Exercise 15-3 25,000 shares reacquired by Sage Corporation for $50 per share were exchanged for undeveloped...
Exercise 15-3 25,000 shares reacquired by Sage Corporation for $50 per share were exchanged for undeveloped land that has an appraised value of $1,497,000. At the time of the exchange, the common stock was trading at $57 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work
Homework Answers
| Debit | Credit | ||
| Land | 1425000 | =25000*57 | |
| Treasury Stock | 1250000 | =25000*50 | |
| Paid-in Capital from Treasury Stock | 175000 |
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Exercise 15-3 25,000 shares reacquired by Sage Corporation for
$50 per share were exchanged for undeveloped...
Exercise 15-03 27,000 shares reacquired by Windsor Corporation for $51 per share were exchanged for undeveloped...
Exercise 15-03 27,000 shares reacquired by Windsor Corporation for $51 per share were exchanged for undeveloped land that has an appraised value of $1,606,000. At the time of the exchange, the common stock was trading at $61 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do not...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land th...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land that has an appraised value of $1,504,000. At the time of the exchange, the common stock was trading at $64 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was ornginally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do no...
Exercise 15-6 Monty Corporation is authorized to issue 53,000 shares of $5 par value common stock....
Exercise 15-6 Monty Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2017, Monty took part in the following selected transactions. 1. Issued 5,100 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $6,800. 2. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. 3. Purchased...
Sage Inc. has outstanding 12,800 shares of $10 par value common stock. On July 1, 2020,...
Sage Inc. has outstanding 12,800 shares of $10 par value common stock. On July 1, 2020, Sage reacquired 100 shares at $86 per share. On September 1, Sage reissued 61 shares at $94 per share. On November 1, Sage reissued 39 shares at $83 per share. Prepare Sage’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Current Attempt in Progress Waterway Company obtained land by issuing 2,120 shares of its $15 par...
Current Attempt in Progress Waterway Company obtained land by issuing 2,120 shares of its $15 par value common stock. The land was recently appraised at $99,730. The common stock is actively traded at $45 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and...
Exercise 15-12 Sage Corporation has 12.50 million shares of common stock issued and outstanding. On June...
Exercise 15-12
Sage Corporation has 12.50 million shares of common stock issued
and outstanding. On June 1, the board of directors voted an 76
cents per share cash dividend to stockholders of record as of June
14, payable June 30.
Prepare the journal entries for each of the dates above
assuming the dividend represents a distribution of earnings.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry"...
Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The...
Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The land was recently appraised at $122,940. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The land was recently appraised at $106,500. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit...
Brief Exercise 16-3 Nash Corporation issued 2,200 shares of $10 par value common stock upon conversion...
Brief Exercise 16-3 Nash Corporation issued 2,200 shares of $10 par value common stock upon conversion of 1,100 shares of $50 par value preferred stock. The preferred stock was originally issued at $61 per share. The common stock is trading at $26 per share at the time of conversion Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Marigold Company obtained land by issuing 2,890 shares of its $10 par value common stock. The land was recently appr...
Marigold Company obtained land by issuing 2,890 shares of its $10 par value common stock. The land was recently appraised at $119,830. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit...
Exercise 15-03 27,000 shares reacquired by Windsor Corporation for $51 per share were exchanged for undeveloped land that has an appraised value of $1,606,000. At the time of the exchange, the common stock was trading at $61 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do not...
Exercise 15-3 22,000 shares reacquired by Tamarisk Corporation for $53 per share were exchanged for undevelcped land that has an appraised value of $1,504,000. At the time of the exchange, the common stock was trading at $64 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was ornginally recorded using the cost method. (Credit account titles are automatically indented when amount is entered. Do no...
Exercise 15-6 Monty Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2017, Monty took part in the following selected transactions. 1. Issued 5,100 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $6,800. 2. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. 3. Purchased...
Current Attempt in Progress Waterway Company obtained land by issuing 2,120 shares of its $15 par value common stock. The land was recently appraised at $99,730. The common stock is actively traded at $45 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and...
Exercise 15-12
Sage Corporation has 12.50 million shares of common stock issued
and outstanding. On June 1, the board of directors voted an 76
cents per share cash dividend to stockholders of record as of June
14, payable June 30.
Prepare the journal entries for each of the dates above
assuming the dividend represents a distribution of earnings.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry"...
Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The land was recently appraised at $122,940. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit...
Blue Company obtained land by issuing 2,430 shares of its $12 par value common stock. The land was recently appraised at $106,500. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit...
Brief Exercise 16-3 Nash Corporation issued 2,200 shares of $10 par value common stock upon conversion of 1,100 shares of $50 par value preferred stock. The preferred stock was originally issued at $61 per share. The common stock is trading at $26 per share at the time of conversion Record the conversion of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Marigold Company obtained land by issuing 2,890 shares of its $10 par value common stock. The land was recently appraised at $119,830. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit...
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