Homework Answers
Land (59000*16) Dr. 944,000
Common stock 944,000
Building Dr. 8,000,000
Cash 5,000,000
Revenue-donation of asset 3,000,000
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On February 1, 2021, the Xilon Corporation issued 59,000 shares of its no-par common stock in...
On February 1, 2021, the Xilon Corporation issued 42,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon’s common stock had a fair value of $17 per share. An offic
On February 1, 2021, the Xilon Corporation issued 42,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon’s common stock had a fair value of $17 per share. An office building was constructed on the site by an independent contractor. The building was completed on November 2, 2021, at a cost of $6,300,000. Xilon paid $4,150,000 in cash and the remainder was paid...
On March 15, 2021, Ellis Corporation issued 5,000 shares of its no-par common stock in exchange for a patent. On the d...
On March 15, 2021, Ellis Corporation issued 5,000 shares of its no-par common stock in exchange for a patent. On the date of the transaction, the market price of the common stock was $22 per share. Ellis also received a tract of land from the City of Montrose as an enticement to build a new office building on the site. The land had a fair value of $510,000 and Ellis was required to pay only $200,000 to secure title to...
On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a...
On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Epperson issued at par 15,000 shares of 1%, $60 par preferred stock at par for cash. On November 23, Epperson issued for cash 8,000 shares of 1%, $60 par preferred stock at $70. Required: Journalize the entries to record the February 13, September 9, and November 23 transactions. If an amount box does not require...
1. 2. 3. 4. February 1 Issues 4,200 shares of no-par common stock for $15 per...
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2.
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4.
February 1 Issues 4,200 shares of no-par common stock for $15 per share. May 15 Issues 200 shares of $10 par value, 3.5% preferred stock for $12 per share. October 1 Declares a cash dividend of $0.35 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Journal entry worksheet 2 3 4 5 Record the issuance...
On December 31, 2021, Sheridan Company had 1,310,000 shares of $7 par common stock issued and...
On December 31, 2021, Sheridan Company had 1,310,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,170,000 1,860,000 1,120,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $109 per share 114,000 shares of $100 par value, 9% cumulative preferred stock. 2. On February 8, reacquired 16,900 shares of its...
On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and...
On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,660,000 1,805,000 1,255,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $107 per share 111,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, reacquired 12,800 shares of its...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of...
On
February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February
1, with a face amount of $780,000. The bonds sold for $713,083 and
mature on January 31, 2041 (20 years). The market yield for bonds
of similar risk and maturity was 10%. Interest is paid semiannually
on July 31 and January 31. Strauss-Lombardi’s fiscal year ends
December 31. Required: 1. to 4. Prepare the journal entries to
record their issuance by Strauss-Lombardi on February 1, 2021,
interest on July 31,...
On May 1, Sequoia Inc. issued 30,000 shares of its common stock with a $15 par...
On May 1, Sequoia Inc. issued 30,000 shares of its common stock with a $15 par value and $50 fair value in exchange for all of Saguaro Inc. outstanding common stock. As a result of this acquisition Saguaro ceased to exist as a separate legal entity. On the date of the acquisition, Saguaro had net assets with a book value of $900,000 and fair market value of $1,280,000. Sequoia's journal entry to record this transaction should include: A. $1,500,000 credit...
journal entry Required information When stock is issued, its par or stated value is credited to...
journal entry
Required information When stock is issued, its par or stated value is credited to the stock account and any excess is credited to a separate contributed capital account. If a stock has neither par nor stated value, the entire proceeds are credited to the stock account. On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common stock in exchange for land and a building. Five years ago, the stockholder purchased the land for $40,000 and...
Beacon Corporation issued a 4 percent stock dividend on 30,500 shares of its $9 par common...
Beacon Corporation issued a 4 percent stock dividend on 30,500 shares of its $9 par common stock. At the time of the dividend, the market value of the stock was $24 per share. Required c. Prepare the journal entry to record the stock dividend. (If no entry is required for a transaction/event, select journal entry required" in the first account field.) Answer is not complete. No Event General Journal Credit Debit 18,300 Common stock 10,980 Weaver Corporation had the following...
1.
2.
3.
4.
February 1 Issues 4,200 shares of no-par common stock for $15 per share. May 15 Issues 200 shares of $10 par value, 3.5% preferred stock for $12 per share. October 1 Declares a cash dividend of $0.35 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Journal entry worksheet 2 3 4 5 Record the issuance...
On December 31, 2021, Sheridan Company had 1,310,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,170,000 1,860,000 1,120,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $109 per share 114,000 shares of $100 par value, 9% cumulative preferred stock. 2. On February 8, reacquired 16,900 shares of its...
On December 31, 2021, Crane Company had 1,380,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. Common Stock Additional Paid-in Capital Retained Earnings $9,660,000 1,805,000 1,255,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. On January 10, issued at $107 per share 111,000 shares of $100 par value, 7% cumulative preferred stock. 2. On February 8, reacquired 12,800 shares of its...
On
February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February
1, with a face amount of $780,000. The bonds sold for $713,083 and
mature on January 31, 2041 (20 years). The market yield for bonds
of similar risk and maturity was 10%. Interest is paid semiannually
on July 31 and January 31. Strauss-Lombardi’s fiscal year ends
December 31. Required: 1. to 4. Prepare the journal entries to
record their issuance by Strauss-Lombardi on February 1, 2021,
interest on July 31,...
journal entry
Required information When stock is issued, its par or stated value is credited to the stock account and any excess is credited to a separate contributed capital account. If a stock has neither par nor stated value, the entire proceeds are credited to the stock account. On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common stock in exchange for land and a building. Five years ago, the stockholder purchased the land for $40,000 and...
Beacon Corporation issued a 4 percent stock dividend on 30,500 shares of its $9 par common stock. At the time of the dividend, the market value of the stock was $24 per share. Required c. Prepare the journal entry to record the stock dividend. (If no entry is required for a transaction/event, select journal entry required" in the first account field.) Answer is not complete. No Event General Journal Credit Debit 18,300 Common stock 10,980 Weaver Corporation had the following...
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