Flounder Inc.'s $10 par value common stock is actively traded at a market price of $14 per share. Flounder issues 5,200 shares topurchase land advertised for sale at $73,500.Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automaticallyIndented when amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Answered: Flounder Inc.'s $10 par value common…

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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On January 2, Cohan Company acquired 42% of the outstanding stock of Sanger Company for $552,500. For the year ended December 31, Sanger Company earned income of $135,100 and paid dividends of $20,700. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles.
es C11-1 (Algo) Financial Reporting of Depreciation, Write-off, Bond Issuance and Common Stock Issuance, Purchase, Reissuance, and Cash Dividends [Chapters 4, 8, 9, 10, and 11) [LO 4-2, 4-5, 8-2, 9-3, 10-3, 11-2, 11-3] Bender Industries, reported the following account balances on January 1. Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Debit $ 5,000 249,000 10,500 0 $ 264,500 30,000 92,000 2,000 0 10,000 10,500 120,000 The company entered into the following transactions during the year. January 15 Issued 6,000 shares of $1 par common stock for $52,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,020 shares of $1 par common stock into treasury for $33,220 $ 264,500 cash. March 15 Reissued 2,020 shares of treasury stock for $24,220 cash. August 15…
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Accounting A company purchases corporate bonds for $1,000,000 and categorizes them as AFS. At year-end, their market value is $750,000. $100,000 of the decline in value is attributed to a rise in market interest rates, and $150,000 of the decline is attributed to credit losses. Prepare the year-end adjusting entry in either a T-account or spreadsheet format. See above for location of spreadsheet template. A company invests in stock of other companies for trading purposes. Its accounting year ends December 31. Its investment activity during 2019, 2020, and 2021 is as follows: a. Purchased stock of Acme Company in 2019 for $250,000 for the purpose of taking advantage of short-term volatility in the market place. b. Sold the investment shortly after purchase for $235,000. c. Purchased stock of Beeber Company in 2019 for $300,000. d. The investment had a fair value of $275,000 at the end of 2019. e. It was sold for $310,000 in late 2020. f. Purchased stock of Cromwell Company in 2019 for…
Pronghorn Corp purchased 2,100 shares of its $10 par value common stock for $79,800 on August 1. It will hold these in the treasury until resold. Journalize the treasury stock transaction. (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 Aug. 1
On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig declared and paid a $63,000 cash dividend and reported net income of $100,800. Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Recond journal entries in the order presented in the problem.) Date Account Titles and Explanation > (To record dividends received) (To record share of net income) Debit Credit
Ace Electric recorded the following in its tabular analysis. What is the nature of the transaction recorded on June 1? Jan. 1 Jun. 1 Assets Cash 31,600 53,200 = 55,000 Liabilities Bonds Payable + Discount on Bonds Payable + Common Stock + O Issuance of bonds at a premium O Payment of interest on bonds Redemption of bonds at maturity O Issuance of bonds at a discount Stockholders' Equity -1,800 Revenues Expenses
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Trader Investments completed the following investment transactions during 2024: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Trader's investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Jan. 14: Purchased 1,000 shares of Neutron stock, paying $53 per share. The investment represents 4% ownership in Neutron's voting stock. Trader does not have significant influence over Neutron. Trader intends to hold the investment for the indefinite future. Date Credit Accounts Jan. 14 Requirements 1. Journalize Trader's investment transactions. Explanations are not required. 2. Classify and prepare a partial balance sheet for Trader's Neutron investment as of December 31, 2024. 3. Prepare a partial income statement for Trader Investments for…

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