Answer to Question 19:
PARTICULARS | DEBIT ($) | CREDIT ($) |
Cash A/c | 250,000 | |
To Common Stock A/c | 100 | |
To Additional paid-in capital A/c | 249,900 | |
(Being 10,000 Shares with par value $ 0.01 sold at $ 25 per share) |
Answer to Question 20:
PARTICULARS | DEBIT ($) | CREDIT ($) |
Cash A/c | 90,000 | |
To Common Stock A/c | 90,000 | |
(Being 5,000 Shares with no par value sold at $ 18 per share) |
19. Bradley Corporation issued 10,000 shares of common stock on January 1, 2018. The stock has...
2) A corporation issued 14,000 shares of its $2 par value common stock at a cash price of $27 per share. Please provide the journal entry to record this common stock issuance: cash 378,000 common stock 350,quo Capital in par valve common stock 28.000 On May 1st, the company repurchased 2500 shares of its own common stock on May 1 for $30 per share. Please provide the journal entry to record the transaction on May 18, common stock 75,00 Capital...
On January 1, Vermont Corporation had 44,300 shares of $9 par value common stock issued and outstanding. All 44,300 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $28 per share and later sold the treasury shares for $18 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.debit to Treasury Stock for...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
On January 2, 2016, Alpha Corporation issued 5,000 shares of $2 par value common stock. The issue price was $7.50 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 entry.
On January 1, Vermont Corporation had 35,300 shares of $12 par value common stock issued and outstanding. All 35,300 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,140 shares of treasury stock for $25 per share and later sold the treasury shares for $20 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.credit to Treasury Stock for...
On January 1, Oriole Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 29,500 additional shares of common stock for $19 per share. June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July 10 Paid the $3 cash dividend. Dec. 1 Issued 1,000 additional shares of common stock for $18 per...
On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and outstanding. All 36,200 shares had been issued in a prior period at $20 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $25 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.credit to Treasury Stock for...
STEINER CORPORATION Partial Balance Sheet December 31, 2018 Stockholders’ equity 8% Preferred stock, $100 par value, cumulative, 5,000 shares issued ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$500,000 In excess of par value— preferred stock ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $280,000 Common stock, $5 par value, 440,000 shares issued ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$2,200,000 In excess of par value—common stock ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $800,000 Total paid-in capital ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $3,780,000 Retained earnings ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $1,334,000 Total paid-in capital and retained earnings ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$5,114,000 Less: Treasury stock (10,000 common shares) ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ($120,000) Total stockholders’ equity ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $4,994,000 On December 1, 2018, the...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1.54,000 shares of $6 par common stock. 2.5,000 shares of $140 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,000 shares of preferred stock and a $5 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount...
1. Swifty Corporation issued 309 shares of $10 par value common stock and 141 shares of $50 par value preferred stock for a lump sum of $18,252. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance 2. Oriole Corporation issued 530 shares of $100 par value preferred stock for $64,400. Prepare Oriole’s journal entry. 3. The common stock...