**Transcription for Educational Use:**---**Requirement:**Record each of these transactions. (*If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.*)1. February 2: Issue 1.5 million shares of common stock for $15 per share.2. February 4: Issue 40,000 shares of preferred stock for $24 per share.3. August 15: Resell 125,000 shares of treasury stock for $32 per share.4. November 1: Declare a cash dividend of $0.15 per share on 1,480,000 (1.5 million - 20,000 not paid on treasury stock) shares of common stock and a $0.40 per share cash dividend on 40,000 shares of preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are declared on November 1.)**Journal Entry Worksheet:**- **Date:** February 02, 2021 - **Description:** Record the issuance of 1.5 million shares of common stock for $15 per share. - **Note:** Enter debits before credits. - **Columns:** - General Journal - Debit - Credit - Entry fields (1 through 6) to be filled as per the transaction details. **Explanation:**- This worksheet section is used to document journal entries.- Debits and credits should be entered correctly to ensure accurate recording of financial transactions.---This guide outlines the necessary steps to properly record stock transactions and dividends in financial accounting.

The journal entries are prepared to record daily transactions of the business.

Answered: February 2 Issue 1.5 million shares of…

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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19-Company X’ currently has 80,000 shares outstanding that are trading at OMR 8.400 per share. The company decides to declare 5% stock dividend. How many additional shares should be issued to distribute stock dividend and how much will be the issue price per share? a. 5,000 shares;OMR 8 per share b. 4,000 shares;OMR 8.400 per share c. 4,000 shares; OMR 8 per share d. 8,000 shares; OMR 8.400 per share Clear my choice
#24At the beginning of current year, AILEEN company was authorized to issue share capital of120,000 shares with P50 par value. The entity had the following share capital transactionsduring the year:Jan 1 Sold 96,000 shares at P60 per shareMay 1 Reacquired 4,000 treasury shares at P65 per share.July 1 Approved a share split of 5 for 1.Oct. 31 Declared and issued a 10% share dividend when the market value of a share isP25.Dec. 31 Reissued all of the treasury shares at P30.Dec. 31 Net income for the year was P3,600,000.What total amount should be reported as share premium? 2,052,000 pls provide correct solution for the given answer
March 1 May 10 June 1 Issues 60,000 additional shares of $1 par value common stock for $57 per share. Purchases 5,500 shares of treasury stock for $60 per share. Declares a cash dividend of $1.75 per share to all stockholders of record on June 15. (Hint: Dividends are not paid on treasury stock.) July 1 Pays the cash dividend declared on June 1. October 21 Resells 2,750 shares of treasury stock purchased on May 10 for $65 per share. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Common Stock, $100,000; Additional Paid-in Capital, $5,000,000; and Retained Earnings, $2,500,000. Net income for the year ended December 31, 2024, is $650,000. Required: Prepare the stockholders' equity section of the balance sheet for Power Drive Corporation as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) POWER DRIVE CORPORATION Balance Sheet (Stockholders' Equity Section) December 31, 2024…
18 Rodriguez Corporation issues 17,000 shares of its common stock for $265,500 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $14 par value. 2. The stock has neither par nor stated value. 3. The stock has a $7 stated value. View transaction list Journal entry worksheet < A B C Record the issue of 17,000 shares of no-par, no-stated value common stock for $265,500 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View genera
Question 4 Sorocaba Co. had the following transactions during the current period. Mar. 2 Issued 5,000 $1 par value ordinary shares to attorneys in payment of a bill for $44,000 for services performed in helping the company to incorporate. (hint: Start-up expense) June 12 Issued 60,000 $1 par value ordinary shares for cash of $468,000. July 11 Issued 1,000 $100 par value preference shares for cash at $110 per share. Nov. 28Purchased 2,000 treasury shares for $18,000. Dec. 3 Reissued 1,000 treasury shares for $10 / share. Dec. 28 Reissued 1,000 treasury shares for $8.5 / share. Instructions Journalize the transactions.
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1.) issues 48,000 additional shares of one dollar par value common stock for $45 per share 2.) re-purchases 4300 shares of treasury stock for $48 per share 3.) declares a cash dividend of $1.15 per share to all stockholders of record on June 15 (hint: dividends are not paid on treasury stock. ) 4.) pays the cash dividends declared on June 1. 5.) re-issues 2150 shares of treasury stock purchased on May 10 for $53 per share
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2 Issue 120,000 shares of common stock for $50 per share. January February 14 Issue 40,000 shares of preferred stock for $13 per share. May May December 1 Declare a cash dividend on its common stock of $0.25 per share and a $16,000 (4% of par value) cash 8 Purchase 12,000 shares of its own common stock for $40 per share. 31 Resell 6,000 shares of treasury stock for $45 per share. dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2021. Net income for the year was $470,000. (Amounts to be deducted should be indicated by a minus sign.) MAJOR LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity
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QUESTION 2 Huxley Company has 264277 shares of common stock authorized 153543 Issued and 71672 shares of treasury stock The company's board of directors declares a dividend of $0.60 per share of common stock. What is the total amount of the dividend that will be paid? Round your answer to the nearest dollar
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