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…
Windsor Corporation was organized on January 1, 2020. It is authorized to issue 9,700 shares of 8%, $100 par value preferred stock, and 540,200 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. Issued 80,290 shares of common stock for cash at $6 per share. 10 Mar. Issued 5,190 shares of preferred stock for cash at $111 per share. 1 Issued 24,970 shares of common stock for land. The asking price of the land was $91,64O; the fair value of the land was $80,290. Apr. 1 May Issued 80,290 shares of common stock for cash at $9 per share. 1 Aug. Issued 9,700 shares of common stock to attorneys in payment of their bill of $49,100 for services rendered in helping the 1 company organize. Sept. Issued 9,700 shares of common stock for cash at $11 per share. 1 Nov. Issued 1,060 shares of preferred stock for cash at $107 per share. 1
1.
Hideo Co. was organized on January 1, 2021, with 300,000 shares of common stock with a $6 par value authorized. During 2021, Hideo had the following stock transactions: January 4 Issued 60,000 shares at $10 per share. March 8 Issued 20,000 shares at $11 per share. May 17 Purchased 7,500 shares at $12 per share. July 6 Issued 15,000 shares at $13 per share. August 27 Sold 5,000 treasury shares at $14 per share. If Hideo uses the cost method to record treasury stock transactions, the total amount of additional paid-in capital at December 31, 2021 is:
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.
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'…
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LALALAND Corporation was organized on 1/1/2020. It was authorized to issue 2 million, $1 par, common stock. During the year, the company had the following transactions: January 5- Issued 400,000 common shares for cash, at $ 1.00 each. February 7- issued 250,000 common shares for cash, at $ 1.50 each. April 3- Reacquired 10,000 of its common shares, by paying $ 3,00 per share. June 17- Sold 5,000 of its treasury stock, at a price of $ 4,00 per share. September 20- Sold all the remaining treasury stock it has, at a price of $ 3.2 per share. October 30- Reacquired 20,000 of its common shares, at $ 2.5 per share. Question: What is the dollar balance in the Additional Paid in Capital from Treasury stock account, at year end?
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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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