Exercise 11-3 (Static) Accounting for par, stated, and no-par stock issuances LO P1Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20. Prepare journal entries to recordthis event under each of the following separate situations.1. The stock has a $2 par value.2. The stock has neither par nor stated value.3. The stock has a $5 stated value.

Formula:Part 1: When Stock is issued at par of $2, the remaining amount is credited to paid-in…

Answered: Exercise 11-3 (Static) Accounting for…

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 12.2BE

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Entries for stock dividends Alpine Energy Corporation has 1,500,000 shares of 40 par common stock outstanding. On August 2, Alpine Energy declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was 70 per share on August 2. Journalize the entries required on August 2, September 15, and October 8.
Entries for issuing par stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 180,000 shares of 20 par common stock at 23, and on February 27, it issued for cash 25,000 shares of preferred stock, 7 par at 9. A. Journalize the entries for January 22 and February 27. B. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
Exercise 11-3 (Algo) Accounting for par, stated, and no-par stock issuances LO PI Rodriquez Corporation issues 8,000 shares of its common stock for $80,600 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $8 par value. 2. The stock has neither par nor stated value. 3. The stock has a $4 stated value. t5932 View transaction list Book Journal entry worksheet A B Record the issue of 8,000 shares of $8 par value common stock for $80,600 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Mc Graw Hill 1 of 7 E Prey Next > pe here to search 99+ D 69°F Cloudy 3 5 E RI Y U H. K 5. IN
Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare Journal entries to record each of the following four separate Issuances of stock. Required Information Use the following information for Exercises 4-5 below. (Algo) [The following Information applies to the questions displayed below.] Following are the Issuances of stock transactions. 1. A corporation Issued 6,000 shares of $10 par value common stock for $72,000 cash. 2. A corporation Issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $2 per share stated value. 3. A corporation Issued 3,000 shares of no-par common stock to Its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has no stated value. 4. A corporation Issued 1,500 shares of $50 par value preferred stock for $127,000 cash. View transaction list A Record the issue of 6,000 shares of $10 par value common stock for $72,000 cash. B Record the issue of…
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Brief Exercise 13-04 On June 1, Novak Inc. issues 3,100 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit T aunc By
Prepare journal entries to record the following four separate issuances of stock.
QS 11-3 (Algo) Issuance of par and stated value common stock LO P1 Prepare the journal entry to record Jevonte Company's issuance of 44,000 shares of its common stock assuming the shares have a: a. $3 par value and sell for $22 cash per share. b. $3 stated value and sell for $22 cash per share. View transaction list Journal entry worksheet 1 2 Record the issuance of 44,000 shares of common stock assuming the shares have a $3 par value and sell for $22 cash per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Exercise 11-13 (Algo) Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 80,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,800 shares of its own common stock at $33 per share on October 11. b. Sold 1,200 treasury shares on November 1 for $39 cash per share. c. Sold all remaining treasury shares on November 25 for $32 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,800 shares of its own common stock at $33 per…
Exercise 13-3 Accounting for par, stated, and no-par stock issuances LO P1 8 Rodriguez Corporation issues 9,000 shares of its common stock for $177,100 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $18 par value. 2. The stock has neither par nor stated value. 3. The stock has a $9 stated value. View transaction list Journal entry worksheet Record the issue of 9,000 shares of $9 stated value common stock for $177,100 cash. Note: Enter debits before credits. General Journal Transaction 3 Clear entry Record entry Debit Credit View general journal
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