Homework Answers
| Account titles and explanation | Debit | Credit |
| Land | $119,830 | |
| Common stock(2,890 * $10) | $28,900 | |
| Paid in capital in excess of par-common stock | $90,930 |
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Marigold Company obtained land by issuing 2,890 shares of its $10 par value common stock. The land was recently appr...
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...
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...
Question 8 View Policies Current Attempt in Progress Grouper Inc.'s $9 par value common stock is...
Question 8 View Policies Current Attempt in Progress Grouper Inc.'s $9 par value common stock is actively traded at a market price of $15 per share. Grouper issues 4,900 shares to purchase land advertised for sale at $89,500. Journalize the issuance of the stock in acquiring 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.)...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017,...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in the following selected transactions. 1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100. 2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 490 shares...
Marigold Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained...
Marigold Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings $3,200,000 1,010,000 790,000 Record the following transactions by the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no ent "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) Bought 7,800 shares of its common stock at $36 a share. Sold 4,100 treasury shares at $38 a share. Sold...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (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 Explanation Debit Credit
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...
Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for...
Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash 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 account titles are automatically indented...
Bramble Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares...
Bramble Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares of $50 par value preferred
stock. The preferred stock was originally issued at $60 per share.
The common stock is trading at $24 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 account titles and...
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...
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...
Question 8 View Policies Current Attempt in Progress Grouper Inc.'s $9 par value common stock is actively traded at a market price of $15 per share. Grouper issues 4,900 shares to purchase land advertised for sale at $89,500. Journalize the issuance of the stock in acquiring 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.)...
Kingbird Corporation is authorized to issue 48,000 shares of $5 par value common stock. During 2017, Kingbird took part in the following selected transactions. 1. Issued 4,600 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $8,100. 2. Issued 1,000 shares of stock for land appraised at $48,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 490 shares...
Marigold Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings $3,200,000 1,010,000 790,000 Record the following transactions by the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no ent "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) Bought 7,800 shares of its common stock at $36 a share. Sold 4,100 treasury shares at $38 a share. Sold...
On July 1, Skysong, Inc. purchases 430 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. Journalize the treasury stock transaction. (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 Explanation Debit Credit
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...
Bramble Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares of $50 par value preferred
stock. The preferred stock was originally issued at $60 per share.
The common stock is trading at $24 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 account titles and...
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