ew PolicieSCurrent Attempt in ProgressOn January 1,2020, Larkspur Corporation had 66,500 shares of $1 par value common stock issued and outstanding. During the year,the following transactions occurred:ar.1.Issued 21,000 shares of common stock for $535,000.Declared a cash dividend of$2per share to stockholders of record on June 15.JulyPaid the $2 cash dividend.Dec 1Purchased 5,900 shares of common stock for the treasury for $23 per share,Dec. 15Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.Prepare journal entries to record the above transactions. (If no entry is required, select No entry" for the account titles and enter Ofor theamounts. Credit account titles are automatically indented when armount is entered. Do not indent manually List all debit entries before creditentries, Record journal entries in the order presented in the problem)DateAccount Titles and ExplanationCredite Textbook and MediaList of AccountsSave for LaterAttempts: 0 ol 3 used Subot Annerment-player/index.html?launchld=ee163b88-e027-4414-a52e-6d319baff01e3

The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

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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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Current Attempt in Progress The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Sunland Corporation at December 31, 2020. Common Stock ($5 stated value) Paid-in Capital in Excess of Par-Preferred Stock $2,450,000 285,000 Paid-in Capital in Excess of Stated Value-Common Stock 800,000 Preferred Stock (8%, $100 par) 555,000 Retained Earnings Treasury Stock-Common (11,200 shares) 1,334,000 134,400 Prepare the stockholders' equity section of the balance sheet at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) SUNLAND CORPORATION Partial Balance Sheet
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Provide a journal entry
Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock ( () () () (> () eTextbook and Media () ( O Paid-in Capital in Excess of Stated Value-Common Stock >> (>
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View Policies Current Attempt in Progress On January 1, Swifty Corporation had 71000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $14 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a O debit to Common Stock Dividends Distributable for $149100. O debit to Stock Dividends for $42600. O credit to Paid-in Capital in Excess of Par for $42600. O credit to Common Stock for $106500. Save for Later Attempts: 0 of 1 used Submit Answer
Recording Stock Issue Costs Stellar Inc. issued 48,000 shares of common stock, $0.01 par value, for $28 per share on March 28, 2020. Related to this transaction, Stellar incurred legal and administrative costs totaling $9,600, paid in cash. Required Prepare the journal entry on March 28, 2020, for the issuance of common shares. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. March 28, 2020
Comparative Earnings per Share Lucas Company reports net income of $2,460 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $17,400. It issued 3,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 30,000 shares outstanding at year-end. During 2021, Lucas earned net income of $28,800. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places.
Current Attempt in Progress Sunland Company acquired 22000 shares of its own common stock at $21 per share on February 5, 2020, and sold 11000 of these shares at $28 per share on August 9, 2021. The fair value of Sunland's common stock was $25 per share at December 31, 2020, and $26 per share at December 31, 2021. The cost method is used to record treasury stock transactions. What account(s) should Sunland credit in 2021 to record the sale of 11000 shares? O Treasury Stock for $231000 and Retained Earnings for $77000. O Treasury Stock for $275000 and Retained Earnings for $33000. O Treasury Stock for $308000. O Treasury Stock for $231000 and Paid-in Capital from Treasury Stock for $77000.
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Recording and Reporting Preferred Stock Cedar Corporation is authorized to issue 28,000 shares of 6%, $10 par, cumulative preferred stock. During 2020, it sold 5,600 shares of preferred stock for $25 per share. Required a. Record the entry for the issuance of preferred stock during 2020. Account Name Dr. Cr. AnswerCashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of Par—Common StockPaid-in Capital in Excess of Stated Value—Common StockPaid-in Capital in Excess of Par—Preferred StockPaid-in Capital—Retired StockPaid-in Capital—Treasury StockRetained EarningsTreasury StockLegal ExpenseUnrealized Gain or Loss—IncomeN/A Answer Answer Preferred Stock Answer Answer AnswerCashEquipmentInvestment in StockDividends PayableProperty Dividends PayablePreferred StockCommon StockCommon Stock Dividends DistributablePaid-in Capital in Excess of Par—Common…
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