On October 10, the stockholders' equity section of Sherman Systems appears as follows.Common stock-$10 par value, 95,000 shares authorized, issued, and outstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equity1. Prepare journal entries to record the following transactions for Sherman Systems.a. Purchased 7,300 shares of its own common stock at $48 per share on October 11.b. Sold 1,575 treasury shares on November 1 for $54 cash per share.c. Sold all remaining treasury shares on November 25 for $47 cash per share.2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare journal entries to record the following transactions for Sherman Systems.a. Purchased 7,300 shares of its own common stock at $48 per share on October 11.b. Sold 1,575 treasury shares on November 1 for $54 cash per share.c. Sold all remaining treasury shares on November 25 for $47 cash per share.View transaction listJournal entry worksheet123Record the purchase of 7,300 shares of its own common stock for $48 cashper share.Note: Enter debits before credits.$ 950,000331,0001,048,000$ 2,329,000

Treasury stock is the shares repurchased from the existing shareholders. Thus they reduce the amount…

Answered: Common stock-$10 par value, 95,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $24 cash per share. August 22 Sold 2,500 of its treasury shares at $16 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $428,000 credit…
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Stockholders' Equity: Transactions and StatementThe stockholders' equity section of Night Corporation's balance sheet at January 1 follows: Common stock, $6 par value, 300,000 shares authorized, 60,000 shares 360,000 issued, 6,000 shares in treasury Additional paid-in capital In excess of par value 600,000 From treasury stock 37,500 637,500 Retained earnings 435,000 1,432,500 Less: Treasury stock (6,000 shares) at cost 172,500 Total Stockholdersâ€™ Equity 1,260,000 The following transactions affecting stockholdersâ€™ equity occurred during the year: Jan. 8 Issued 15,000 shares of previously unissued common stock for $26 cash per share. Mar. 12 Sold all of the treasury shares for $35 cash per share. June 30 Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $31 per share. July 10 Issued the stock dividend declared on June 30. Oct. 7 Acquired 2,500 shares of common…
Reporting Stockholders' Equity Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 70,000 shares of common stock authorized, and 1,000 shares have been reacquired. Common Stock, $80 par $4,480,000 Paid-In Capital from Sale of Treasury Stock 90,000 Paid-In Capital in Excess of Par—Common Stock 784,000 Retained Earnings 2,330,000 Treasury Stock 60,000 Balance Sheet Stockholders' Equity Paid-in capital: $fill in the blank 2 fill in the blank 4 Paid-in capital, common stock $fill in the blank 5 fill in the blank 7 Total paid-in capital $fill in the blank 8 fill in the blank 10 Total $fill in the blank 11 fill in the blank 13 Total stockholders' equity $fill in the blank 14
Prepare the journal entry to record Autumn Company's issuance of 71,000 shares of no-par value common stock assuming the shares: a. Sell for $34 cash per share. b. Are exchanged for land valued at $2,414,000. View transaction list Journal entry worksheet 1 Record the issuance of 71,000 shares of no-par value common stock assuming the shares sell for $34 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
3
Prepare the journal entry to record Jevonte Company's issuance of 41,000 shares of its common stock assuming the shares have a: a. $3 par value and sell for $19 cash per share. b. $3 stated value and sell for $19 cash per share. View transaction list Journal entry worksheet < 1 Record the issuance of 41,000 shares of common stock assuming the shares have a $3 par value and sell for $19 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit
Journalizing issuance of stock for assets other than cash Cedar Corporation issued 36,000 shares of $1 par value common stock in exchange for a building with a market value of $160,000. Record the stock issuance.

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