Issuing Stock for Assets Other Than Cash On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 26,000 shares of $10 par common stock with a current market price of $18. Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank.

Q: Pina

A: DATE DESCRIPTION POST. REF. DEBIT CREDIT           Aug-01 Retained Earnings  (5,000,000 shares x…

Q: Foster Corporation issued 48,000 shares of $2 par value common stock in exchange for a building with…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: None

A: DATENOTES/EXPLANATIONMarch 8We simply debit cash then credit "preferred shares" or "preferred…

Q: Blue Spruce Inc.'s $10 par value common stock is actively traded at a market price of $16 per share.…

A: Common stock is a type of tradeable assets, or security, that equates to ownership in  company.Per…

Q: On September 1, Leather Suppliers, Incorporated, purchases 200 shares of Western Wear Clothing for…

A: Assets have debit balance while liabilities and equity have credit balance. As per dual concept of…

Q: Sheffield Company obtained land by issuing 3,380 shares of its $10 par value common stock. The land…

A: Land is purchased against stock issued for consideration other than cash.JOURNAL ENTRIESJournal…

Q: On July 1, Sage Hill Inc. purchases 600 shares of its $5 par value common stock for the treasury at…

A: Total cash paid = No. of shares purchases x Price per share = 600*$8 = $4,800

Q: On August 1, Sandhill Holdings buys 1.000 ordinary shares of Merlynn for £35,500 cash. On December…

A: On the purchase of an ordinary share of another company, the investment account is debited, and the…

Q: On January 1, Ivanhoe Company purchased a 25% equity investment in Oriole Company for $258,000. At…

A: When one entity holds 20% or more of the shares of the other entity then the second mentioned entity…

Q: Sudoku Company issues 17,000 shares of $7 par value common stock in exchange for land and a…

A: A journal entry is a core and foremost record that a transaction has taken place in the business.…

Q: ssuing Stock for Assets Other Than Cash On April 5, Fenning Corporation, a wholesaler of hydraulic…

A: Journal entry is a primary entry that records the financial transactions initially. The recorded…

Q: The declaration, record, and payment dates in connection with a cash dividend of $659,000 on a…

A: The dividend is considered as a part of the distributable profit distributed by the company to its…

Q: On April 2, 20x5, Jedi Nights, Inc., a hotel under the management of Skywalker Enterprises purchased…

A: Treasury stock means the stock in which the company purchases its own stock from the market. The…

Q: Larkspur, Inc. has 6,700 shares of common stock outstanding. It declares a $2 per share cash…

A: Dividend declared and paid: The majority of dividends are cash dividends, which are distributions…

Q: The declaration, record, and payment dates in connection with a cash dividend of $108,000 on a…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On July 1, Blue Spruce Corporation purchases 460 shares of its $5 par value common stock for the…

A: Treasury shares means the share which has been buy back by the company . It will be shown as…

Q: Jan. 1 Purchased 4,700 shares of Escalante Corporation common stock (5%) for $285,760 cash. July 1…

A: Step 1: preparation of journal entries.Date Account Titles and ExplanationsDebitCreditJan-01Stock…

Q: Larkspur Inc. issues 7,600 shares of $100 par value preferred stock for cash at $104 per share.…

A: Preferred stock is a type of equity which indicates ownership in organization. In order to raise…

Q: On July 1, Bridgeport Corporation purchases 680 shares of its $5 par value common stock for the…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: On May 1, Whispering Winds Corporation purchased 2.600 shares of its $10 par value common stock at a…

A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…

Q: Farmers Incorporated issued 6,000 shares of its $10 par value common stock in exchange for land that…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Record the issue of 32,000 shares of $8 par value common stock in exchange for land valued at…

A: To record any transaction of the business very firstly, is called ''journal entry''.

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: The own shares purchased are known are treasury stock. Treasury stock shall be debited when its own…

Q: On January 1, Oriole Company purchased a 25% equity investment in Pharoah Company for $336,000. At…

A: The journal entries are prepared to record the transactions on a regular basis. The investment in…

Q: Land appraised at $65,600 is purchased by issuing 820 shares of $20 par value common stock. The…

A: Land is purchased while share has been issued in exchange of land . In that situation , we need to…

Q: Bridgeport Inc's $10 par value common stock is actively traded at a market price of $15 per share.…

A: JOURNAL ENTRIESJournal Entry is the first and foremost stage of Accounting Process. Journal Entry is…

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: Treasury Stock: Treasury stocks, which are often referred to as treasury shares, are the part of a…

Q: Splish Company purchased 12,000 ordinary shares of Kenyon Co., paying $20 per share plus $1,900 in…

A: Answer  Purchase of 12000 ordinary  of Kenyon company at rate $20 per share Brokerage fee paid is…

Q: Wildhorse Inc. had these transactions pertaining to investments in common stock: Jan. 1 July 1…

A: The cost method is used since the percentage of holding is less than 20%. Journal entries using the…

Q: Loretta Inc. issues 2,000 shares of preferred stock in exchange for land and building that have a…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Sudoku Company issues 34,000 shares of $7 par value common stock in exchange for land and a…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: On June 1, Bridgeport Inc. issues 2,650 shares of no-par common stock at a cash price of $10 per…

A: preparation of journal entry are as follows

Q: (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: The company can raise funds through various methods. Some of them are, by way of issuing common…

Q: On May 27, Kick Off Inc. reacquired 3,000 shares of its common stock at $54 per share. On August 3,…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…

Q: Sudoku Company issues 21,000 shares of $7 par value common stock in exchange for land and a…

A: Introduction: Sometimes businesses trades common stock for land, building or any other assets. By…

Q: [The following information applies to the questions displayed below.] Tarrant Corporation was…

A: Par value of the common stock is the face value which is stated in the authorized charter . When…

Q: Sudoku Company issues 21,000 shares of $9 par value common stock in exchange for land and a…

A: To record any transaction of business very firstly, is called ''journal entry..

Q: Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1 Sudoku Company issues 30,000 shares of…

A: Issue of common stock in excess of par value will takes place when the total assets received on…

Q: On January 1, Year 1, Hardy Company had a balance of $102,500 in its Common Stock account. During…

A: Cash Flow from Financing Activities - Cash Flow from Financing activity is the section from Cash…

Q: Prepare the entries on the appropriate dates to record the declaration and payment of the cash…

A: As soon as Dividend is declared the company has to record the liability and on Payment the liability…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is