Homework Answers
Answer to Question 19:
| PARTICULARS | DEBIT ($) | CREDIT ($) |
| Cash A/c | 250,000 | |
| To Common Stock A/c | 100 | |
| To Additional paid-in capital A/c | 249,900 | |
| (Being 10,000 Shares with par value $ 0.01 sold at $ 25 per share) |
Answer to Question 20:
| PARTICULARS | DEBIT ($) | CREDIT ($) |
| Cash A/c | 90,000 | |
| To Common Stock A/c | 90,000 | |
| (Being 5,000 Shares with no par value sold at $ 18 per share) |
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19. Bradley Corporation issued 10,000 shares of common stock on January 1, 2018. The stock has...
2) A corporation issued 14,000 shares of its $2 par value common stock at a cash...
2) A corporation issued 14,000 shares of its $2 par value common stock at a cash price of $27 per share. Please provide the journal entry to record this common stock issuance: cash 378,000 common stock 350,quo Capital in par valve common stock 28.000 On May 1st, the company repurchased 2500 shares of its own common stock on May 1 for $30 per share. Please provide the journal entry to record the transaction on May 18, common stock 75,00 Capital...
On January 2, 2019, Frederick Corporation issued 18,000 shares of $10 par value common stock for...
On January 2, 2019, Frederick Corporation issued 18,000 shares of $10 par value common stock for $13 per share. On April 1, 2019, Alpha reacquired 1,500 of these shares when they were trading $16 per share. On August 1, 2019 Frederick reissued 800 shares of treasury stock at the going market rate of $19 per share. Use this information to prepare the General Journal entry (without explanation) for the August 1 transaction.
On January 1, Vermont Corporation had 38,300 shares of $12 par value common stock issued and...
On January 1, Vermont Corporation had 38,300 shares of $12 par value common stock issued and outstanding. All 38,300 shares had been issued in a prior period at $18 per share. On February 1, Vermont purchased 1,020 shares of treasury stock for $27 per share and later sold the treasury shares for $18 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a A. credit to Treasury Stock...
On January 1, Vermont Corporation had 44,300 shares of $9 par value common stock issued and...
On January 1, Vermont Corporation had 44,300 shares of $9 par value common stock issued and outstanding. All 44,300 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $28 per share and later sold the treasury shares for $18 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.debit to Treasury Stock for...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
Burke Corporation issued 10,000 shares of its no-par common stock in exchange for land with an...
Burke Corporation issued 10,000 shares of its no-par common stock in exchange for land with an independently appraised value of $100,000. Burke’s common shares are not publicly traded. Burke’s accountant suggests that the fair value of each share of stock is approximately $15. Prepare the appropriate journal entry for this exchange transaction.
On January 2, 2016, Alpha Corporation issued 5,000 shares of $2 par value common stock. The...
On January 2, 2016, Alpha Corporation issued 5,000 shares of $2 par value common stock. The issue price was $7.50 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 entry.
On January 1, Vermont Corporation had 35,300 shares of $12 par value common stock issued and...
On January 1, Vermont Corporation had 35,300 shares of $12 par value common stock issued and outstanding. All 35,300 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,140 shares of treasury stock for $25 per share and later sold the treasury shares for $20 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.credit to Treasury Stock for...
On January 1, Oriole Corporation had 97,500 shares of no-par common stock issued and outstanding. The...
On January 1, Oriole Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 29,500 additional shares of common stock for $19 per share. June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July 10 Paid the $3 cash dividend. Dec. 1 Issued 1,000 additional shares of common stock for $18 per...
On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and...
On January 1, Vermont Corporation had 36,200 shares of $12 par value common stock issued and outstanding. All 36,200 shares had been issued in a prior period at $20 per share. On February 1, Vermont purchased 1,100 shares of treasury stock for $25 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a a.credit to Treasury Stock for...
2) A corporation issued 14,000 shares of its $2 par value common stock at a cash price of $27 per share. Please provide the journal entry to record this common stock issuance: cash 378,000 common stock 350,quo Capital in par valve common stock 28.000 On May 1st, the company repurchased 2500 shares of its own common stock on May 1 for $30 per share. Please provide the journal entry to record the transaction on May 18, common stock 75,00 Capital...
On January 1, 2018, Windsor Corporation was authorized to issue 400,000 shares of common stock, par value $12 per share, and 80,000 shares of 5 percent cumulative preferred stock, par value $25 per share. The preferred dividends are 2 years in arrears. Prepare Journal Entries to record the following 2018 transactions: 1. Windsor Corporation was granted a charter authorizing the issuance of 400,000 shares of common stock. 2. Issued 80,000 shares of common stock at $19 per share. 3. Issued...
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