Culver Inc. declares a 10% stock dividend on its 8,100 shares of $2 par value common stock. The current fair market value of its stock is $7 per share. Record the entry on the declaration date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record declaration of 10% stock dividend)
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- During its first year of operations, Bonita Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 July Sept. 1 1 Issued 83,700 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company to incorporate. Issued 32,100 shares for cash at $8 per share. Issued 63,100 shares for cash at $10 per share.Please do not give image format(b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (List all debit entries before credit entries. 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. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
- (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 5Aug. 1Sept. 20Dec. 19 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 5Aug. 1Sept. 20Dec. 19 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount…Please don't give image formatSplish Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 13,000 shares of $5 par value common stock at $16 per share) May 10 Cash Capital Stock (Issued 11,000 shares of $40 par value preferred stock at $80 per share) May 15 Capital Stock Cash (Purchased 1,200 shares of common stock for the treasury at $14 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 740 shares of treasury stock at $18 per share) Debit Credit 208,000 880,000 16,800 13,320 208,000 880,000 16,800 7,400 5,920 On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (List all debit entries before…
- Show Attempt History Current Attempt in Progress During its first year of operations, Coronado Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 Issued 83,900 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,900 for services rendered in helping the company to incorporate. July 1 Issued 31,100 shares for cash at $8 per share. Sept. 1 Issued 61,600 shares for cash at $10 per share. (a)Sheffield Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock. Date Account Titles and Explanation May 2 Cash Capital Stock (Issued 12,000 shares of $5 par value common stock at $17 per share) May 10 Cash Capital Stock (Issued 10,000 shares of $30 par value preferred stock at $60 per share) May 15 Capital Stock Cash (Purchased 800 shares of common stock for the treasury at $15 per share) May 31 Cash Capital Stock Gain on Sale of Stock (Sold 670 shares of treasury stock at $18 per share) Debit 204,000 600,000 12,000 12,060 Credit 204,000 600,000 12,000 6,700 5,360On December 31, 2023, Carla Vista Corporation, a public company, had the following shareholders' equity accounts: CARLA VISTA CORPORATION Balance Sheet (partial) December 31, 2023 Shareholders' equity Common shares (unlimited number of shares authorized, 95,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $18. Declared a 15% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $9: on December 30, $10, and on January 15, $9. July Dec. 15 Determined that profit before income tax for the year was $413,000. The company has a 30% income tax rate. 1 $1,145,000 560,000 $1,705,000 31
- Please Do not Give image formatPearl Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 21,100 shares issued $ 105,500 Paid-in capital in excess of par-common stock 304,000 Retained earnings 317,000 Total stockholders' equity $726,500 During 2020, the following transactions occurred. Feb. 1 Pearl repurchased 2,020 shares of treasury stock at a price of $ 21 per share. Mar. 1 740 shares of treasury stock repurchased above were reissued at $ 19 per share. Mar. 18 520 shares of treasury stock repurchased above were reissued at $ 14 per share. Apr. 22 550 shares of treasury stock repurchased above were reissued at $ 23 per share.converted into preferred stock. Assuming that the book value method was used, what entry would be made? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account title and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media