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).)
Homework Answers
Add Answer to:
Penne Pharmaceuticals sold 18 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...
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 18-2 (Algo) Stock issued [LO18-4] Penne Pharmaceuticals sold 18 million shares of its $1...
Brief Exercise 18-2 (Algo) Stock issued [LO18-4] 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).) ded No General Journal...
ICOT Industries issued 24 million of its $1 par common shares for $476 million on April...
ICOT Industries issued 24 million of its $1 par common shares for $476 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $3 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 10).) Record the issuance of the shares.
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...
Ellis Transport Company acquired 1.6 million shares of stock in L&K Corporation at $88 per share....
Ellis Transport Company acquired 1.6 million shares of stock in L&K Corporation at $88 per share. They are classified by Ellis as "available for sale." Ellis sold 600,000 shares at $90, received a 10% stock dividend, and then later in the year sold another 100,000 shares at $87. Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
On January 1, 2018, VKI Corporation awarded restricted stock units (RSUS) representing 18 million of its...
On January 1, 2018, VKI Corporation awarded restricted stock units (RSUS) representing 18 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUS satisfy the vesting requirement, the company will distribute the shares. On the grant date, the shares had a market price of $5.40 per share. Required: 1. Determine the total compensation cost pertaining to the RSUS. 2. to 6. Prepare the appropriate...
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share....
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share. They are classified by Ellis as "available for sale. Ellis sold 800,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 200,000 shares at $43 Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western...
In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transport had issued 280 million shares of its $1 par common stock at $28 per share Required: Prepare 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 (i.e., 10,000,000 should be entered as 10).) 1. On January 23, 2018, Western...
Under its executive stock option plan, National Corporation granted 30 million options on January 1, 2018,...
Under its executive stock option plan, National Corporation granted 30 million options on January 1, 2018, that permit executives to purchase 30 million of the company's $1 par common shares within the next eight years, but not before December 31, 2020 (the vesting date). The exercise price is the market price of the shares on the date of grant. $27 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. Suppose...
Borner Communications’ articles of incorporation authorized the issuance of 180 million common shares. The transactions described...
Borner Communications’ articles of incorporation authorized the issuance of 180 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following: Shareholders' Equity ($ in millions) Common stock, 165 million shares at $1 par 165 Paid-in capital—excess of par 495 Retained earnings 275 Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry 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 18-2 (Algo) Stock issued [LO18-4] 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).) ded No General Journal...
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...
Ellis Transport Company acquired 1.6 million shares of stock in L&K Corporation at $88 per share. They are classified by Ellis as "available for sale." Ellis sold 600,000 shares at $90, received a 10% stock dividend, and then later in the year sold another 100,000 shares at $87. Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
On January 1, 2018, VKI Corporation awarded restricted stock units (RSUS) representing 18 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUS satisfy the vesting requirement, the company will distribute the shares. On the grant date, the shares had a market price of $5.40 per share. Required: 1. Determine the total compensation cost pertaining to the RSUS. 2. to 6. Prepare the appropriate...
Ellis Transport Company acquired 1.8 million shares of stock in L&K Corporation at $44 per share. They are classified by Ellis as "available for sale. Ellis sold 800,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 200,000 shares at $43 Hint There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold. Required: Prepare journal entries to record...
In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transport had issued 280 million shares of its $1 par common stock at $28 per share Required: Prepare 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 (i.e., 10,000,000 should be entered as 10).) 1. On January 23, 2018, Western...
Under its executive stock option plan, National Corporation granted 30 million options on January 1, 2018, that permit executives to purchase 30 million of the company's $1 par common shares within the next eight years, but not before December 31, 2020 (the vesting date). The exercise price is the market price of the shares on the date of grant. $27 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. Suppose...
Most questions answered within 3 hours.
-
Write a psudocode:
1. Define a function called authorize that takes in 2 strings,
uName, and...
asked 1 minute from now -
What mass of ethylene glycol (C2H6O2) must be added to 211.0 g
of water to obtain...
asked 12 seconds ago -
Mary's employer has a defined benefits retirement plan, which
pay 3.2% of her last year's salary...
asked 3 minutes ago -
What are the characteristics and behavior of an ethical
manager?
Explain, in your words, what ethics...
asked 20 minutes ago -
1. Which of the following is NOT an argument that McMahan uses
to show that jus...
asked 41 minutes ago -
A crate slides up a frictionless slope. At the end of 3 seconds
its velocity is...
asked 58 minutes ago -
Use the following information to answer the next seven
questions.
Suppose there are three potential states...
asked 54 minutes ago -
If we only have interstitial and substitutional diffusion, then
what do we consider the process of...
asked 1 hour ago -
You look at yourself in a shiny 9.6-cm-diameter Christmas tree
ball.
If your face is 21.0...
asked 1 hour ago -
If we were to measure the relaxation time of a muscle after
undergoing tetanus compared to...
asked 1 hour ago -
4CO(g) + 8H2(g) -----> 3CH4(g) +
CO2(g) + 2H2O(l)
Use the following data as needed to...
asked 1 hour ago -
without using map
1. Write a C++ program to find out the top 10 words in...
asked 1 hour ago