On January 1, 2020, Kevin Malone Corporation received a charter granting the right to issue 8,000...
On January 1, 2020, Kevin Malone Corporation received a charter granting the right to issue 8,000 shares of $80 par value, 9% cumulative and nonparticipating preferred stock, and 65,000 shares of $12 par value common stock. It then completed these transactions.
|
Jan. |
11 |
Issued 15,000 shares of common stock at $20 per share. |
|
Feb. |
1 |
Issued to Sanchez Corp. 6,500 shares of preferred stock for the following assets: equipment with a fair value of $45,000; a factory building with a fair value of $155,000; and land with an appraised value of $200,000. |
|
July |
29 |
Purchased 1,200 shares of common stock at $20 per share. (Use cost method.) |
|
Aug. |
10 |
Sold the 1,200 treasury shares at $14 per share. |
|
Dec. |
31 |
Declared a $0.50 per share cash dividend on the common stock. |
Instructions
Record the journal entries for the transactions listed above.
Homework Answers
Journal entries
| Date | General Journal | Debit | Credit |
| Jan 11 | Cash (15000*20) | 300000 | |
| Common Stock (15000*12) | 180000 | ||
| Paid in capital in excess of par-Common Stock | 120000 | ||
| Feb 1 | Equipment | 45000 | |
| Building | 155000 | ||
| Land | 200000 | ||
|
Preferred stock (6500*8) |
52000 | ||
| Paid in capital in excess of par-Preferred stock | 348000 | ||
| July 29 | Treasury Stock (1200*20) | 24000 | |
| Cash | 24000 | ||
| Aug 10 | Cash (1200*14) | 16800 | |
| Retained earnings | 7200 | ||
| Treasury Stock | 24000 | ||
| Dec 31 | Cash dividend (15000*.50) | 7500 | |
| Dividend payable | 7500 | ||
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