Prepare entries to record the following:a. Issued 1,000 shares of $10 par common stock at $56. If an amount box does not require an entry, leave it blank or enter "0". Cash56,000Common Stock10,000Paid-In Capital in Excess of Par-Common Stock46,000b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. If an amount box does not require an entry, leave it blank orenter "0"Equipment21,000Common Stock21,000Paid-In Capital in Excess of Par-Common Stockc. Purchased 100 shares of treasury stock at $25.d. Sold the 100 shares of treasury stock purchased in (c) at $30. If an amount box does not require an entry, leave it blank or enter "0".

Common Stock is always credited with the par value. If the shares are issued for a higher price than…

Answered: a. Issued 1,000 shares of $10 par…

a. Issued 1,000 shares of $10 par common stock at $56. If an amount box does not require an entry, leave it blank or enter "0".

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Prepare entries to record the following:

a. Issued 1,000 shares of $10 par common stock at $56. If an amount box does not require an entry, leave it blank or enter "0".

Cash
56,000
Common Stock
10,000
Paid-In Capital in Excess of Par-Common Stock
46,000
b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. If an amount box does not require an entry, leave it blank or
enter "0"
Equipment
21,000
Common Stock
21,000
Paid-In Capital in Excess of Par-Common Stock
c. Purchased 100 shares of treasury stock at $25.
d. Sold the 100 shares of treasury stock purchased in (c) at $30. If an amount box does not require an entry, leave it blank or enter "0".

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