Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).

Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. (1) On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. (2) On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. (3) On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10).

Name: Blue Devil Inc. completed the following transactions of stock issuance
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Description: Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others.(1) On June 1

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 18P

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Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
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Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
Jumbo Corporation reported the following information about its stock on its December 31, 2018, balance sheet: Jumbo Corporation engaged in the following stock transactions during 2019: Required: 1. Does Jumbo Corporation have a simple or complex capital structure? 2. Calculate the number of shares that Jumbo would use to calculate basic EPS for its 2019 income statement.
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Blue Devil Inc. completed the following transactions of stock issuance, treasury stock and stock dividends during 2019 respectively. Prepare the journal entries for all these transactions. Each transaction is independent from the others. a. On June 15, Blue Devil issued 20,000 shares of $10 par value common stock for cash of $15 per share. b. On September 7, Blue Devil sold 5,000 shares of $5 par value preferred stock in exchange for a piece of equipment with a current market value of $75,000. c. On October 19, Blue Devil repurchased 2,000 shares of the outstanding common stock at the market value of $25 per share (par value of $10). d. On November 10, Blue Devil issued a 10% common stock dividend; before this dividend, 50,000 shares of $10 par common stock were outstanding and the market value of $30 per share at the time of the dividend. HTML EditorKeyboard Shortcuts
Aluminum, Inc. engaged in the following transactions involving its common stock during 2019: Feb. 2 Issued 10,000 shares of $15 par value common stock at $90 cash per share. Aug. 1 Purchased back 3,000 shares of common stock at 93 cash per share. Sept. 1 Resold 1,200 shares of treasury stock at $99 cash per share. Nov. 1 Exchanged remaining 1,800 shares of treasury stock for a patent with a fair value of $162,000. Required: Prepare general journal entries to record these transactions.