Homework Answers
| Answer | |||
| No | Account Title and Explanation | Debit | Credit |
| 1 | Land (2430*42) | $ 1,02,060 | |
| Common stock (2430*12) | $ 29160 | ||
| Paid in capital in excess of par - Common stock | $ 72,900 | ||
| (To record acquisition of the land) | |||
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Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The...
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...
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 Company obtained land by issuing 2,120 shares of its $15 par...
Current Attempt in Progress Waterway Company obtained land by issuing 2,120 shares of its $15 par value common stock. The land was recently appraised at $99,730. The common stock is actively traded at $45 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 for the amounts.) Account Titles and...
Blue Spruce Corp. began operations on April 1 by issuing 51,100 shares of $7 par value...
Blue Spruce Corp. began operations on April 1 by issuing 51,100 shares of $7 par value common stock for cash at $14 per share. In addition, Blue issued 1,200 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo for the amounts.) Debit Credit Date Account Titles...
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.)...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017,...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in the following selected transactions. 1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100. 2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 490 shares...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $121,000. Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $212 per share. (Round answers...
Marin Corporation issued 180 shares of $12 par value common stock for $3,240. Prepare Marin’s journal...
Marin Corporation issued 180 shares of $12 par value common
stock for $3,240.
Prepare Marin’s journal entry. (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
Credit
Exercise 15-6 Monty Corporation is authorized to issue 53,000 shares of $5 par value common stock....
Exercise 15-6 Monty Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2017, Monty took part in the following selected transactions. 1. Issued 5,100 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $6,800. 2. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. 3. Purchased...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (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 for the amounts.) Account Titles and Explanation Debit Credit
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...
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 Company obtained land by issuing 2,120 shares of its $15 par value common stock. The land was recently appraised at $99,730. The common stock is actively traded at $45 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 for the amounts.) Account Titles and...
Blue Spruce Corp. began operations on April 1 by issuing 51,100 shares of $7 par value common stock for cash at $14 per share. In addition, Blue issued 1,200 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo for the amounts.) Debit Credit Date Account Titles...
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.)...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in the following selected transactions. 1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100. 2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 490 shares...
Blue Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $121,000. Prepare the journal entry for the issuance when the market price of the common shares is $164 each and market price of the preferred is $205 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $212 per share. (Round answers...
Marin Corporation issued 180 shares of $12 par value common
stock for $3,240.
Prepare Marin’s journal entry. (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
Credit
Exercise 15-6 Monty Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2017, Monty took part in the following selected transactions. 1. Issued 5,100 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $6,800. 2. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. 3. Purchased...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (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 for the amounts.) Account Titles and Explanation Debit Credit
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