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8. Bluesy Company purchased land with a current market value of s240,000. Its book value in...
Assume that 2,000 shares of common stock with a par value of $12 and a market...
Assume that 2,000 shares of common stock with a par value of $12 and a market price of $16 per share are issued in exchange for land with a fair market value of $32,000. a. Prepare the journal entry to record the transaction. b. If the land's appraised fair market value were $33,000, what would be the correct entry to record the transaction? c. Prepare the necessary journal entry, assuming the same facts as in (b), except that the stock...
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...
Path:p Words: QUESTION 13 At the beginning of its operations, Delta Company purchased land for $100,000...
Path:p Words: QUESTION 13 At the beginning of its operations, Delta Company purchased land for $100,000 and a building for $180,000. After exactly 3 years, it transferred these assets and cash of $50,000 to a newly created subsidiary, Roman Company, in exchange for 15,000 shares of Roman's $10 par value stock. Delta uses straight-line depreciation. Useful life for the building is 30 years, with zero residual value. An appraisal revealed that the land had a fair market value of 150,000...
Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and...
Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $226,000 and the building at $363,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 18,000 shares of $8 par value common stock in exchange for land valued at $226,000 and a building valued at $363,000. Note: Enter debits...
Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following...
Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $20 par value common stock for $96,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,000. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its...
Sudoku Company issues 19,000 shares of $9 par value common stock in exchange for land and...
Sudoku Company issues 19,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $375,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. Record the issue of 19,000 shares of $9 par value common stock in exchange for land valued at $231,000 and a building valued at $375,000.
Sheridan Industries purchased the following assets and constructed a building as well. All this was done...
Sheridan Industries purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2: These assets were purchased as a lump sum for $200,000 cash. The following information was gathered. Description Initial Cost on Seller’s Books Depreciation to Date on Seller’s Books Book Value on Seller’s Books Appraised Value Machinery $200,000 $100,000 $100,000 $180,000 Equipment 120,000 20,000 100,000 60,000 Asset 3: This machine was acquired by making a $20,000 down...
A corporation issued 6,000 shares of its $2 par value common stock in exchange for land...
A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: A credit to Land for $12,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000. A debit to Common Stock for $12,000. A debit to Land for $12,000. A credit to Common Stock for $84,000.
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...
Sudoku Company issues 27,000 shares of $9 par value common stock in exchange for land and...
Sudoku Company issues 27,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $362,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 27,000 shares of $9 par value common stock in exchange for land valued at $235,000 and a building valued at $362,000. Note: Enter debits...
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...
Path:p Words: QUESTION 13 At the beginning of its operations, Delta Company purchased land for $100,000 and a building for $180,000. After exactly 3 years, it transferred these assets and cash of $50,000 to a newly created subsidiary, Roman Company, in exchange for 15,000 shares of Roman's $10 par value stock. Delta uses straight-line depreciation. Useful life for the building is 30 years, with zero residual value. An appraisal revealed that the land had a fair market value of 150,000...
Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $226,000 and the building at $363,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 18,000 shares of $8 par value common stock in exchange for land valued at $226,000 and a building valued at $363,000. Note: Enter debits...
Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $20 par value common stock for $96,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,000. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its...
Sudoku Company issues 27,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $362,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 27,000 shares of $9 par value common stock in exchange for land valued at $235,000 and a building valued at $362,000. Note: Enter debits...
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