Question #3.
Event | General Journal | Debit | Credit |
1 | Cash [20000*44] | $ 880,000 | |
Common Stock [20000*2] | $ 40,000 | ||
Paid in capital in excess of par [20000*42] | $ 840,000 | ||
( To record issue of common shares) | |||
2 | Treasury Stock [4000*40] | $ 160,000 | |
Cash | $ 160,000 | ||
( To record treasury stock) | |||
3 | Cash [4000*43] | $ 172,000 | |
Treasury stock | $ 160,000 | ||
Paid in capital from treasury stock | $ 12,000 | ||
( To record Treasury stock resold) | |||
4 | Common stock [4000*2] | $ 8,000 | |
Paid in capital in excess of par [4000*42] | $ 168,000 | ||
Treasury stock | $ 160,000 | ||
Retained earnings | $ 16,000 | ||
( To record retirement of treasury stock) | |||
Question #3 Record the following transactions in journal entry form (14 marks) 1. Company issues 20,000...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,000 15,000 82,000 JAE Corp. completed the following transactions during 2018: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. 3. Resold 200 shares of treasury stock for $30 per...
15-15
Required: Prepare memorandum and journal entries to record the preceding transactions. 16.15 Treasury stock, Cost Method On January 1. Larain Corporation had 2.000 shares of Par 187 authorized and outstanding. These shares were originally issued at a price of $26 per These shares were originally issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of 7o Pet following stock transactions occurred: outstanding. These...
Question 4 Sunland Company originally issued 3700 shares of $10 par value common stock for $129500 ($35 per share). Surland subsequently purchases 370 shares of treasury stock for $26 per share and resells the 370 shares of treasury stock for 3 pershare. In the entry to record the sale of the treasury stock, there will be debit to Paldin Capital in Excess of Par of $12950 Great to Treasury Sock for 13700 credit to Com Stock for $9620. credit to...
Bohemian Company
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Question 8 O out of 0.5 points Bohemian Company has 500,000 shares of no par common stock with a stated value of $8 per share issued and outstanding as of January 1, originally issued for $14 per share. During 2018, Bohemian Company had the following transactions involving its own stock: • On March 6, acquired 26,560 shares of treasury stock at a cost of $12 per share • On April 18,...
Edmond Company had the following transactions during 2019. 1-Jan Issued common stock for cash. Number of shares issued 30,000 Par value per share $ 2 Market price per share $ 5 1-Mar The company purchased shares of its common stock for the treasury. Number of shares purchased 4,000 Market price per share $ 8 1-Jun The company sells some shares of its Treasury Stock Number of shares sold 1,000 Market price per share $ 10 1-Sep The...
Prepare in journal form, the entries necessary to record the following stock transactions for Zeller Company during 2008. 6/1 Purchased 3000 shares of its own $10 par value common stock for $25 per share, the current market price. 6/18 Sold 1400 shares of treasury stock purchased June 1 for $30 per share. 6/28 Sold 1200 shares of treasury stock purchased on june 1 for $20 per share
Crane Company originally issued 4400 shares of $10 par value common stock for $132000 ($30 per share). Crane subsequently purchases 430 shares of treasury stock for $26 per share and resells the 430 shares of treasury stock for $31 per share. In the entry to record the sale of the treasury stock, there will be a credit to Common Stock for $11180. credit to Paid-In Capital from Treasury Stock for $2150. debit to Paid-In Capital in Excess of Par of...
Question 3 6 points Save Ansi On January 1, 20x5, Dove Valley Corporation had 100,000 shares of $10 par value common stock issued and outstanding. All 100,000 shares had been issued in a prior period at $30 per share. On February 1, 20x5, Dove Valley purchased 4,000 shares of treasury stock for $36 per share and later sold the treasury shares for $40 per share on March 2, 20x5. The entry to record the purchase of the treasury shares on...
3. The following transactions occurred during 2017, par value of Common Stock is $1, par value of Preferred Stock is $75. Feb 3 Apr 25 Jun 15 Oct 24 Issued 2,500 shares of preferred stock for $75 per share. Issued 50,000 shares of common stock for $15 per share. Repurchased 15,000 shares of common stock at $10.50 per share. Sold 7,500 shares of treasury stock bought on June 15 for $24 per share. Use the financial statement effects template, on...
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At January 1, 2022, 22 company reported the following stockholders equity accounts: Common stock, 39 par Paid-in capital - common stock Treasury stock (14.000 shares at $15 c Paid in capital - treasury stock ... Retained earnings . $450,000 125,000 210,000 12,000 During January, 22 company entered into the following transactions: January 14 Reissued 3.000 of the treasury shares for $9 per share January 19 Re-issued 5,000 of the treasury shares for $16 per...