Carla Vista Corporation was organized on January 1, 2026 with the authorization of 1300000 shares of common stock with a parvalue of $6 per share. In 2026, the corporation had the following capital transactions:January 5issued 650000 shares @ $11 per shareJuly 28purchased 76000 shares @ $11 per shareDecember 31 sold the 76000 shares held in treasury @ $18 per shareCarla Vista used the cost method to record the purchase and the reissuance of the treasury shares. What is the total amount ofadditional paid-in capital as of December 31, 2026?O $3782000.O $2558000.O $3250000.O $-0-.

The treasury stock reissued at higher price than cost price leads to increase additional paid in…

Answered: Carla Vista Corporation was organized…

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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The securities owned by Jane Company were held as a long-term investment. During the currentyear, the following transactions occurred:Jan. 1 Purchased 15,000 shares of ABC Company at P70 per share.May 1 Purchased 8,000 shares of XYZ Corporation for P660,000.Apr 1 Received a cash dividend of P6 per share from ABC Company.July 1 Received a share for a share dividend from XYZ Corporation.Aug 1 Purchased 10,000 shares of GHI Enterprises at P75 each.Oct 1 Received a cash dividend of P6 per share from ABC Company.Oct 31 XYZ Corporation offered shareholders rights to subscribe to one new share for every tenrights tendered at P25. At the time of issuance, the market value of the right is P4. Sharerights are not accounted for separately.Nov 15 Exercised the XYZ Corporation’s share rights.Dec. 1 Sold 10,000 shares of XYZ Corporation at P35 per share. Use the FIFO approach indetermining the cost of the shares sold.Dec. 31 The fair values of the portfolio is as follows:ABC Company – P73 per…
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During its first year of operations, Cupola Fan Corporation issued 48,000 of $1 par Class B shares for $475,000 on June 30, 2021. Share issue costs were $3,300. One year from the issue date (July 1, 2022), the corporation retired 10% of the shares for $48,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.70 per share dividend on December 1, 2021, the payment of the dividend on December 31, 2021 and the retirement of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) please dont give answer in the image format
Edward Corporation is authorized to issue 100,000 shares of $1 par value common stock. During 2021, Edward Corporation took part in the following selected transactions. Prepare journal entry(entries) for following independent event. 1. Purchased 10,000 shares of treasury stock at $50 per share. The treasury shares purchased were issued in 2019 at $31 per share. Assuming Edward uses the retirement method to prepare entry and before this transaction the company had $120,000 credit balance of Paid-in capital – shares repurchase and $1,500,000 retained earnings. 2. The board votes a 3-for-1 stock split. At the date, the market value is $52. 3. The board votes a 120% stock dividend. At the date, the market value is $55, assuming the company treats the distribution as "large" stock dividends effected in the form of a stock dividend and before this transaction the company has 330,000 shares of common stock.
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On May 3, Zirbal Corporation purchased 7,500 shares of its own stock for $67,500 cash. On November 4, Zirbal reissued 1,650 shares of this treasury stock for $16,500. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. View transaction list Journal entry worksheet 1 2 Record the purchase of 7,500 shares of its own stock for $67,500 cash. Note: Enter debits before credits. Date May 03 General Journal Debit Credit <
On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
Ivanhoe Observation Inc. on May 1 2024, and was authorized to issue 500,000 common shares and 100,000 5%, non-participating, convertible preferred shares. During the remainder of 2024, the company entered into the following transactions: 1. Issued 32,000 common shares in exchange for $640,000. 2. Issued 5,000 preferred shares in exchange for $70,000. 3. Repurchased 3,000 common shares for $25.00 per share in the open market. The company entered into no other transactions that affected shareholders' equity during 2024. (a) Provide the journal entries for each of the transactions. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.)

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