In 2021, Poe's Products completed the treasury stock transactions described below. January February 15: Sold 3 million shares at $19.65 per share. September 20: Sold 3 million treasury shares at $14.65 per share. 2: Reacquired 10 million shares at $15.30 per share. Poe had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions assuming that Poe's Products uses the cost method.(If no entry is required for a select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decim 5,500,000 should be entered as 5,50).)

In 2021, Poe's Products completed the treasury stock transactions described below. January February 15: Sold 3 million shares at $19.65 per share. September 20: Sold 3 million treasury shares at $14.65 per share. 2: Reacquired 10 million shares at $15.30 per share. Poe had issued 50 million shares of its $1 par common stock for $18 several years ago. Required: Record the above transactions assuming that Poe's Products uses the cost method.(If no entry is required for a select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decim 5,500,000 should be entered as 5,50).)

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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In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 200 million shares of its $1 par common stock at $20 per share. Required:Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) On January 23, 2021, Western Transport reacquired 15 million shares at $23 per share. On September 3, 2021, Western Transport sold 1 million treasury shares at $24 per share. On November 4, 2021, Western Transport sold 1 million treasury shares at $21 per share.
4. During 2020, Maldives Corporation started their company on January 1st and reported the following selected transactions: Jan 1 Issued 20,000 common shares at $15.00 per share. Apr 15 Issued 2,000 common shares at $12.80 per share. May 30 Repurchased 1,000 common shares for a price of $13 Nov 30 Declared a 10% common stock dividend for the shareholders on record on Dec 15 and to be distributed on Dec 20. The market price of the common shares on this date was $12 per share. (a) Prepare all journal entries required for the above transactions for Maldives Corporation. No explanations are required. (b) What are the number of common shares outstanding at Dec 31, 2020?
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I need help with preparring a journal entry using the following. Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. How do you calculate the Common Stock and "Paid-In" results?
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