Homework Help Question & Answers

Dominica Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020,...

Dominica Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 400,000 shares of stock at $7 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $9 per share. Journalize the transactions for Dominica Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanation Debit Credit

0 0
Add a comment
Answer #1
Date Particulars Debit Credit
15-Jan Cash $ 2,800,000.00 (400000 x $ 7)
To Common Stock $    400,000.00 (400000 x $ 1)
To PIC in excess of par $ 2,400,000.00 (400000 x $ 6)
(Issue of common stock at a price higher than the par value)
5-Sep Treasury Stock $    270,000.00
To Cash $    270,000.00
(30000 x $ 9)
(purchase of common stock for the treasury)
Add a comment
Know the answer?
Add Answer to:
Dominica Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2020,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Vaughn Manufacturing is authorized to issue 2,960,000 shares of $1 par value common stock. During 2020,...

    Vaughn Manufacturing is authorized to issue 2,960,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 819,000 shares of stock at $7 per share. Sept. 5 Purchased 28,000 shares of common stock for the treasury at $9 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2021. Journalize the transactions for Vaughn Manufacturing. (Credit account titles are automatically indented...

  • PDC Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2016,...

    PDC Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2016, the company has the following stock transactions. Journalize the transactions for PDC Corporation. Jan. 15 Issued 700,000 shares of stock at $7 per share Dr. Cash $ 4,900,000 Cr Paid-in Capital in Excess of Par Value Common Stock $ Sept 5 Purchased 30,000 shares of common stock for the treasury at $6 per share Cr. Cash Dec 6 Declared a $0 50 per share...

  • ABC Corporation is authorized to issue 1.000.000 shares of $1 par value common stock During 2020,...

    ABC Corporation is authorized to issue 1.000.000 shares of $1 par value common stock During 2020, its first year of operation, the company has the following stock transactions. Jan. 1 Issued 100,000 shares of stock at $12 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $8,000. July 2 Issued 10,000 shares of stock...

  • Culver Corporation is authorized to issue both preferred and common stock. The par value of the...

    Culver Corporation is authorized to issue both preferred and common stock. The par value of the preferred is SSO. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock Feb. 1 Issued 50,500 shares for cash at $54 per share. July 1 Issued 68,500 shares for cash at $58 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when...

  • Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $50 par value prefe...

    Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 70,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 12,000 shares of preferred stock for cash at $53 per share. May 1 Issued 120,000 shares...

  • 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...

  • Ayayai Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of...

    Ayayai Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 450,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 4,000 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 22,000 shares...

  • Ayayal Corp. is authorized to issue both preferred and common stock. The par value of the...

    Ayayal Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 54,500 shares for cash at $53 per share. July 1 Issued 71,500 shares for cash at $58 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when...

  • Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and...

    Concord Corporation is authorized to issue 23,500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders’ equity balances. Preferred Stock (10,500 shares) $525,000 Paid-in Capital in Excess of Par—Preferred Stock 68,500 Common Stock (63,500 shares) 317,500 Paid-in Capital in Excess of Par—Common Stock 750,000 Retained Earnings 330,000 During 2020, the following transactions occurred. Feb. 1 Issued 2,000 shares of preferred stock for...

  • Sarasota Corporation purchased 3,500 shares of its $12 par value common stock for $234,500 on August...

    Sarasota Corporation purchased 3,500 shares of its $12 par value common stock for $234,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,100 shares of treasury stock for cash at $73 per share. Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.