Prepare the journal entries to record the treasury stock transactions in 2025, assuming Coronado uses the cost method. (List alldebit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in theproblem statement.)DateAccount Titles and ExplanationDebitCredit Coronado Company had the following stockholders' equity as of January 1, 2025.Common stock, $5 par value, 19.100 shares issuedPaid-in capital in excess of par-common stockRetained earningsTotal stockholders' equityDuring 2025, the following transactions occurred.Feb. 1Mar. 1Mar. 18Apr. 22May 1$95,500304,000314,000$713,500Coronado repurchased 2,150 shares of treasury stock at a price of $20 per share.720 shares of treasury stock repurchased above were reissued at $18 per share.530 shares of treasury stock repurchased above were reissued at $13 per share.630 shares of treasury stock repurchased above were reissued at $22 per share.Remaining treasury shares are retired.

Journal entry is a primary entry that records the financial transactions initially. The treasury…

Answered: Coronado Company had the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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What is the total balance of RETAINED EARNINGS account as of December 31, 2020
On January 1, 2018, Vermont Maple Corp. had 2,650,000 shares of commons stock issued and outstanding. During 2018, it had the following transactions that affected the common stock account:
1. The balance sheet of Quetico Inc. reported the following at December 31, 2020: A Shareholders' Equity B C Preferred shares, $0.40, 10,000 shares authorized 2 and issued $ 100,000 3 Common shares, 100,000 shares authorized* 400,000 45 Accumulated other comprehensive income Retained earnings 224,000 476,500 6 Total shareholders' equity 7 $ 1,200,500 *The common shares were issued at a stated value of $8.00 per share. Requirements a. Are the preferred shares cumulative or non-cumulative? How can you tell? b. What is the total amount of the annual preferred dividend? c. How many common shares are outstanding? d. Compute the book value per share of the common shares. No preferred dividends are in arrears, and Quetico Inc. has not yet declared the 2020 dividend..
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Shareholders' equity Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend…
Skysong Company's ledger shows the following balances on December 31, 2025. 6% Preferred stock-$10 par value, outstanding 20,100 shares Common stock-$100 par value, outstanding 30,300 shares Retained earnings Assuming that the directors decide to declare total dividends in the amount of $362,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. a. The preferred stock is cumulative and fully participating. (Round the rate of participation to 6 decimal places, eg0.014278. Round answers to O decimal places, e.g. 38,487.) Preferred Preferred 158,870 Preferred b. The preferred stock is noncumulative and nonparticipatine. (Round answers to 0 decimal places, eg. 38,487.) 12060 Common 76712 Common 203130 $201.000 3,030,000 664,000 c. The preferred stock is noncumulative and is participating in distributions in excess of a 8% dividend rate on the common stock. (Round the rate of…
The balance sheet of Tampa Company included the following shareholders' equity accounts at December 31,2021 $240,000 Common stock,240,000 shares at $1 par Paid-in captalexcoss of par Retained eamings Total shareholder' equity 060,000 3,800,000 $5.000,000 During 2022, the following transactions occurred 1 On May 3, 2022, a 5-for-4 stock split was declared and distributed. The stock spit was effected in the form of a 25% stock dividend. The market value of the $1 par common stock was $10 per share, 2. On July 5, 2022, a 5% common stock dividend was declared and distributed. The markel value of the common stock was $13 per share. 3. On December 1, 2022, the board of directors declared a cash dividend of $0.8 per share on its common shares, payable on December 28 to sharehoiders Determine the amount of cash dividend paid to shareholders on December 28, 2022 O $240,000 O $252,000 O $201,600 O $192.000
The equity section from the December 31, 2023 balance sheet of Kentucky Corporation appeared as follows: 2024 2023 Contributed capital: Common shares, 51,000 shares authorized; 27,600 and 25,000 shares issued and outstanding, respectively.$837,200 $735,000 Retained earnings 591,000 554,300 The following transactions occurred during 2024 (assume the retirements were the first ever recorded by Kentucky): Jan. 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,000 common shares were repurchased and retired at $29.40 per share. Apr. 5 A $1.00 per share cash dividend was declared, and the date of record was five days later. July 5 A $1.60 per share cash dividend was declared, and the date of record was five days later. July 31 A 20.00% share dividend was declared when the market value was $35.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.80 per share cash dividend was declared, and the date of record was five days…
Tiger Corp. provides the following data for calendar 2022 Net Income... $ 3,600,000 Transactions in Common Shares Change Cumulative Jan 1 beginning 1,400,000 Mar 1 purchase of treasury shares (80,000) 1.320,000 Jun 1 shares split 2 for 1 1,320,000 2,640,000 Nov 1 issuance of new shares 160,000 2,800,000 Instructions Calculate basic earnings per share for 2022.
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