Recording Entries for Multiple Securities IssuanceGilmore Company has 20,000 authorized shares of common stock, $2 par, and 20,000 authorized shares of preferred stock, $10 par. On April 10, Gilmore sold 600 shares of common stock and 400 shares of preferred stock in one transaction for a total of $20,000 cash.The common stock was selling at $26 per share, while the preferred stock was selling at $16 per share.Requireda. Prepare the entry on April 10 for the issuance of common and preferred stock.b. Assume instead that only the market price of the common stock is known ($26 per share). Prepare the entryon April 10 for the issuance of common and preferred stock.Note: Carry all decimals in calculations; round the final answer to the nearest dollar.Datea. April 10 CashDateb. April 10Account NameCommon StockPaid-in Capital in Excess of Par-Common StockPreferred StockPaid-in Capital in Excess of Par-Preferred StockTo record the issuance of stock.CashAccount NameCommon StockPaid-in Capital in Excess of Par-Common StockPreferred StockPaid-in Capital in Excess of Par-Preferred StockTo record the issuance of stock.くくくく> > > > >Dr.20,0000000Dr.20,0000000Cr.Cr.0✔1,2000 x4,000 ✓0x01,2000x4,000✔0 x

The lump-sum amount received on issuance of shares is adjusted to different shares on the basis of…

Answered: Imore Company has 20,000 authorized…

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 1, Year 1, a company had the following transactions: - Issued 10,000 shares of $2.00 par common stock for $12.00 per share. - Issued 3,000 shares of $50 par, 6% cumulative preferred stock for $70 per share. Purchased 1,000 shares of previously issued common stock for $15.00 per share. No other shares of stock were issued or outstanding. The company had the following dividend information available: Year 1- No dividend paid Year 2 Paid $2,000 total dividends Year 3- Paid $20,000 total dividends Year 4 paid $25,000 total dividends Fill in the correct values for each year. If your answer is zero, please enter "0". Year 1 Year 2 Common stock dividend Preferred stock dividend Dividends in arrears Year 3 §§ $ $ $ Year 4
Prepare the journal entry to record Randy Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $7 cash per share. b. S8 cash per share.
The Sneed Corporation issues 12,700 shares of $46 par preferred stock for cash at $63 per share. The entry to record the transaction will consist of a debit to Cash for $800,100 and a credit or credits to: a.Preferred Stock for $584,200 and Retained Earnings for $215,900. b.Preferred stock for $584,200 and Paid-in Capital in Excess of Par Value−Preferred Stock for $215,900. c.Preferred Stock for $800,100. d.Paid-in Capital from Preferred Stock for $800,100.
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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
On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common stock at $27 per share. It sold 4,000 of the treasury shares at $30 per share on June 10. The remaining 3,000 shares were sold on November 10 for $23 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 - Select - - Select - - Select - - Select - b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select -
Subject :- Accounting
Nexis Corp. issues 1,180 shares of $9 par value common stock at $17 per share. When the transaction is recorded, credits are made to a. Common Stock, $9,440 and Paid-In Capital in Excess of Stated Value, $10,620. Ob. Common Stock, $20,060. Oc. Common Stock, $9,440 and Retained Earnings, $10,620. Od. Common Stock, $10,620, and Paid-In Capital in Excess of Par-Common Stock, $9,440.
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The following accounts and their balances appear in the ledger of Young Properties Inc. on November 30 of the current year: Common Stock, $15 par $168,000 Paid-In Capital in Excess of Par 13,440 Paid-In Capital from Sale of Treasury Stock 7,300 Retained Earnings 277,000 Treasury Stock 10, 450 Prepare the Stockholders' Equity section of the balance sheet as of November 30. Fifty thousand shares of common stock are authorized, and 550 shares have been reacquired.
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Nexis Corp. issues 1,110 shares of $9 par value common stock at $17 per share. When the transaction is journalized, credits are made to a.Common Stock, $8,880 and Retained Earnings, $9,990. b.Common Stock, $8,880 and Paid-In Capital in Excess of Stated Value, $9,990. c.Common Stock, $18,870. d.Common Stock, $9,990, and Paid-In Capital in Excess of Par—Common Stock, $8,880.

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