Your answer is partially correct. Try again. Sarasota Corp. began operations on April 1 by issuing...
Your answer is partially correct. Try again. Sarasota Corp. began operations on April 1 by issuing 52,400 shares of $5 par value common stock for cash at $16 per share. In addition, Sarasota issued 2,500 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares.
Homework Answers
Journal entry
| Date | account and explanation | debit | credit |
| Apr 1 | Cash (52400*16) | 838400 | |
| Common Stock (52400*5) | 262000 | ||
| Paid in capital in excess of par value-Common Stock | 576400 | ||
| (To record common Stock) | |||
| Cash (2500*6) | 15000 | ||
| Preferred stock | 2500 | ||
| Paid in capital in excess of par value-Preferred stock | 12500 | ||
| (To record preferred stock) | |||
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Problem 16-08
Your answer is partially correct. Try again.
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Your answer is partially correct. Try again.
The information below pertains to Wildhorse Company for 2021.
Net income for the year
$1,250,000
7% convertible bonds issued at par ($1,000 per bond); each bond
is convertible into
30 shares of common stock
2,070,000
6% convertible, cumulative preferred stock, $100 par value;
each share is convertible
into 3 shares of common stock
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Common stock, $10 par value
6,060,000
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