LO18-4) ICOT industries issued 16 million of its S1...
Exercise 18-7 (Algo) Share issue costs; issuance (LO18-4) ICOT industries issued 16 million of its S1 par common shares for $444 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as...
Company Z has 2.5 million shares of common stock authorized with a par value of $1...
Company Z has 2.5 million shares of common stock authorized with a par value of $1 and a market price of $60. There are 1.25 million outstanding shares and 0.3125 million shares held in treasury stock. Required: a. Prepare the journal entry if the company declares and distributes a 10% stock dividend. b. Show the effect of the 10% stock dividend on assets, liabilities, and stockholders' equity. c. Prepare the journal entry if the company declares and distributes a 100%...
ICOT Industries issued 24 million of its $1 par common shares for $476 million on April...
ICOT Industries issued 24 million of its $1 par common shares for $476 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $3 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Record the issuance of the shares.
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share....
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share. They are classified by Ellis as "available for sale. Ellis sold 800,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 200,000 shares at $43 Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
Rodriguez Corporation issues 10,000 shares of its common stock for $159,600 cash on February 20. Prepare...
Rodriguez Corporation issues 10,000 shares of its common stock for $159,600 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $14 par value. 2. The stock has neither par nor stated value. 3. The stock has a $7 stated value. Journal entry worksheet A B C Record the issue of 10,000 shares of $14 par value common stock for $159,600 cash. Note: Enter debits before credits....
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares...
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares of previously unissued stock with a par value of $1. Investors purchased the stock for $17 per share. a. Sale of the above stock b. Sale of above stock if the par value was $2 per share Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later, Elroy resold 450 shares of the treasury stock for $38 per share. Required a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the...
Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions...
Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC's outstanding shares January 4, 2018: Repurchased and retired 2.38 million shares at $7.78 per share. Dune 25, 2e1s: Repurchased and retired 3.3 illion shares at $3.30 per share. Prior to the transactions, CCC's shareholders' equity included the following Common stock, 79.78 million shares at $3 par Paid-in capital excess of par Retained earnings 79,700,800 263,010,00 117,000,000 Required: Prepare the...
Penne Pharmaceuticals sold 18 million shares of its $1 par
common stock to provide funds for research and development. If the
issue price is $15 per share, what is the journal entry to record
the sale of the shares? (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions (i.e., 10,000,000
should be entered as 10).)
Penne Pharmaceuticals sold 18 million shares of its $1 par common...
Brief Exercise 18-2 (Algo) Stock issued [LO18-4] Penne Pharmaceuticals sold 18 million shares of its $1 par common stock to provide funds for research and development If the issue price is $15 per share, what is the journal entry to record the sale of the shares? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ded No General Journal...
Exercise 18-7 (Algo) Share issue costs; issuance (LO18-4) ICOT industries issued 16 million of its S1 par common shares for $444 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $2 million Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as...
Company Z has 2.5 million shares of common stock authorized with a par value of $1 and a market price of $60. There are 1.25 million outstanding shares and 0.3125 million shares held in treasury stock. Required: a. Prepare the journal entry if the company declares and distributes a 10% stock dividend. b. Show the effect of the 10% stock dividend on assets, liabilities, and stockholders' equity. c. Prepare the journal entry if the company declares and distributes a 100%...
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share. They are classified by Ellis as "available for sale. Ellis sold 800,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 200,000 shares at $43 Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
Rodriguez Corporation issues 10,000 shares of its common stock for $159,600 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $14 par value. 2. The stock has neither par nor stated value. 3. The stock has a $7 stated value. Journal entry worksheet A B C Record the issue of 10,000 shares of $14 par value common stock for $159,600 cash. Note: Enter debits before credits....
M11-4 Recording the sale of Common Stock LO11-3 To expand operations, Aragon Consulting issued 176,000 shares of previously unissued stock with a par value of $1. Investors purchased the stock for $17 per share. a. Sale of the above stock b. Sale of above stock if the par value was $2 per share Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction...
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 1,800 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later, Elroy resold 450 shares of the treasury stock for $38 per share. Required a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the...
Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC's outstanding shares January 4, 2018: Repurchased and retired 2.38 million shares at $7.78 per share. Dune 25, 2e1s: Repurchased and retired 3.3 illion shares at $3.30 per share. Prior to the transactions, CCC's shareholders' equity included the following Common stock, 79.78 million shares at $3 par Paid-in capital excess of par Retained earnings 79,700,800 263,010,00 117,000,000 Required: Prepare the...
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