Presented below is information related to Wyrick Company: 01/01/2020 Wyrick was granted a charter that authorizes it to issue 40,000 shares of no-par common stock and 15,000 shares of $100 par value preferred stock. 01/10/2020 Wyrick issued 12,000 shares of common stock for cash of $37 per share. 02/01/2020 Wyrick issued 3,000 shares of preferred stock in exchange for land. The Board of Directors decided that the land should be valued at $400,000. 07/01/2020 Wyrick repurchased 1,000 shares of common stock for cash of $40 per share. Wyrick accounts for treasury stock using the cost method. 09/01/2020 Wyrick sold 600 of those treasury shares for cash of $45 per share.
Required:
Prepare dated journal entries to record these events. If an event
does not require a journal entry, write the words “No entry” next
to the date of that event.
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Presented below is information related to Wyrick Company:
01/01/2020 Wyrick was granted a charter that authorizes...
Presented below is information related to Stellar Company: 1. The company is granted a charter that...
Presented below is information related to Stellar Company:
1. The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock. 2. 8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $280,000. The board establishes a stated value of $10 a share for the common stock. 3. 5,600 shares of preferred stock are sold...
Presented below is information related to Skysong Company: 1. The company is granted a charter that...
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Presented below is information related to Bonita Company: 1. The company is granted a charter that...
Presented below is information related to Bonita Company: 1. The
company is granted a charter that authorizes issuance of 15,000
shares of $100 par value preferred stock and 40,000 shares of
no-par common stock. 2. 9,500 shares of common stock are issued to
the founders of the corporation for land valued by the board of
directors at $300,000. The board establishes a stated value of $10
a share for the common stock. 3. 5,800 shares of preferred stock
are sold...
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Port A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance...
Port A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 4,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2 2021, 2,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $25 per share Required: 1....
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance...
Part A
In late 2020, the Nicklaus Corporation was formed. The corporate
charter authorizes the issuance of 4,000,000 shares of common stock
carrying a $1 par value, and 1,000,000 shares of $5 par value,
noncumulative, nonparticipating preferred stock. On January 2,
2021, 2,000,000 shares of the common stock are issued in exchange
for cash at an average price of $12 per share. Also on January 2,
all 1,000,000 shares of preferred stock are issued at $30 per
share.
Required:
1....
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Question 10 Presented below is information related to Sheffield Company: 1. The company is granted a...
Question 10 Presented below is information related to Sheffield Company: 1. The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock 2. 9,500 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $310,000. The board establishes a stated value of $10 a share for the common stock. 3. 6,200 shares of preferred stock...
Presented below is information related to Stellar Company:
1. The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock. 2. 8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $280,000. The board establishes a stated value of $10 a share for the common stock. 3. 5,600 shares of preferred stock are sold...
Presented below is information related to Bonita Company: 1. The
company is granted a charter that authorizes issuance of 15,000
shares of $100 par value preferred stock and 40,000 shares of
no-par common stock. 2. 9,500 shares of common stock are issued to
the founders of the corporation for land valued by the board of
directors at $300,000. The board establishes a stated value of $10
a share for the common stock. 3. 5,800 shares of preferred stock
are sold...
Problem 15-01 On January 5, 2020, Skysong Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 July 29 Aug. 10 Dec. 31 Dec. 31 Issued 19,300 shares of common stock at $16 per share. Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a...
Port A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 4,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2 2021, 2,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $25 per share Required: 1....
Part A
In late 2020, the Nicklaus Corporation was formed. The corporate
charter authorizes the issuance of 4,000,000 shares of common stock
carrying a $1 par value, and 1,000,000 shares of $5 par value,
noncumulative, nonparticipating preferred stock. On January 2,
2021, 2,000,000 shares of the common stock are issued in exchange
for cash at an average price of $12 per share. Also on January 2,
all 1,000,000 shares of preferred stock are issued at $30 per
share.
Required:
1....
Problem 10-1 (algorithmic) Consider a piece of equipment that has the following cost and benefit estimates, and the interest rate is 16% per year Initial investment: $250,000 Equipment life: 12 years Salvage value: $13,000 Annual receipts: $60,000 Annual expenses: $39,000 What is the modified B/C ratio of this equipment? Click the icon to view the interest and annuity table for discrete compounding when i-16% per year. Thr modified cost-benefit ratio is(Round to two decimal places.) Enter your answer in the...
Question 10 Presented below is information related to Sheffield Company: 1. The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no-par common stock 2. 9,500 shares of common stock are issued to the founders of the corporation for land valued by the board of directors at $310,000. The board establishes a stated value of $10 a share for the common stock. 3. 6,200 shares of preferred stock...
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