he C Corp. sold 1,000 shares of $700 par, 5%, Convertible Preferred Stock for $103. The preferred stock is also Callable at $104. The preferred is convertible at 1 to 3, Common Stock has a par value of $10. Prepare journal entries for the following. a. Record the sale of the Preferred Stock for cash. b. Declared the yearly dividend on the Preferred Stock. c, Paid the dividend declared d. Called and retired 100 shares of Preferred Stock. e. 100 shares of Preferred were Converted to Common Stoc

he C Corp. sold 1,000 shares of $700 par, 5%, Convertible Preferred Stock for $103. The preferred stock is also Callable at $104. The preferred is convertible at 1 to 3, Common Stock has a par value of $10. Prepare journal entries for the following. a. Record the sale of the Preferred Stock for cash. b. Declared the yearly dividend on the Preferred Stock. c, Paid the dividend declared d. Called and retired 100 shares of Preferred Stock. e. 100 shares of Preferred were Converted to Common Stoc

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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Martian Magic issued 800 shares of $50 par preferred stock and 1,000 shares of $1 par common stock in a "package" sale for $150,000. The preferred stock market value was $88 per share, and the common stock market value was $156 per share. Required:Indicate the accounts and amounts credited in the entry to record the issuance of the stock. Round amounts to the nearest dollar. Account Amount $fill in the blank 2 $fill in the blank 4 $fill in the blank 6 $fill in the blank 8
Prepare the journal entry to record Autumn Company's issuance of 71,000 shares of no-par value common stock assuming the shares: a. Sell for $34 cash per share. b. Are exchanged for land valued at $2,414,000. View transaction list Journal entry worksheet 1 Record the issuance of 71,000 shares of no-par value common stock assuming the shares sell for $34 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
Calculate the dividends for the following: The board of directors declared preferred dividends and common dividends of $2.45 per share. The preferred stock was $200 par, 8% stock with 2,200 shares outstanding. The common stock is $5 par value stock with 5,600 shares outstanding. Show your calculations for each type of stock as well as the total of the dividends to be paid. a. Dividends for Preferred stockholders. b. Dividends for Common stockholders. c. Total cash dividends to be paid.
An investor purchased 689 shares of common stock, $21 par, for $28,249. Subsequently, 114 shares were sold for $27 per share. What is the amount of gain or loss on the sale? a. $2,280 loss b. $2,280 gain c. $1,596 loss Od. $1,596 gain
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On June 30, 2020, when ABC shares were selling for $ 65 each, the equity accounts had the following balances: Common shares (par value $ 50: 50,000 issued) $ 2,500,000 Capital contributed in excess of par value 600,000 Retained earnings 4,200,000 A 100% share dividend is declared and distributed, the balance of the Common Shares account after recording the dividend will be: a. $2,500,000 b. $7,300,000 c. $3,100,000 d. $5,000,000
Record entries for each of the following separate issuances of stock. 1. Exchanged 2,350 shares of $50 par value preferred stock for a building with a market value of $150,000. 2. Issued 1,700 shares of $50 par value preferred stock for $50 cash per share. 3. Issued 1,150 shares of $50 par value preferred stock at $54 cash per share. View transaction list A Exchanged 2,350 shares of $50 par value preferred stock for a building with a market value of $150,000. B Issued 1,700 shares of $50 par value preferred stock for $50 cash per share. C Issued 1,150 shares of $50 par value preferred stock at $54 cash per share. Note : = journal entry has been entered X g with a ebit Credit
On July 9, you purchased 1,500 shares of Blue Water stock for $32 a share. On August 4, you sold 200 shares of this stock for $33 a share. You sold an additional 150 shares on August 12 at a price of $34.50 a share. The company declared a dividend of $1.30 per share on August 3 to holders of record as of Monday, August 19. This dividend is payable on September 15. How much dividend income will you receive on September 15? Group of answer choices $260 $455 $1.950 $1,495 $1,690
1. Record the transactions in the general journal. 6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share. Date Account DR CR 6-Feb Stock Dividend Correct Incorrect Common Stock Dividend Distributable Correct Incorrect Paid-in Capital in Excess of Par Value-Common Stock Correct Incorrect