Bonita Corporation was organized on January 1, 2020. It is authorized to issue 10,100 shares of 8%, $100 par value preferred stock,and 541,900 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completedduring the first year.Jan.10Mar.1ટૂંકા હૈ નNov.1Sept.Issued 80,150 shares of common stock for cash at $6 per share.Issued 5,240 shares of preferred stock for cash at $111 per share.Issued 24,860 shares of common stock for land. The asking price of the land was $90,530; the fair value of the land was$80,150.Issued 80,150 shares of common stock for cash at $9 per share.Issued 10,100 shares of common stock to attorneys in payment of their bill of $54,900 for services rendered in helping thecompany organize.Issued 10,100 shares of common stock for cash at $11 per share.Issued 1,070 shares of preferred stock for cash at $120 per share.Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Donot indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCredit

Journal entries are entered in a systematic order in the books of accounts of the company. Journal…

Answered: Bonita Corporation was organized on…

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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Facturanan Corporation was organized on Jan. 1, 202x. It is authorized to issue 20,000 shares of 6%, P50par value preference shares, and 50,000 shares of no-par ordinary shares with a stated value of P10 pershare. The following stock transactions were completed during the year:Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share.Mar. 1 Issued 10,000 preference shares for cash at P55 per share.Apr. 1 Issued 2,500 ordinary shares for land. The asking price of the land was P90,000; the fair market valueof the land was P85,000.May 1 Issued 7,500 ordinary shares for cash at P40 per share.Aug. 1 Issued 1,000 ordinary shares to lawyers in payment of their bill for P50,000 pertaining to servicesrendered in helping company organize.Sep. 1 Issued 500 ordinary shares for cash at P60 per share.Nov. 1 Issued 2,000 preference shares for cash at P53 per share. Required:1 Journalize the transactions.2. Post to the shareholders' equity accounts.3. Prepare the share capital section of the…
Marin Corporation is authorized to issue 54,000 shares of $ 5 par value common stock. During 2020, Marin took part in the following selected transactions. 1. Issued 5,200 shares of stock at $ 42 per share, less costs related to the issuance of the stock totaling $ 5,900. 2. Issued 1,000 shares of stock for land appraised at $ 54,000. The stock was actively traded on a national stock exchange at approximately $ 43 per share on the date of issuance. 3. Purchased 460 shares of treasury stock at $ 43 per share. The treasury shares purchased were issued in 2016 at $ 40 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No.…
Basil Corporation is authorized to issue 900,000 shares of $10 par value common stock, and 200,000 shares of 9%, $100 par value preferred stock. On January 1, 2018, the second year of operations, the retained earnings balance was $80,000. During 2018, the company had the following stock transactions. Jan. 7 Issued 150,000 shares of common stock at $15 per share. May. 5 Attorneys for the company accepted 250 shares of common stock as payment for legal services rendered. The legal services are estimated to have a value of $4000 June 1 Issued 10,000 share of preferred a stock at $150 per share. July 4 Issued 20,000 shares of common stock in exchange for a building. The building was advertised for $200,000. Basil’s Corporation's common stock has been actively traded on the stock exchange at $20 per share at the time of the exchange. Sept. 1 Purchased 10,000 shares of common stock for the treasury at $20 per share. Oct. 2 Sold 4,000 shares of the…
FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 5 par value preferred Stock. During 2019, the company has the following stock transactions.Entry 1 Issued 400,000 common shares of stock at $3 cash per share.Entry 2 Issued 30,000 preferred shares to purchase a land advertised for sale at $ 300,000. On this day, the preferred stock had a market price of $ 9 per share.Entry 3 Purchased 10,000 of its common shares from the market for the treasury, when the market price per common share was $ 4.Entry 4 Sold 2,000 shares of its treasury stock for $ 6 per share.Question: The number of issued common shares is........................NOTE: (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $10,000, write it as 10000)
Flounder Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8 %, $100 par value preferred stock, and 505,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,800 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $81,000. Mar. 1 Apr. 1 1 May Aug 1. Sept. 1 Nov. 1 Issued 76,000 shares of common stock for cash at $4.25 per share. Issued 10,500 shares of common stock to attorneys in payment of their bill of $36,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $5 per share. Issued 3,000 shares of preferred stock for cash at $112 per share. Post to the stockholders' equity accounts. (Post entries in the…
