O'Malley, Inc. issued 80 comma 00080,000 shares of common stock in exchange for manufacturing equipment. The...
O'Malley, Inc. issued
80 comma 00080,000
shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of
$ 1 comma 480 comma 000$1,480,000.
The stock has a par value of
$ 0.05$0.05
per share. The journal entry to record this transaction includes a ________.
A.credit to Common
Stocklong dash—$ 0.05$0.05
Par Value for $ 1 comma 480 comma 000$1,480,000
B.
credit to Gain on Sale of Common Stock for $ 1 comma 560 comma 000$1,560,000
C.credit to
Paidminus−In
Capital in Excess of
Parlong dash—Common
for $ 1 comma 476 comma 000$1,476,000
D.
debit to Cash for $ 14 comma 760 comma 000$14,760,000
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O'Malley, Inc. issued
80 comma 00080,000
shares of common stock in exchange for manufacturing equipment.
The...
O'Malley, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has...
O'Malley, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction Includes a credit to Paid-in Capital in excess of Par-Common for $1,417,000 credit to Gain on Sale of Common Stock for $1,480,000 debit to Cash for $14,170,000 O credit to Common Stock -- $0.05 Par Value for $1,420,000 On December 31, 2018,...
work is not needed Question 37 2 pts Osbourne, Inc. issued 60,000 shares of common stock...
work is not needed
Question 37 2 pts Osbourne, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction includes a O credit to Gain on Sale of Common Stock for $1,480,000 O credit to Common Stock-$0.05 Par Value for $1,420,000 O credit to Paid-In Capital in Excess of Par-Common for $1,417,000 O...
Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of...
Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of equipment with a current market value of $5,000. Which of the following Is NOT part of the journal entry for this transaction? Crediting Common Stock for $3,600 Crediting Common Stock for $5,000 Crediting paid-in capital in excess of par-common for $1,400 Debiting equipment for $5,000
Land Corporation reported the following: Common Stock, $ 5.00$5.00 par, 206 comma 000206,000 shares authorized, 167...
Land Corporation reported the following: Common Stock, $ 5.00$5.00 par, 206 comma 000206,000 shares authorized, 167 comma 000167,000 shares issued $ 835 comma 000$835,000 Paid in Capital in Excess of Parlong dash—Common 210 comma 000210,000 Retained Earnings 239 comma 000239,000 Total Stockholders' Equity $ 1 comma 284 comma 000$1,284,000 Which of the following is included in the entry to record the corporation's purchase of 40 comma 00040,000 shares of its common stock for $ 12.00$12.00 per share?
On January 1, Vermont Corporation had 35,300 shares of $12 par value common stock issued and...
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Bob issues common stock with a par value of $700 in exchange for equipment. The common...
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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.
Current Attempt in Progress Parker Corporation has issued 1.700 shares of common stock and 340 shares...
Current Attempt in Progress Parker Corporation has issued 1.700 shares of common stock and 340 shares of preferred stock for a lump sum of $63,000 cash. (a) Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock) (Credit...
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...
On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and...
On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and outstanding. All 36,200 shares had been issued in a prior period at $20 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $25 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.credit to Treasury Stock for...
O'Malley, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction Includes a credit to Paid-in Capital in excess of Par-Common for $1,417,000 credit to Gain on Sale of Common Stock for $1,480,000 debit to Cash for $14,170,000 O credit to Common Stock -- $0.05 Par Value for $1,420,000 On December 31, 2018,...
work is not needed
Question 37 2 pts Osbourne, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction includes a O credit to Gain on Sale of Common Stock for $1,480,000 O credit to Common Stock-$0.05 Par Value for $1,420,000 O credit to Paid-In Capital in Excess of Par-Common for $1,417,000 O...
Plper, Inc. Issued 400 shares of $9 par common stock in exchange for a plece of equipment with a current market value of $5,000. Which of the following Is NOT part of the journal entry for this transaction? Crediting Common Stock for $3,600 Crediting Common Stock for $5,000 Crediting paid-in capital in excess of par-common for $1,400 Debiting equipment for $5,000
Current Attempt in Progress Parker Corporation has issued 1.700 shares of common stock and 340 shares of preferred stock for a lump sum of $63,000 cash. (a) Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock) (Credit...
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