Your answer is partially correct.As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients.1.Windsor, Inc. is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired landby issuing 3,000 shares of its $20 par value common stock. The owners' asking price for the land was $126,000, and the fairvalue of the land was $115,500.2.Sheridan Company is a publicly held corporation whose common stock is traded on the securities markets. On June 1, itacquired land by issuing 20,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for saleat $268,500. The stock was selling at $11 per share.Prepare the journal entries for each of the situations above. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)No.DatesAccount Titles and ExplanationDebitCredit1.Dec. 5Land115500Common StockPaid-in Capital in Excess of Par-Common Stock2.June 1Land268500Common StockPaid-in Capital in Excess of Par-Common StockeTextbook and MediaSolutionList of AccountsSave for LaterAttempts: unlimited600005550020000068500Submit Answer

Lets understand the basics. When there is purchase of asset using issuing shares then entry need to…

Answered: 2 June 10 Land Common Stock Paid-in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Transaction Analysis Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common stock for $100,000 cash. b. Borrowed $60,000 from a bank. c. Purchased equipment for $42,000 cash. d. Prepaid rent on office space for 6 months in the amount of $9,000. e. Performed consulting services in exchange for $7,100 cash, f. Performed consulting services on credit in the amount of $19,250. 9. Incurred and paid wage expense of $10,200. h. Collected $13,500 of the receivable arising from Transaction f 1. Purchased supplies for $1,680 on credit. 3. Used $1,100 of the supplies purchased in Transaction i k. Paid for all of the supplies purchased in Transaction 1. Required: For each transaction described above, indicate the effects on assets, liabilities, and stockholders' equity using the format below. If an amount box does not require an entry, leave it blank. Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND…
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Kingbird Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the following accounts were included in stockholders' equity. Preferred Stock, 160,200 shares Common Stock, 1,983,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings The following transactions affected stockholders' equity during 2026. Jan. 1 Feb. 1 June 1 July 1 Sept. 15 Dec. 31 $3,204,000 9,915,000 200,000 26,495,000 4,431,000 Dec. 31 29,300 shares of preferred stock issued at $24 per share. 48,800 shares of common stock issued at $21 per share. 2-for-1 stock split (par value reduced to $2.50). 28,100 shares of common treasury stock purchased at $11 per share. Kingbird uses the cost method. 10,200 shares of treasury stock reissued at $12 per share. The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Net income is $2,103,000. Prepare the stockholders'…
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6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share. Date Account DR CR 6-Feb Stock Dividend Correct $27,500 Correct Common Stock Dividend Distributable Correct $11,000 Correct Paid-in Capital in Excess of Par Value-Common Stock Correct $16,500 Correct 15-Feb: Distributed the stock dividend Date Account DR CR 15-Feb Common Stock Dividend Distributable Correct $11,000 Correct Common Stock $10 Par Value Correct Incorrect
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Question 1 part1: On October 1 green corporation's stock equity is : Common stock 10$ par value 40,000 Share issued &outstanding $400,000 Paid in Capital in excess of par common stock $25000 Retained Earnings $155000 If you know on October1 the corporation declares Stock dividend 10% when the Market price of the stock is $16per share. 1) On October The journal entry to record the declaration entry is: Dr. Stock dividend $64,000 Cr. Common stock dividend distributable $40,000 Cr. Paid in capital in excess of par value common stock $24,000 A O Dr. Stock dividend $40,000 Cr. Common stock dividend distributable $40,000 .B O
S ! Required information E11-4 (Algo) Reporting Stockholders' Equity LO11-1, 11-2, 11-3 [The following information applies to the questions displayed below.] The financial statements for Highland Corporation included the following selected information: Common stock Retained earnings Net income Shares issued Shares outstanding Dividends declared and paid The common stock was sold at a price of $25 per share. E11-4 Part 2 $ 910,000 $ 890,000 $ 1,070,000 Retained earnings 91,000 70,000 $ 660,000 2. What was the amount of retained earnings at the beginning of the year? Check my work

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2 June 10 Land Common Stock Paid-in Capital in Excess of Par-Common Stock 268500 200000 68500