3. 4. During the year, Harley Corporation had the following transactions: 1. 2. Issued common stock for cash at a price greater than its par value. Completed a 1-for-2 stock split in which the $10 par value common stock was changed to $20 par value stock. Declared a 10% stock dividend when the market value of the stock was higher than the par value. Issued a non-interest-bearing note with a face value greater than the cash proceeds. 5. Declared a cash dividend, a portion of which was a liquidating dividend. 6. Distributed the stock dividend declared in #3 above. 7. The date of record occurred for the cash dividend declared in #5 above. 8. Paid the cash dividend declared in #5 above. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. Purchased treasury stock with cash (cost method) at a price greater than par value. Sold treasury stock (cost method) and received more cash than the original cost of the treasury stock. Issued bonds at a price of 96, plus accrued interest (interest expense account used for accrued interest). Paid interest for the semi-annual period on bonds issued in #11 above. Also amortized any premium/discount. Recorded an increase in the value of an asset that will be distributed as a property dividend. Declared a property dividend (see #13 above). Distributed the property dividend to stockholders (see # 13 & 14 above). Declared an 80% stock dividend when the market value of the stock was higher than the par value. Distributed the stock dividend declared in #16 above. Issued shares of common stock for land. The land had a fair market value in excess of the par value of the shares issued. Amortized the interest on the non-interest-bearing note issued (see #4 above). Instructions: Indicate the effect(s) on the dollar total in each balance sheet category for the transaction listed above. Enter "PLUS" for increase, "MINUS" for decrease, and leave blank for no effect.
3. 4. During the year, Harley Corporation had the following transactions: 1. 2. Issued common stock for cash at a price greater than its par value. Completed a 1-for-2 stock split in which the $10 par value common stock was changed to $20 par value stock. Declared a 10% stock dividend when the market value of the stock was higher than the par value. Issued a non-interest-bearing note with a face value greater than the cash proceeds. 5. Declared a cash dividend, a portion of which was a liquidating dividend. 6. Distributed the stock dividend declared in #3 above. 7. The date of record occurred for the cash dividend declared in #5 above. 8. Paid the cash dividend declared in #5 above. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. Purchased treasury stock with cash (cost method) at a price greater than par value. Sold treasury stock (cost method) and received more cash than the original cost of the treasury stock. Issued bonds at a price of 96, plus accrued interest (interest expense account used for accrued interest). Paid interest for the semi-annual period on bonds issued in #11 above. Also amortized any premium/discount. Recorded an increase in the value of an asset that will be distributed as a property dividend. Declared a property dividend (see #13 above). Distributed the property dividend to stockholders (see # 13 & 14 above). Declared an 80% stock dividend when the market value of the stock was higher than the par value. Distributed the stock dividend declared in #16 above. Issued shares of common stock for land. The land had a fair market value in excess of the par value of the shares issued. Amortized the interest on the non-interest-bearing note issued (see #4 above). Instructions: Indicate the effect(s) on the dollar total in each balance sheet category for the transaction listed above. Enter "PLUS" for increase, "MINUS" for decrease, and leave blank for no effect.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:3.
4.
During the year, Harley Corporation had the following transactions:
1.
2.
Issued common stock for cash at a price greater than its par value.
Completed a 1-for-2 stock split in which the $10 par value common stock was changed to $20 par value stock.
Declared a 10% stock dividend when the market value of the stock was higher than the par value.
Issued a non-interest-bearing note with a face value greater than the cash proceeds.
5.
Declared a cash dividend, a portion of which was a liquidating dividend.
6.
Distributed the stock dividend declared in #3 above.
7.
The date of record occurred for the cash dividend declared in #5 above.
8.
Paid the cash dividend declared in #5 above.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
Purchased treasury stock with cash (cost method) at a price greater than par value.
Sold treasury stock (cost method) and received more cash than the original cost of the treasury stock.
Issued bonds at a price of 96, plus accrued interest (interest expense account used for accrued interest).
Paid interest for the semi-annual period on bonds issued in #11 above. Also amortized any premium/discount.
Recorded an increase in the value of an asset that will be distributed as a property dividend.
Declared a property dividend (see #13 above).
Distributed the property dividend to stockholders (see # 13 & 14 above).
Declared an 80% stock dividend when the market value of the stock was higher than the par value.
Distributed the stock dividend declared in #16 above.
Issued shares of common stock for land. The land had a fair market value in excess of the par value of the shares issued.
Amortized the interest on the non-interest-bearing note issued (see #4 above).
Instructions:
Indicate the effect(s) on the dollar total in each balance sheet category for the transaction listed above. Enter "PLUS" for increase,
"MINUS" for decrease, and leave blank for no effect.
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