The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share...
The journal entry to issue 1,000,000 shares of $5 par common stock for $9 per share on July 2 would be
a.
July 2
Cash9,000,000
Common Stock9,000,000
b.
July 2
Cash5,000,000
Common Stock5,000,000
c.
July 2
Cash5,000,000
Paid-In Capital in Excess of Par—Common Stock4,000,000
Common Stock9,000,000
d.
July 2
Cash9,000,000
Common Stock5,000,000
Paid-In Capital in Excess of Par—Common Stock4,000,000
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The journal entry to issue 1,000,000 shares of $5 par common
stock for $9 per share...
Coronado Company is authorized to issue 9000 shares of 9%, $100 par value preferred stock and...
Coronado Company is authorized to issue 9000 shares of 9%, $100 par value preferred stock and 522000 shares of no-par common stock with a stated value of $1 per share. If Coronado issues 4500 shares of preferred stock for land with an asking price of $571000 and a market value of $547000, which of the following would be the journal entry for Coronado to record? (a) Land 571000 Preferred Stock 450000 Paid-in Capital in Excess of Par-Preferred 121000 (b) Land...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per...
Treasury Stock Inland Corporation issued 30,000 shares of $5 par value common stock at $15 per share and 8,000 shares of $50 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. X X 0x X X a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Inland sold 2,000 shares of the treasury stock...
PDC Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2016,...
PDC Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2016, the company has the following stock transactions. Journalize the transactions for PDC Corporation. Jan. 15 Issued 700,000 shares of stock at $7 per share Dr. Cash $ 4,900,000 Cr Paid-in Capital in Excess of Par Value Common Stock $ Sept 5 Purchased 30,000 shares of common stock for the treasury at $6 per share Cr. Cash Dec 6 Declared a $0 50 per share...
Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general Journal entry...
Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general Journal entry in the attached workpaper to record the issue of 20,000 shares of stock for $20 per share cash if the common stock has no par and no stated value. Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general journal entry in the attached work paper to record the issue of 20,000 shares of common stock for $20 per share...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
If a corporation issues 6,000 shares of $5 par value common stock for $90,000, the journal...
If a corporation issues 6,000 shares of $5 par value common stock for $90,000, the journal entry would include a credit to: O A. Paid - in Capital in Excess of Par-Common for $90,000 O B. Common Stock for $90,000 OC. Paid - in Capital in Excess of Par—Common for $60,000. OD. Common Stock for $60,000
1. BonitaCorp. issues 2800 shares of $10 par value common stock at $15 per share. When...
1. BonitaCorp. issues 2800 shares of $10 par value common stock
at $15 per share. When the transaction is recorded, credits are
made to
Common Stock $28000 and Retained Earnings $14000.
Common Stock $28000 and Paid-in Capital in Excess of Par
$14000.
2. VaughnCompany is authorized to issue 9000 shares of 7%, $100
par value preferred stock and 532000 shares of no-par common stock
with a stated value of $1 per share. If Vaughn issues 4500 shares
of preferred stock...
Suppose Home Decor Imports issued 500,000 shares of $0.07 par common stock at $5 per share....
Suppose Home Decor Imports issued 500,000 shares of $0.07 par common stock at $5 per share. Which Journal entry correctly records the issuance of this stock? Date Accounts and Explanation Debit Credit OA 2,500,000 35,000 2,465,000 Common Stock 180.07 Par Value Paid-In Capital in Excess of Par-Common Cash Common Stock $0.07 Par Value OB 2,500,000 2,500,000 Oc. 2,500,000 Common Stock $0.07 Par Value Cash 35,000 2,465.000 Paid-In Capital in Excess of Par-Common OD 2,500,000 Common Stock $0.07 Par Value Cash...
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share....
1. Nexis Corp. issues 1,000 shares of $15 par value common stock at $22 per share. When the transaction is recorded, credits are made to a.Common Stock, $7,000, and Paid-In Capital in Excess of Stated Value, $15,000 b.Common Stock, $15,000, and Paid-In Capital in Excess of Par—Common Stock, $7,000 c.Common Stock, $22,000 2. Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:...
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of...
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to record the issue of 50,000 shares of common stock for $18 per share cash. D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to...
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PDC Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2016, the company has the following stock transactions. Journalize the transactions for PDC Corporation. Jan. 15 Issued 700,000 shares of stock at $7 per share Dr. Cash $ 4,900,000 Cr Paid-in Capital in Excess of Par Value Common Stock $ Sept 5 Purchased 30,000 shares of common stock for the treasury at $6 per share Cr. Cash Dec 6 Declared a $0 50 per share...
Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general Journal entry in the attached workpaper to record the issue of 20,000 shares of stock for $20 per share cash if the common stock has no par and no stated value. Goofy Corporation was authorized to issue 200,000 shares of common stock. Give the general journal entry in the attached work paper to record the issue of 20,000 shares of common stock for $20 per share...
QUESTION 9 Talboe Co, issued 90,000 shares of $9 par common stock for $1,500,000. A year later Talboe acquired 12,000 shares of its own common stock at $12 per share. Three months later Talboe sold 5,000 of these shares at $20 per share. Talboe Co. uses the cost method to record treasury stock transactions. Select which is the correct journal entry when Talboe Co. issue the stock. Debit Cash - 5810,000, Debit Dividends - $690,000; Credit Common Stock Par -...
If a corporation issues 6,000 shares of $5 par value common stock for $90,000, the journal entry would include a credit to: O A. Paid - in Capital in Excess of Par-Common for $90,000 O B. Common Stock for $90,000 OC. Paid - in Capital in Excess of Par—Common for $60,000. OD. Common Stock for $60,000
1. BonitaCorp. issues 2800 shares of $10 par value common stock
at $15 per share. When the transaction is recorded, credits are
made to
Common Stock $28000 and Retained Earnings $14000.
Common Stock $28000 and Paid-in Capital in Excess of Par
$14000.
2. VaughnCompany is authorized to issue 9000 shares of 7%, $100
par value preferred stock and 532000 shares of no-par common stock
with a stated value of $1 per share. If Vaughn issues 4500 shares
of preferred stock...
Suppose Home Decor Imports issued 500,000 shares of $0.07 par common stock at $5 per share. Which Journal entry correctly records the issuance of this stock? Date Accounts and Explanation Debit Credit OA 2,500,000 35,000 2,465,000 Common Stock 180.07 Par Value Paid-In Capital in Excess of Par-Common Cash Common Stock $0.07 Par Value OB 2,500,000 2,500,000 Oc. 2,500,000 Common Stock $0.07 Par Value Cash 35,000 2,465.000 Paid-In Capital in Excess of Par-Common OD 2,500,000 Common Stock $0.07 Par Value Cash...
D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to record the issue of 50,000 shares of common stock for $18 per share cash. D. Duck Company was authorized to issue 100,000 shares of $6-par value common stock and 80,000 shares of $90-par value preferred stock. Give the general journal entry required in the attached workpaper to...
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