Homework Answers
| Accounts titles and Explanation | Debit (in $ ) | Credit (in $) |
|
Land ( 2,120 shares x $ 45 ) |
$ 95,400 | |
|
Common stock ( 2,120 shares x $ 15 ) |
$ 31,800 | |
|
Paid in capital in excess of par - Common stock ( 2,120 shares x ($ 45 (-) 15 ) ) |
$ 63,600 | |
| (To record the acquisition of the Land ) |
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Current Attempt in Progress Waterway Company obtained land by issuing 2,120 shares of its $15 par...
Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The...
Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The land was recently appraised at $122,940. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The land was recently appraised at $106,500. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit...
Marigold Company obtained land by issuing 2,890 shares of its $10 par value common stock. The land was recently appr...
Marigold Company obtained land by issuing 2,890 shares of its $10 par value common stock. The land was recently appraised at $119,830. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit...
Current Attempt in Progress Waterway Corporation has outstanding 517,000 shares of $10 par value common stock....
Current Attempt in Progress Waterway Corporation has outstanding 517,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the...
Question 8 View Policies Current Attempt in Progress Grouper Inc.'s $9 par value common stock is...
Question 8 View Policies Current Attempt in Progress Grouper Inc.'s $9 par value common stock is actively traded at a market price of $15 per share. Grouper issues 4,900 shares to purchase land advertised for sale at $89,500. Journalize the issuance of the stock in acquiring the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
Current Attempt in Progress In 2020. Pina Inc. issued 1.200 shares of $10 par value common...
Current Attempt in Progress In 2020. Pina Inc. issued 1.200 shares of $10 par value common stock for land worth $41,000. (a) Prepare Pina's journal entry to record the transaction. (Credit account titles are automatically indented when amou indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.)
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares...
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles...
Current Attempt in Progress Pearl Corporation issued 385 shares of $10 par value common stock and...
Current Attempt in Progress Pearl Corporation issued 385 shares of $10 par value common stock and 127 shares of $50 par value preferred stock for a lump sum of $18,360. 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. (Round intermediate calculations to 6 decimal places, eg. 0.546872 and final answers to O decimal places, ed., 1,520. Credit...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land th...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land that has an appraised value of $1,504,000. At the time of the exchange, the common stock was trading at $64 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was ornginally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do no...
Question 8 View Policies Current Attempt in Progress Concord Corporation has 41,500 shares of $12 par...
Question 8 View Policies Current Attempt in Progress Concord Corporation has 41,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent...
Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The land was recently appraised at $122,940. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The land was recently appraised at $106,500. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit...
Marigold Company obtained land by issuing 2,890 shares of its $10 par value common stock. The land was recently appraised at $119,830. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit...
Current Attempt in Progress Waterway Corporation has outstanding 517,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the...
Question 8 View Policies Current Attempt in Progress Grouper Inc.'s $9 par value common stock is actively traded at a market price of $15 per share. Grouper issues 4,900 shares to purchase land advertised for sale at $89,500. Journalize the issuance of the stock in acquiring the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)...
Current Attempt in Progress In 2020. Pina Inc. issued 1.200 shares of $10 par value common stock for land worth $41,000. (a) Prepare Pina's journal entry to record the transaction. (Credit account titles are automatically indented when amou indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.)
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles...
Current Attempt in Progress Pearl Corporation issued 385 shares of $10 par value common stock and 127 shares of $50 par value preferred stock for a lump sum of $18,360. 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. (Round intermediate calculations to 6 decimal places, eg. 0.546872 and final answers to O decimal places, ed., 1,520. Credit...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land that has an appraised value of $1,504,000. At the time of the exchange, the common stock was trading at $64 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was ornginally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do no...
Question 8 View Policies Current Attempt in Progress Concord Corporation has 41,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent...
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