Crane Company has issued 1,500 shares of common stock and 300 shares of preferred stock for a lump sum of $5...
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Homework Answers
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Account Titles and Explanation |
Debit |
Credit |
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Paid in excess of par(common stock) {55000*1500*30/(1500*30+300*50)}-7500 |
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| Paid in excess of par(Preferred stock) {55000*300*50/(1500*30+300*50)}-12000 |
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Cash|
Account Titles and Explanation |
Debit |
Credit |
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Paid in excess of par(common stock) {(22-5)*1500} |
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25500 |
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| Paid in excess of par(Preferred stock) |
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Crane Company has issued 1,500 shares of common stock and 300 shares of preferred stock for a lump sum of $5...
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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...
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Bramble Corp. has issued 2,200 shares of common stock and 440 shares of preferred stock for a lump sum of $83,000 cash. Part 1 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...
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Concord Corporation 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 same facts as the par value of the common stock was $5 and the fair value of $22 per share, and the par value of the preferred stock was $40 and has no ready market. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
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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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The common stock is trading at $24 per share at the time of
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Record the conversion of the preferred stock. (Credit
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Do not indent manually. If no entry is required, select "No Entry"
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Prepare the journal entry to record the issuance.
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Pronghorn Corporation issued 311 shares of $10 par value common stock and 112 shares of $50...
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sum of $15,678. The common stock has a market price of $20 per
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share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
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Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
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Credit account titles are automatically...
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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"
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stock and 123 shares of $50 par value preferred stock for a lump
sum of $16,587. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $90 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
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stock and 112 shares of $50 par value preferred stock for a lump
sum of $15,678. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $100 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
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stock and 134 shares of $50 par value preferred stock for a lump
sum of $16,344. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $90 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
Wildhorse Corporation has 8,200 shares of $100 par value, 7%, preferred stock and 46,200 shares of $10 par value common stock outstanding at December 31, 2017 Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in areas at December 1, 2017 Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
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