Question

1,000. Prepare the February 1, 2017, journal entry. BE15-6 (L01) Moonwalker Corporation issued 2.000 shares of its $10 par value common stock for $60,000. Moonwalker also incurred $1,500 of costs associated with issuing the stock. Prepare Moonwalker's journal entry to record the issuance of the company's stock. BE15-7 (L01) Hinges Corporation issued 500 shares of $100 par value preferred stock for $61,500. Prepare Hinges's journal entry BE15-8 (L02) Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017. Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method. BE15-9 (LO2) Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2017, Arantxa reacquired 200 shares at $80 per share. On November 1, Arantxa reissued the 200 shares at $70 per share. Arantxa had no previous treasury stock transactions. Prepare Arantxa's journal entries to record these transactions using the cost method. BE15-10 (L03) Woolford Inc, declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries neces sary on those three dates. BE15-11 (L03) Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2017, the securities were carried in Cole's untine records at their cost of $875,000, which equals their fair value. On September 21, 2018, when the fair value of the urities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23 2018. to stockholders of record on October 8, 2018. Prepare all journal entries necessary on those three dates. 12 (103) Graves Mining Company declared, on April 20, a dividend of $500,000 payable on June 1. Of this amount. of ranital. Prepare the April 20 and June 1 entries for Graves. dine 400,000 shares of $10 par value common stock. The corporation are the journal entries for Green Day Corpora-

Answer 1

Journal Enteries Moonwalker Corporation Journal Enteries Trans. Particulars Cash a/c Dr. To Common Stock To Paid-in capital in excess of par-CS Debit in $ Credit in $ 58500 20000 38500 Hinges Corporation Journal Enteries Trans. Particulars Cash a/c Dr. To Preferred Stock To Paid-in Capital in Excess of Par-Preferred Debit in $ Credit in $ 61500 50000 11500 Sprinkle Inc. Journal Enteries Date Particulars 1.7.2017 Treasury Stock a/c To Cash Dr. Debit in $ Credit in $ 8700 8700 1.9.2017 Dr. 5400 Cash a/c To Treasury Stock To Paid-in Capital from Treasury 5220 180 3320 160 Dr. 1.11.2017 Cash a/c Dr. Paid-in Capital from Treasury Stock a/c To Treasury Stock 40 x 83 = 3320; 40 x 87 = 3480 3480