Darr Co has a balance in its treasury stock account if $81,000, representing 4000 shares. Tha...
Darr Co has a balance in its treasury stock account if $81,000, representing 4000 shares. Tha par value of the stock is $4 per share.
Suppose instead of the company sued the retirement/par value method and debited paid-in capital - excess of par of $72,000 when the stock was repurchased. what was the original issue price of the stock per share?
Homework Answers
| Original issue price of the stock per share = Par value+(Paid-in capital - excess of par debited/Shares repurchased) |
| Original issue price of the stock per share = 4+(72000/4000)= $22 per share |
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Darr Co has a balance in its treasury stock account if $81,000,
representing 4000 shares. Tha...
Darr Co has a balance in its treasury stock account of $81,00o, representing 4000 shares (treasury...
Darr Co has a balance in its treasury stock account of $81,00o, representing 4000 shares (treasury stock/cost method). The par value of the stock is $4 per share. If Darr resells the treasury stock for $52 per share, what will be credit to paid-in capital - stock repurchase? (not zero)
Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Long...
Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. A year later Long acquired 16,000 shares of its own common stock at $15 per share. Three months later Long sold 8,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 8,000 treasury shares, Long should credit a) treasury stock $152,000 b) Treasury stock for $80,000, and paid-in capital from treasury stock for...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
Prior to September 30, a company has never had any treasury stock transactions. A company repurchased...
Prior to September 30, a company has never had any treasury stock transactions. A company repurchased 1,000 shares of its $2 par common stock on September 30 for $20 per share. On October 2, it reissued 400 of these shares at $21 per share. On October 12, it reissued the remaining 600 shares at $19 per share. The journal entry to record the reissuance of the shares on October 12 would be: a) Debit Cash, $11,400; Credit Treasury Stock, $800;...
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...
Problem 11-24A Analyzing journal entries for treasury stock transactions LO 11-4, 11-5 The following correctly prepared entries without explanations pertain to Corners Corporation: Account Title D...
Problem 11-24A Analyzing journal entries for treasury
stock transactions LO 11-4, 11-5
The following correctly prepared entries without explanations
pertain to Corners Corporation:
Account Title
Debit
Credit
1.
Cash
1,800,000
Common Stock
1,000,000
Paid-in Capital in Excess of Par Value
800,000
2.
Treasury Stock
44,800
Cash
44,800
3.
Cash
38,000
Treasury Stock
35,200
Paid-in Capital in Excess of Cost of Treasury Stock
2,800
The original sale (Entry 1) was for 400,000 shares, and the
treasury stock was acquired for $8...
if Mary Gold Corp. issues 4000 shares of $10 par value common stock for $36000 the...
if Mary Gold Corp. issues 4000 shares of $10 par value common
stock for $36000 the account
Question 18 View Policies Current Attempt in Progress If Marigold Corp. issues 4000 shares of $10 par value common stock for $360000, the account Cash will be debited for $320000. Common Stock will be credited for $360000. Paid-in Capital in Excess of Par Value will be credited for $40000. Paid-in Capital in Excess of Par Value will be credited for $320000. e Textbook...
help with finding retained earnings and treasury stock Ivanhoe Company has two classes of capital stock...
help with finding retained earnings and treasury stock
Ivanhoe Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 152,200 shares Common Stock, 2,039,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $3,044,000 10,195,000 202,000 26,684,000 4,587,000 The following transactions affected stockholders' equity during 2021. Jan. 1 32,600 shares of preferred...
TheNichols Corp. had the following treasury stock transactions. 1-Sep The company purchased 1,000 shares of its...
TheNichols Corp. had the following treasury stock transactions. 1-Sep The company purchased 1,000 shares of its common stock for $40 per share for the treasury. 1-Oct 400 of the treasury shares were sold for $42 per share. 1-Nov 300 treasury shares were sold at $35 per share. Prepare the necessary journal entries for the above transactions. The following accounts appear in the ledger of Holiday Company at December 31, 2019. Common Stock, $1 stated value, 100,000 shares authorized, 30,000 shares...
Section F--Treasury Stock Transactions Albany State Corporation balance sheet reported the following: Capital stock outstanding, 10,000...
Section F--Treasury Stock Transactions Albany State Corporation balance sheet reported the following: Capital stock outstanding, 10,000 shares, par value $15 Paid-in capital in excess of par Retained earnings $150,000 40,000 60,000 Prepare the journal entry for the following transactions under the cost method of accounting for treasury stock 1. Purchased 1,000 shares of common stock to be held as treasury stock, paying $25 per share. 2. Sold 300 of these shares of at $30 per share. eno vol blog stolz...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
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...
Problem 11-24A Analyzing journal entries for treasury
stock transactions LO 11-4, 11-5
The following correctly prepared entries without explanations
pertain to Corners Corporation:
Account Title
Debit
Credit
1.
Cash
1,800,000
Common Stock
1,000,000
Paid-in Capital in Excess of Par Value
800,000
2.
Treasury Stock
44,800
Cash
44,800
3.
Cash
38,000
Treasury Stock
35,200
Paid-in Capital in Excess of Cost of Treasury Stock
2,800
The original sale (Entry 1) was for 400,000 shares, and the
treasury stock was acquired for $8...
if Mary Gold Corp. issues 4000 shares of $10 par value common
stock for $36000 the account
Question 18 View Policies Current Attempt in Progress If Marigold Corp. issues 4000 shares of $10 par value common stock for $360000, the account Cash will be debited for $320000. Common Stock will be credited for $360000. Paid-in Capital in Excess of Par Value will be credited for $40000. Paid-in Capital in Excess of Par Value will be credited for $320000. e Textbook...
help with finding retained earnings and treasury stock
Ivanhoe Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 152,200 shares Common Stock, 2,039,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $3,044,000 10,195,000 202,000 26,684,000 4,587,000 The following transactions affected stockholders' equity during 2021. Jan. 1 32,600 shares of preferred...
Section F--Treasury Stock Transactions Albany State Corporation balance sheet reported the following: Capital stock outstanding, 10,000 shares, par value $15 Paid-in capital in excess of par Retained earnings $150,000 40,000 60,000 Prepare the journal entry for the following transactions under the cost method of accounting for treasury stock 1. Purchased 1,000 shares of common stock to be held as treasury stock, paying $25 per share. 2. Sold 300 of these shares of at $30 per share. eno vol blog stolz...
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