Question

P11-6A

HW Ves, Pipe Cry. ummon stock asis $85 per share. Later, 204,6 of the common states ware. Prepare the general c. What is the balance in I T ing the stock split? Is a journal entry required to record the forward stock split? If yes, UILE E11-44. Treasury Stock Inland Corporation issued 30,000 shares of $5 par value comm Treasury Stock Inland Corporation share and 8,000 shares of $50 par value, eight percent preferred stock at $85 company purchased 3,000 shares of its own common stock at $20 per share. a. Prepare the journal entries to record the share issuances and the purchase of 0. Assume that Inland sold 2.000 shares of the treasury stock at $30 per share journal entry to record the sale of this treasury stock. c. Assume that Inland sold the remaining 1,000 shares of treasury stock at $18 Del the journal entry to record the sale of this treasury stock. at $18 per share. Prepare 12 Canh Dividende Rernard Corporation has the following shares outstanding: 8,000 shares of see

Answer 1

Journal entries :-

No. Account Title and Explanation Debit Credit (a) Cash (30,000 x $15) 450,000 Common stock, $5 stated value 150,000 Paid in capital in excess of par - common stock 300,000 (To record issue of common stock) Cash (8,000 x $50) 400,000 Common stock, $50 stated value 400,000 (To record issue of common stock) Treasury stock 60,000 Cash (3,000 x $20) 60,000 (To record purchase of treasury stock) (b) Cash (2,000 x $30) 60,000 Treasury stock (2,000 x $20) 40,000 Paid in capital in excess of par - treasury stock 20,000 (To record the sale of treasury stock) (c) Cash (1,000 x $18) 18,000 Paid in capital from treasury stock 2,000 Treasury stock (1,000 x $20) 20,000 (To record the sale of treasury stock)