6. Using the information in #5 above, what are the first two years of depreciation using double declining depreciation? 7. Write the entry if a company issues 50,000 shares of its $1 par value common stock for $45 per share. 8. A company buys 20,000 shares of its own stock for $35 per share. Write the entry to record this transaction. 9. The company in #8 above decides to sell all of the shares it purchased (20,000). They sell the shares for $42 per share. Write the entry to record this transaction. 10. A company declares a 10% stock dividend when its $1 par value common shares are selling for $62 per share. The company has 400 million authorized shares; 1,456,000 issued shares; and 1,200,000 outstanding shares. Write the entry to record the stock dividend. 11. A company issues 10,000 shares of its 5% $20 callable preferred stock for $58 per share. Write the entry to record this transaction.
6. Using the information in #5 above, what are the first two years of depreciation using double declining depreciation? 7. Write the entry if a company issues 50,000 shares of its $1 par value common stock for $45 per share. 8. A company buys 20,000 shares of its own stock for $35 per share. Write the entry to record this transaction. 9. The company in #8 above decides to sell all of the shares it purchased (20,000). They sell the shares for $42 per share. Write the entry to record this transaction. 10. A company declares a 10% stock dividend when its $1 par value common shares are selling for $62 per share. The company has 400 million authorized shares; 1,456,000 issued shares; and 1,200,000 outstanding shares. Write the entry to record the stock dividend. 11. A company issues 10,000 shares of its 5% $20 callable preferred stock for $58 per share. Write the entry to record this transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:6.
Using the information in #5 above, what are the first two years of depreciation using double
declining depreciation?
7.
Write the entry if a company issues 50,000 shares of its $1 par value common stock for $45 per
share.
8. A company buys 20,000 shares of its own stock for $35 per share. Write the entry to record this
transaction.
9.
The company in #8 above decides to sell all of the shares it purchased (20,000). They sell the
shares for $42 per share. Write the entry to record this transaction.
10. A company declares a 10% stock dividend when its $1 par value common shares are selling for
$62 per share. The company has 400 million authorized shares; 1,456,000 issued shares; and
1,200,000 outstanding shares. Write the entry to record the stock dividend.
11. A company issues 10,000 shares of its 5% $20 callable preferred stock for $58 per share. Write
the entry to record this transaction.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education