Bridgeport Inc.’s $9 par value common stock is actively traded at a market price of $15 per share. Bridgeport issues 4,800 shares to purchase land advertised for sale at $71,500. Journalize the issuance of the stock in acquiring the land. What is the date? What is credit or debit? What is the title or explanation?

Q: Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The…

A: It is necessary to do an analysis of the contribution margin per hour for the couches in order to…

Q: Sandhill Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for…

A: Share subscription is the procedure through which people or organizations buy freshly issued shares…

Q: Sunland Company expects to produce 58,000 units of product XLA during the current year. Budgeted…

A: A flexible budget is a financial plan that offers projections of income, costs, and profitability at…

Q: Sudoku Company issues 22,000 shares of $6 par value common stock in exchange for land and a…

A: Journal entry is required to make to record event and transaction that are occured during particular…

Q: Nexis Corp. issues 2,470 shares of $12 par value common stock at $17 per share. When the transaction…

A: A company can issue its common stock at Par, discount or at premium. When a stock is issued at…

Q: A. B. C. D. my pur Assets Cash (800) Supplies 800 (800) 800 Multiple Choice Option B Option C Option…

A: As we know that a transaction will have effect on accounting equation which represents Assets =…

Q: The following picture is correctly prepared entries without explanations that pertain to Corners…

A: Treasury stock represent purchase of own stock by a company. The shares so acquire may be reissued…

Q: Tropical Rainwear issues 2,000 shares of its $15 par value preferred stock for cash at $17 per…

A: Number of shares issued = 2,000 Par value of the stock = $15 Issue price of the stock = $17

Q: Culver Inc.’s $10 par value common stock is actively traded at a market price of $16 per share.…

A: Value of Land = No. of shares issued x  market price per share = 6,000 shares x $16 per share =…

Q: Sheffield Company obtained land by issuing 3,380 shares of its $10 par value common stock. The land…

A: Land is purchased against stock issued for consideration other than cash.JOURNAL ENTRIESJournal…

Q: On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at…

A: Total cash paid = No. of shares purchases x Price per share = 600*$8 = $4,800

Q: Record the above transactions, including any required adjusting entries, using the fair value…

A: Investments in financial instruments known as debt involve lending money to a government, business,…

Q: Sudoku Company issues 17,000 shares of $7 par value common stock in exchange for land and a…

A: A journal entry is a core and foremost record that a transaction has taken place in the business.…

Q: Pharaoh Company obtained land by issuing 1,720 shares of its $14 par value ordinary shares. The land…

A: The acquisition of land for shares involves obtaining land ownership in exchange for issuing shares…

Q: On October 1, 2018, Branded Corporation exchanged 20,000 shares of its P 200 par value of Ordinary…

A: Lets understand the basics. When asset is purchased in exchange of shares then asset should be…

Q: International Co. issues 4,000 shares of its $5 par value common stock having a fair value of $25…

A: The different shares are issued at lump sum amount, then at can be allocated to different shares…

Q: Sudoku Company issues 28,000 shares of $8 par value common stock in exchange for land and a…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Short-term investments accountants must report on the balance sheet (depending on circumstances)…

A: Short-term investments that accountants must report on the balance sheet are trading securities or…

Q: Iris Corporation makes an investment in 200 shares of Harolds Company’s common stock. The…

A: If an investment is purchased then there are two methods to record the investments namely, the cost…

Q: Clark Corporation purchased 200 shares of its own $1 par value common stock for $20 per share. What…

A: Journal Entry:Journal entry refers to the recoding of the transactions of the business in the…

Q: Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value…

A: Issue of Shares: In business, the issuance of shares refers to the process through which companies…

Q: Sudoku Company issues 28,000 shares of $9 par value common stock in exchange for land and a…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Treasury Stock A company purchases 2,500 shares of treasury stock for $5 per share. Required:…

A: Treasury stock: Treasury stock is the company’s its own stock which company purchases from…

Q: 2. The sale of 100 shares of stock for $8,500 by the Sims Corporation is recorded as a credit to…

A: Given that -   100 shares of stocks sold for $8500   journal entry?   if the sale is made at a price…

Q: Nexis Corp. issues 1,980 shares of $10 par value common stock at $16 per share. When the transaction…

A: The objective of the question is to determine the correct journal entry for the issuance of common…

Q: Q9: Kato Manufacturing issued 45,000 shares of common stock in exchange for land with a fair market…

A:

Q: Derr Co. purchases stock investments (with insignificant influence) at a cost of $250 on December…

A: Held for trading security: It can be defined as a security that is purchased by the investor with…

Q: Lancer, Inc received building with fair value of $400,000 in exchange for 30,000 shares of its $3.00…

A: The asset shall be recorded at fair value of the asset itself or fair value of the shares, whichever…

Q: Farmers Incorporated issued 6,000 shares of its $10 par value common stock in exchange for land that…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Prepare the journal entry to record Zende Company's issuance of 65,000 shares of $4 par value common…

A:

Q: Record the issue of 32,000 shares of $8 par value common stock in exchange for land valued at…

A: To record any transaction of the business very firstly, is called ''journal entry''.

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total amount paid = (No. of shares x Price per share) + Brokerage fee = (6,000 shares  x $22 per…

Q: 1. Athletic Accessories has the following transactions related to investments in common stock. How…

A: As per dual concept of accounting, every transaction has dual impact on the books of…

Q: C. Prepare the journal entries for this transactions Peterson Company issued 4,000 shares of…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: Land appraised at $65,600 is purchased by issuing 820 shares of $20 par value common stock. The…

A: Land is purchased while share has been issued in exchange of land . In that situation , we need to…

Q: Bridgeport Inc's $10 par value common stock is actively traded at a market price of $15 per share.…

A: JOURNAL ENTRIESJournal Entry is the first and foremost stage of Accounting Process. Journal Entry is…

Q: The market value of Yeates Corporation's common stock had become excessively high. The stock was…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: TRUE OR FALSE   Fairy Company issued 2,500 ordinary shares with par value of P10 per share for…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Loretta Inc. issues 2,000 shares of preferred stock in exchange for land and building that have a…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Sudoku Company issues 34,000 shares of $7 par value common stock in exchange for land and a…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Prepare entries to record the following: (Must use proper journal format) (a) Issued 1,000 shares…

A: When a company issues common stock, it records the par value of the stock in the 'Common Stock'…

Q: California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $16 per share.…

A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…

Q: Bloom Company obtained land by issuing 2,110 shares of its $19 par value common stock. The land was…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Salem Corporation issued 2,000 shares of 5 par value stock for land. The land was advertised for…

A: When asset is purchase in exchange of non monetary asset then asset purchase should be recorded in…

Q: Required: Prepare general journal entries for the following transactions involving short-term…

A: To compute:(a)600 shares x $50 per share = $30,000 investment costThe commission fee is expense…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.