Concord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock,and 538,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completedduring the first year.Jan. 10Mar.Арг.MayAug.11Sept. 1Nov.1Issued 75,000 shares of common stock for cash at $4 per share.Issued 5,050 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 $92,000. The fair value of the landwas $87,500.Issued 83,500 shares of common stock for cash at $4.50 per share.Issued 10,000 shares of common stock to attorneys in payment of their bill of $38,000 for services performed inhelping the company organize.Issued 11,000 shares of common stock for cash at $7 per share.Issued 2,000 shares of preferred stock for cash at $109 per share. (2)Prepare the paid-in capital section of stockholders' equity at December 31, 2022. (Enter the account name only and do not providethe descriptive information provided in the question.)CONCORD CORPORATIONBalance Sheet (Partial)$$

The shares issued at the price higher than the par value are said to be issued at premium. The…

Answered: Concord 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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W16-2 AB Corporation was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%, P50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of P2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,000 shares of common stock for cash at P5 per share. Mar. 1 Issued 5,000 shares of preferred stock for cash at P108 per share. Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was P90, 000; the fair value of the land was P80, 000. May 1 cash at P7 per share. Issued 80,000 shares of common stock for Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of P50, 000 for services rendered in helping the company organize. Sept. 1 Issued 10,000 shares of common stock for cash at P9 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at P112 per share. Instructions: Prepare the journal entries to record the above…
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?
On January 1, 2021, a company had 125,000 issued shares and 25,000 treasury shares. During the year, 13,000 treasury shares were reissued. Right after the reissuance of the treasury shares, the company declared a 3-for-1 split. In December 2021, additional 5,000 shares were purchased and placed in treasury. Determine the number of shares issued.
Crane Ltd. began operations on January 2, 2024. During the year, the following transactions affected shareholders' equity: 1. Crane's articles of incorporation authorize the issuance of 2.5 million common shares and the issuance of 253,000 preferred shares, the latter of which pay an annual dividend of $3.0 per share. 2. A total of 303,000 common shares were issued for $6 a share, 3. A total of 35,000 preferred shares were issued for $10 per share. 4. The full annual dividend on the preferred shares was declared. 5. The dividend on the preferred shares was paid. 6. A dividend of $0.12 per share was declared on the common shares but was not yet paid. 7. The company had net income of $170,000 for the year. (Assume sales of $500,000 and total operating expenses of $330,000.) 8. The dividends on the common shares were paid. 9. The closing entry for the Dividends Declared account was prepared.
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On January 1, 2020, the stockholders’ equity section of Culver Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,160,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 47,000 shares for cash at $15 per share. July 1 Sold 10,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,000 treasury shares for cash at $14 per share. 1. Journalize the treasury stock transactions

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