Nash Corporation is authorized to issue 52,000 shares of $5 par value common stock. During 2020, Nash took part in the following selected transactions. 1. Issued 5,300 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $7,800. 2. Issued 1,200 shares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approximately $49 per share on the date of issuance. 3. Purchased 500 shares of treasury stock at $43 per share. The treasury shares purchased were issued in 2016 at $40 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Swifty Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2020, Swifty Corporation took part in the following selected transactions. 1. Issued 52,000 shares of stock at $73 per share, less costs related to the issuance of the stock totaling $28,600. Issued 12,000 shares of stock for land appraised at $942,000. The stock was actively traded on a national stock exchange at $75 per share on the date of issuance. 2. 3. Purchased 6,200 shares of treasury stock at $71 per share. The treasury shares purchased were issued in 2009 at $48 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b)…
Whispering Winds Corporation was organized on January 1, 2027. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 513,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.Jan. 10 Issued 78,000 shares of common stock for cash at $4 per share.Mar.Apr..1May1Aug1Sept.1Issued 5,750 shares of preferred stock for cash at $110 per share.Issued 23,000 shares of common stock for land. The asking price of the land was $94,000. The fair value of the land was $80,500.Issued 81,500 shares of common stock for cash at $4.25 per share.Issued 10,500 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize.Issued 11,500 shares of common stock for cash at $6 per share.Nov. 1 Issued 3,000 shares of preferred stock for cash at $108 per share.
CURCord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. Apr May Aug. (a) (b) 1 (c) 1 Sept. 1 Nov. 1 1 1 Issued 82,000 shares of common stock for cash at $6 per share. Issued 4,850 shares of preferred stock for cash at $105 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $82,000. Issued 76.500 shares of common stock for cash at $4.50 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $41.500 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 pershare. Issued 2.500 shares of preferred stock for cash at $112 pershare. Prepare the paid-in capital section of stockholders' equity…
Tolkin Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $1 par value common stock. During 2019,Tolkin had the following common stock transactions: Jan. 4 Issued 300,000 shares @ $8 per share. Apr. 8: Issued 100,000 shares @ $6 per share. July 29: Purchased 90,000 shares (treasury) @ $7 per share. Oct. 18: Sold 60,000 shares held in treasury @ $9 per share. Dec. 31: Sold 30,000 shares held in treasury @ $6 per share. Tolkin had no other transactions affecting paid-in capital. At December 31, 2019, what is the total amount of paid-in capital? Select one: a. $3,120,000 b. $3,090,000 c. $2,660,000 d. $2,720,000 e. None of the above
Alpha Beta Inc. was organized on Jan. 1, 2021. It is authorized to issue 20,000 preference shares with P50 par value, and 50,000 shares of no-par ordinary shares with stated value of P10. The following stock transactions were completed during 2021: Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share. Mar. 1 Issued 10,000 preference shares for cash at P55 per share. Apг. 1 Issued 2,500 ordinary shares for land. The fair market value of the land was PS5,000. May 1 Issued 7,500 ordinary shares for cash at P40 per share. Issued 1,000 ordinary shares to lawyers in payment of their bill for P50,000 pertaining to services rendered in helping the company organize. Aug. 1 Sept. 1 Issued 500 ordinary shares for cash at P60 per share. Nov. 1 Issued 2,000 preference shares for cash at P53 per share. Required: 1. Prepare the journal entries 2. Prepare the Share Capital section of the Shareholder's equity as of December 31, 2021 Summarize Total Share Capitals and Share Premiums and…
Concord Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2025, Concord took part in the following selected transactions. a. b. C. d. Issued 4,600 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $6,300. Issued 1,000 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange a approximately $43 per share on the date of issuance. Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit ac titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the ac titles and enter O for the amounts.) a. Purchased 470 shares of treasury stock at $47 per share. The treasury shares purchased were issued in 2021 at $44 per share. Retired the treasury shares purchased in part (c). No. Account Titles and Explanation b. Cash Common…

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