Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1 Sudoku Company issues 30,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $236,000 and the building at $364,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. No A Transaction 1 Answer is complete but not entirely correct. General Journal Land Building Common stock, $7 par value Paid-in capital in excess of par value, common stock ✓ ✓ Debit 236,000 364,000 Credit 210,000 210,000 X

Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1 Sudoku Company issues 30,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $236,000 and the building at $364,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. No A Transaction 1 Answer is complete but not entirely correct. General Journal Land Building Common stock, $7 par value Paid-in capital in excess of par value, common stock ✓ ✓ Debit 236,000 364,000 Credit 210,000 210,000 X

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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Exercise 18-5 (Algo) Issuance of shares; noncash consideration [LO18-4] During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 9 million common shares, $1 par per share, and 2 million preferred shares, $50 par per share. 1-February 12 Sold 4 million common shares, for $10 per share. 2-February 13 Issued 44,000 common shares to attorneys in exchange for legal services. 3-February 13 Sold 80,000 of its common shares and 3,000 preferred shares for a total of $980,000. 4-November 15 Issued 365,000 of its common shares in exchange for equipment for which the cash price was known to be $3,768,000. Required: Prepare the appropriate journal entries to record each transaction. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in…
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Prepaid journal entries to record following transactions: Jan 10-issued shares of 10$ par common stock at 56$ for cash jan 22 issued 1400 shares of 10$ par common stock in exchange for equipment with a fair market price of 21000$ april 1 purchased 100 shares of treasury stocks at 25$ june 8 sold the 100 shares of treasury stock purchases April 1 at 30$
Required information Exercise 10-3A Record the issuance of common stock (LO10-2) (The following information applies to the questions displayed below.) Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 600 shares of common stock for $35 per share. April 1 Issues 100 additional shares of common stock for $39 per share. Exercise 10-3A Part 2 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) aw transaction llat 1 Record the issuance of 600 shares of common stock for $35 per share. 2 Record the issuance of 100 additional shares of common stock for $39 per share. Credit Note : = journal entry has been entered Record entry Clear entry View general Journal
GL1302 - Based on Problem 13-4A Atticus Group LO C3, P2, P3 The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders’ Equity January 1 Common stock—$4 par value, 100,000 sharesauthorized, 40,000 shares issued and outstanding $ 160,000 Paid-in capital in excess of par value, common stock 120,000 Retained earnings 320,000 Total stockholders’ equity $ 600,000 Stockholders’ Equity (December 31) Common stock—$4 par value, 100,000 sharesauthorized, 47,400 shares issued, 3,000 shares in treasury $ 189,600 Paid-in capital in excess of par value, common stock 179,200 Retained earnings ($30,000 restricted by treasury stock) 400,000 768,800 Less cost of treasury stock (30,000 ) Total stockholders’ equity $ 738,800 The following transactions and events affected its equity during the year. Jan. 5 Declared a $0.50 per share cash…
Issuing Common Stock Palan Products Inc. sold 46,750 shares of common stock to stockholders at the time of its incorporation. Palan received $48 per share for the stock. Required: Question Content Area 1. Assume that the stock has a $16 par value per share. Prepare the journal entry to record the sale and issue of the stock. If an amount box does not require an entry, leave it blank.
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EX 13-5 Issuing stock for assets other than cash OBJ.3 On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 30,000 shares of $80 par common stock valued at $112 per share. Journalize the entry to record the transaction.
Treasury Stock Transactions Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 13,600 shares of its common stock at $44 per share. On June 14, 8,600 of the reacquired shares were sold at $47 per share, and on November 23, 3,300 of the reacquired shares were sold at $50. Question Content Area a. Journalize the transactions of January 31, June 14, and November 23. If an amount box does not require an entry, leave it blank. Jan. 31 June. 14 Nov. 23 Feedback Area Feedback Question Content Area b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?$fill in the blank 7b5b77fd706903b_1 c. What is the balance in Treasury Stock on December 31 of the current year?$fill in the blank 7b5b77fd706903b_3 d.…