Exercise 11-4 Stock issuance for noncash assets LO P1Sudoku Company issues 32,000 shares of $5 par value common stock in exchange for land and a building. The landis valued at $237,000 and the building at $366,000. Prepare the journal entry to record issuance of the stock inexchange for the land and building.View transaction listJournal entry worksheetRecord the issue of 32,000 shares of $5 par value common stock in exchangefor land valued at $237,000 and a building valued at $366,000.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit

Given information: Value of land $237,000 Value of Building $366,500 shares exchanged 32,000…

Answered: Exercise 11-4 Stock issuance for…

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 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
Question 10 of 17 -/1 E View Policies Current Attempt in Progress Crane Company issued 9000 shares of its $5 par value common stock having a fair value of $20 per share and 14000 shares of its $10 par value preferred stock having a fair value of $20 per share for a lump sum of $510000. How much of the proceeds would be allocated to the common stock? O $180000 O $310435 O $199565 O $206250 Save for Later Attempts: 0 of 1 used Submit Answer
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ACCA 205 PRACTICE QUESTION ISSUE OF SHARES The Star Traders Co, was formed with a total capital made up as follows: 1,000,000 shares of common stock at $2 par 80,000 6% Preferred shares at $100 per share Issued 300,000 shares of common stock for cash at $8 per share. Purchased a building by issuing 10,000 shares of $2 par value common stock at the current market price of $10 per share. Issued common stock at a market price of $8 per share for the payment of incorporation expenses and legal fees amounting to $20,000 Issued 20,000 shares of 6% Preferred stock at a current market price of $105 per share. Jan 1. 2. 6. 8. 10. Sept. 18. Paid a cash dividend on common stock @ $2 per share outstanding and the preference dividend due. The dividend is paid out of current year's net intome.
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Prepaid journal entries to record following transactions: Jan 10-issued shares of 10$ 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
Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $11 par, 14,000 shares authorized, 2,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $30,800 12,100 51,200 4 JAE Corporation completed the following transactions during Year 1: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 160 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below.…
k Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 25,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: a. Issued 21,000 shares of common stock for $13 per share. b. Issued 6,000 shares of the class A preferred stock for $30 per share. c. Issued 59,000 shares of common stock for $16 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Paid-in capital in excess of par, CS Common stock Preferred stock Total Paid-In Capital Total stockholders' equity $ $ 0 0 Next
A
Exercise 11-12A Treasury stock transactions LO 11-5 Elroy Corporation repurchased 2,300 shares of its own stock for $35 per share. The stock has a par of $20 per share. A month later, Elroy resold 575 shares of the treasury stock for $43 per share. Required a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet < 2 Record the repurchase of own stock. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general Journal m N
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.

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