![Brief Exercise 18-2 (Algo) Stock issued [LO18-4] Penne Pharmaceuticals sold 18 million shares of its $1 par common stock to p](http://img.homeworklib.com/questions/45574020-0cb7-11eb-8f73-8bbf01f13383.png?x-oss-process=image/resize,w_560)
Homework Answers
| Event | General Journal | Debit | Credit |
| 1 | Cash | $270 | - |
| Common stock (18 million X $1) | - | $18 | |
| Paid in capital in excess of par | - | $252 |
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Brief Exercise 18-2 (Algo) Stock issued [LO18-4] Penne Pharmaceuticals sold 18 million shares of its $1...
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...
Penne Pharmaceuticals sold 10 million shares of its $1 par common stock to provide funds for...
Penne Pharmaceuticals sold 10 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 (.e., 10.000.000 should be entered as 10).) View transaction list Journal entry worksheet Record the sale of the...
Brief Exercise 18-13 (Algo) Stock dividend (LO18-8] On June 13, the board of directors of Siewert...
Brief Exercise 18-13 (Algo) Stock dividend (LO18-8] On June 13, the board of directors of Siewert Inc declared a 6% stock dividend on its 50 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $19 on June 13. Complete the below table to calculate the stock dividend. Prepare a journal entry that summarizes the declaration and distribution of the stock dividend. Complete this question by entering your answers in the...
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...
Brief Exercise 18-7 (Algo) Treasury stock [LO18-5] ok The Jennings Group reacquired 3 million of its...
Brief Exercise 18-7 (Algo) Treasury stock [LO18-5] ok The Jennings Group reacquired 3 million of its shares at $58 per share as treasury stock. Last year, for the first time, Jennings sold 2 million treasury shares at $59 per share If Jennings now sells the remaining 1 million treasury shares at $55 per share, by what amount will retained earnings decline? (Enter your answer in millions (i... 10,000,000 should be entered as 10).) int Retained earnings will decline by million
Brief Exercise 18-14 (Algo) Stock split [LO18-8] On June 13, the board of directors of Siewert...
Brief Exercise 18-14 (Algo) Stock split [LO18-8] On June 13, the board of directors of Siewert Inc, declared a 2-for-1 stock split on its 100 million, S1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $24 on June 13 Prepare a journal entry that summarizes the declaration and distribution of the stock split if it is not to be effected in the form of a stock dividend. What is the par...
Exercise 18-10 (Algo) Retirement of shores [LO18-5) Borner Communications articles of incorporation authorized the issuance of...
Exercise 18-10 (Algo) Retirement of shores [LO18-5) Borner Communications articles of incorporation authorized the issuance of 160 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity (s in millions) Common stock, 145 million shares at $1 par $145 Paid in capital - excess of par 435 Retained earnings 255 orded d ok Required: Assuming that Borner Communications retires shares it reacquires (restores their status...
Exercise 18-11 (Algo) Retirement of shares [LO18-5] ed In 2021, Borland Semiconductors entered into the transactions...
Exercise 18-11 (Algo) Retirement of shares [LO18-5] ed In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 210 milion shares of its Si par common stock at $45 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions fi.e. 10,000,000...
Exercise 18-21 Cash In lieu of fractional share rights (LO18-8] Douglas McDonald Company's balance sheet included...
Exercise 18-21 Cash In lieu of fractional share rights (LO18-8] Douglas McDonald Company's balance sheet included the following shareholders' equity accounts at December 31, 2017: ($ in millions) Paid-in capital: Common stock, 1,880 million shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholders' equity $ 1,899 17,600 16.238 $35,638 On March 16, 2018. a 4% common stock dividend was declared and distributed. The market value of the common stock was $39 per share. Fractional share rights represented...
Brief Exercise 18-5 (Algo) Retirement of shares (L018-5) Horton Industries shareholders' equity included 120 million shares...
Brief Exercise 18-5 (Algo) Retirement of shares (L018-5) Horton Industries shareholders' equity included 120 million shares of S1 par common stock and a balance in paid-in capital - excess of par of $1,080 million Assuming that Horton retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Horton's total paid in capital decline if it reacquires 1 million shares at $7.00 per share? (Enter your answer in millions (ie., 10,000,000 should be...
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...
Penne Pharmaceuticals sold 10 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 (.e., 10.000.000 should be entered as 10).) View transaction list Journal entry worksheet Record the sale of the...
Brief Exercise 18-13 (Algo) Stock dividend (LO18-8] On June 13, the board of directors of Siewert Inc declared a 6% stock dividend on its 50 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $19 on June 13. Complete the below table to calculate the stock dividend. Prepare a journal entry that summarizes the declaration and distribution of the stock dividend. Complete this question by entering your answers in the...
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...
Brief Exercise 18-7 (Algo) Treasury stock [LO18-5] ok The Jennings Group reacquired 3 million of its shares at $58 per share as treasury stock. Last year, for the first time, Jennings sold 2 million treasury shares at $59 per share If Jennings now sells the remaining 1 million treasury shares at $55 per share, by what amount will retained earnings decline? (Enter your answer in millions (i... 10,000,000 should be entered as 10).) int Retained earnings will decline by million
Brief Exercise 18-14 (Algo) Stock split [LO18-8] On June 13, the board of directors of Siewert Inc, declared a 2-for-1 stock split on its 100 million, S1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $24 on June 13 Prepare a journal entry that summarizes the declaration and distribution of the stock split if it is not to be effected in the form of a stock dividend. What is the par...
Exercise 18-10 (Algo) Retirement of shores [LO18-5) Borner Communications articles of incorporation authorized the issuance of 160 million common shares. The transactions described below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity (s in millions) Common stock, 145 million shares at $1 par $145 Paid in capital - excess of par 435 Retained earnings 255 orded d ok Required: Assuming that Borner Communications retires shares it reacquires (restores their status...
Exercise 18-11 (Algo) Retirement of shares [LO18-5] ed In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 210 milion shares of its Si par common stock at $45 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions: (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions fi.e. 10,000,000...
Exercise 18-21 Cash In lieu of fractional share rights (LO18-8] Douglas McDonald Company's balance sheet included the following shareholders' equity accounts at December 31, 2017: ($ in millions) Paid-in capital: Common stock, 1,880 million shares at $1 par Paid-in capital-excess of par Retained earnings Total shareholders' equity $ 1,899 17,600 16.238 $35,638 On March 16, 2018. a 4% common stock dividend was declared and distributed. The market value of the common stock was $39 per share. Fractional share rights represented...
Brief Exercise 18-5 (Algo) Retirement of shares (L018-5) Horton Industries shareholders' equity included 120 million shares of S1 par common stock and a balance in paid-in capital - excess of par of $1,080 million Assuming that Horton retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Horton's total paid in capital decline if it reacquires 1 million shares at $7.00 per share? (Enter your answer in millions (ie., 10,000,000 should be...
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