(c) Long Beach Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, Tk. 100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of İk. 2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 100,000 shares of common stock for cash at Tk. 3 per share. Mar. 1 Issued 6,000 shares of preferred stock for cash at Tk. 104 per share. Apr. 1 Issued 26,000 shares of common stock for land. The asking price of the land was Tk. 100,000. The fair value of the land was Tk. 95,000. May 1 Issued 90,000 shares of common stock for cash at Tk. 5.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of Tk. 40,000 for services performed in helping the company organize. Sept. 1 Issued 20,000 shares of common stock for cash at Tk. 6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at Tk. 108 per share. Instructions (i) Journalize the transactions. (ii) Post to the stockholders' equity accounts. (iii) Prepare the paid-in capital section of stockholders' equity at December 31, 2017.

(c) Long Beach Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, Tk. 100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of İk. 2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 100,000 shares of common stock for cash at Tk. 3 per share. Mar. 1 Issued 6,000 shares of preferred stock for cash at Tk. 104 per share. Apr. 1 Issued 26,000 shares of common stock for land. The asking price of the land was Tk. 100,000. The fair value of the land was Tk. 95,000. May 1 Issued 90,000 shares of common stock for cash at Tk. 5.50 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of Tk. 40,000 for services performed in helping the company organize. Sept. 1 Issued 20,000 shares of common stock for cash at Tk. 6 per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at Tk. 108 per share. Instructions (i) Journalize the transactions. (ii) Post to the stockholders' equity accounts. (iii) Prepare the paid-in capital section of stockholders' equity at December 31, 2017.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred. e.) on January 1, 2015, cool company re-issued 1,000 shares of treasury stock at a price of $30 per share. Record the journal entry for this share reissuance. Label debits and credits and include classification of each account. f.) on March 30, 2016, Cool company reissued 500 shares of treasury stock at a price of $20 per share. Record the journal entry for this share reissuance. Make sure to clearly label debits and credits and include the classification of each account.
Riverbed Corporation was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 475,000 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 Mar. 1 Apr. May Aug. 1 Issued 83,000 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $111 per share. (a) 1 Issued 84,500 shares of common stock for cash at $4 per share. Issued 4,050 shares of preferred stock for cash at $110 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $88,500. The fair value of the land was $83,500. 1 Journalize the transactions. (List all debit entries before…
solve please
Sunland Corporation was organized on January 1, 2022. It is authorized to issue 9,600 shares of 8%, $50 par value preference shares, and 501.500 shares of no-par ordinary shares witha stated value of $2 per share. The following share transactions were completed during the first year. Jan, 10 Issued 80,050 ordinary shares for cash at $6 per share. Mar, 1 Issued 5,930 preference shares for cash at $113 per share. Apr. 1 Issued 24,680 ordinary shares for land. The asking price of the land was $90,820; the fair value of the land was $80.050. May 1 Issued 80,050 ordinary shares for cash at $8 per share. Aug. 1 Issued 9,600 ordinary shares to attorneys in payment of their bill of $50,400 for services rendered in helping the company organize. Sept. 1 Issued 9,600 ordinary shares for cash at $10 per share. Nov. 1 Issued 1,100 preference shares for cash at $115 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount…
Wildhorse Corporation was organized on January 1, 2025. It is authorized to issue 9,200 shares of 8%, $100 par value preferred stock, and 538,600 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. May Aug. 1 1 1 Sept. 1 Nov. 1 Issued 80,120 shares of common stock for cash at $6 per share. Issued 5,470 shares of preferred stock for cash at $112 per share. Issued 24,910 shares of common stock for land. The asking price of the land was $90,180; the fair value of the land was $80,120. Issued 80,120 shares of common stock for cash at $9 per share. Issued 9,200 shares of common stock to attorneys in payment of their bill of $51,900 for services rendered in helping the company organize. Issued 9,200 shares of common stock for cash at $11 per share. Issued 1,090 shares of preferred stock for cash at $113 per share. Prepare the journal entries to cord the above transactions. (List all…
Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 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 Mar. 1 Issued 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22.000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. May 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Aug. 1 Sept. 1 Nov. 1 Issued 11.000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 1,000 shares of preferred stock for cash at $113 per share.
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize this transaction as a single entry. 26 Paid the cash dividends declared on May 16. Jun. 1 Purchased 7,500 shares of Solstice Corp. at $40 per share, plus a $150 brokerage commission. The investment is classified as an available-for-sale investment. 8 Purchased 8,000 shares of treasury common stock at $33 per share.…
Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, Knapp declared a cash dividend of $2 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 200,000 of its own shares of stock for $50 per share. On December 22, Knapp resold 100,000 of these shares for $60 per share. Required: Prepare all of the necessary journal entries to record the events described above. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $6,000,000.
Accounting Wildhorse Co. was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 533,000 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 78,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,750 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $87,000. Apr. 1 May 1 Issued 76,500 shares of common stock for cash at $4.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Aug. 1 Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,500 shares of preferred stock for cash at $108 per share. (a) Your answer is partially correct. Post to the stockholders'…
Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1,100 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 12,000 shares of $5 par common stock. On January 10, Peeler issued for cash 480 shares of preferred stock at $125 per share and 4,300 shares of common stock at $80 per share. On January 20, it issued 1,100 shares of common stock to acquire a building site at a time when the stock was selling for $68 per share. During 2017, Peeler established an employee benefit plan and acquired 540 shares of common stock at $60 per share as treasury stock for that purpose. Later in 2017, it resold 120 shares of the stock at $68 per share. On December 31, 2017, Peeler determined its net income for the year to be $41,400. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will be paid in 2018.…
Cheyenne Corp. was organized on January 1, 2017. It is authorized to issue 21,000 shares of 7%, $53 par value preferred stock and 454,000 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 67,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,140 shares of preferred stock for cash at $56 per share. May 1 Issued 112,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 4,400 shares of common stock for cash at $8 per share. Nov. 1 Issued 2,400 shares of preferred stock for cash at $56 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. 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.) Date…
Earle Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first P13-1C Journalize stock transactions, post, and prepare paid-in capital section. year. (SO 3, 5, 6) Jan. 10 Issued 100,000 shares of common stock for cash at $3 per share. GLS Issued 10,000 shares of preferred stock for cash at $55 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $90,000. The company's estimate of fair value of the land was $75,000. Issued 75,000 shares of common stock for cash at $4 Issued 10,000 shares of common stock to attorneys in payment of their bill for $50,000 for services provided in helping the company organize. Issued 5,000 shares of common stock for cash at $6 per share. Issued 2,000 shares of preferred stock for cash at $60 Mar. 1 Apr. 1 May 1…