Answer:
Date | Account title and Explanation | Debit | Credit |
Mar 3 | Treasury stock [100 x $24 cost] | $2,400 | |
Cash | $2,400 | ||
[To record purchase of own shares] | |||
Apr 27 | Cash [25 x $33] | $825 | |
Treasury stock [25 x $24 cost] | $600 | ||
Paid-in capital in excess of par from treasury stock | $225 | ||
[To record sale of treasury stock] | |||
July 10 | Cash [25 x $22] | $550 | |
Paid-in capital in excess of par from treasury stock | $50 | ||
Treasury stock [25 x $24 cost] | $600 | ||
[To record sale of treasury stock] | |||
Oct 12 | Common stock [50 x $5 par] | $250 | |
Paid-in-capital in excess of par-common stock [50 x ($26-5)] | $1,050 | ||
Treasury stock [50 x $24 cost] | $1,200 | ||
Retained earnings | $100 | ||
[To retirement of treasury stock] |
15-15 Required: Prepare memorandum and journal entries to record the preceding transactions. 16.15 Treasury stock, Cost...
On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding. These shares were originally issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of $75 per share. During the year, the following stock transactions occurred: 1. March 3: Lorain reacquired 100 shares of its own common stock at a cost of $24 per share. 2. April 27: It...
Stock Issuance and Treasury Stock Diva, Inc., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for $20 cash per share, (2) purchased treasury shares at $25 per share, and (3) sold some of the treasury shares: 1 Cash 437,000 Common stock 43,700 Paid-in capital in excess of par value 393,300 2 Treasury stock 77,000 Cash 77,000 3 Cash 63,360 Treasury stock 52,800 Paid-in capital from treasury stock 10,560 a. How many shares were...
Problem 11-24A Analyzing journal entries for treasury
stock transactions LO 11-4, 11-5
The following correctly prepared entries without explanations
pertain to Corners Corporation:
Account Title
Debit
Credit
1.
Cash
1,800,000
Common Stock
1,000,000
Paid-in Capital in Excess of Par Value
800,000
2.
Treasury Stock
44,800
Cash
44,800
3.
Cash
38,000
Treasury Stock
35,200
Paid-in Capital in Excess of Cost of Treasury Stock
2,800
The original sale (Entry 1) was for 400,000 shares, and the
treasury stock was acquired for $8...
Q2- Prepare the journal entries to record these transactions: A. At the beginning of the year Mohammed, Inc. issued an amount of shares of 5 par value stock for 30 per share. (Provide an amount of the stock issued)? B. On December 1st, Mohammed's, Inc. declared a 5 per share cash dividend, for an amount of common shares outstanding (Provide an amount of the common shares). The dividend will be paid on December 31 to stockholders of record on December...
Treasury Stock Transaction example: Note: show your journal entries AND computations In 2016, Poe's Products completed the treasury stock transactions described below. January 2: Reacquired 10 million shares at $16 per share. February 15: Sold 3 million shares at $20 per share. September 20: Sold 3 million treasury shares at $15 per share. Poe had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions, assuming that Poe's Products uses...
Prepare in journal form, the entries necessary to record the following stock transactions for Zeller Company during 2008. 6/1 Purchased 3000 shares of its own $10 par value common stock for $25 per share, the current market price. 6/18 Sold 1400 shares of treasury stock purchased June 1 for $30 per share. 6/28 Sold 1200 shares of treasury stock purchased on june 1 for $20 per share
Prepare journal entries to record the following transactions for Kenley in for the third quarter of 2019. Kenley Inc. was organized and authorized to issue 5,000 shares of $50 par value, 7% percent preferred stock and 100,000 shares of $5 par value common stock on July 1, 2019. July 1 Issued 10,000 shares of common stock at $11 per share July 1 Issued 200 shares of common stock at $12 per share for services rendered in connection with the organization...
Given the information provided:
Record all the journal entries for Destiny Calling’s
transactions listed above.
Taking into account all of the information and all of the
transactions above, prepare a Statement of Stockholders’ Equity for
Destiny Calling for the period ended December 31, 2020. Use the
format used in the pre-recorded lecture videos and also provided in
your e-text, Illustration 10-20. Assume net income for
2020 was $19,080.
Calculate the number of shares of Common Stock that would be
outstanding...
4 Journal entries are
required:
1. Record the issuance of 100,000 shares of common stock for $21
per share.
2. Record the issuance of 1,600 shares of 7% preferred stock for
$13 per share.
3. Record the purchase of 12,000 shares of its own common stock
for $26 per share.
4. Record the resale of 6,000 shares.
Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
1) Smart Electronics completed the following stock issuance transactions: Prepare the journal entries to record these transactions. Explanations are not required. 15 points June 7 Issued 5,000 shares of $4 par value common stock for cash of $12 per share Aug. 16 Issued 500 shares of no-par preferred stock for $35,000 cash Sept. 19 | Received equipment with a market value of $95.000 in exchange for 5,000 shares of the $4 par value common stock