Journal Entry Needed?Event/TransactionYesNoA newly incorporated company authorizes(a)250,000 shares.30,000 shares that were authorized in (a)(b)are issued but at their par value.A company repurchases 5,000 of their(c)outstanding shares.The ex-dividend date for a cash dividend(d)arrives.(e) A company declares a stock dividend.(f) A company pays a cash dividend.(g)A company completes a 3-for-1 stock split.A company sees that their stock is selling(h) for $10 per share more than their recordedpar value.A company has cumulative preferredstockholders, but decides not to pay a(i)dividend in the current year. This createsdividends in arrears.The company distributes the stock dividend(i)declared in (e.)A company issues a contract to a newrecording artist to produce a number of(k)albums over the next five years at $1million per album.

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Journal Entry Needed? Event/Transaction Yes No A newly incorporated company authorizes (a) 250,000 shares. 30,000 shares that were authorized in (a) (b) are issued but at their par value. A company repurchases 5,000 of their (c) outstanding shares.

Journal Entry Needed? Event/Transaction Yes No A newly incorporated company authorizes (a) 250,000 shares. 30,000 shares that were authorized in (a) (b) are issued but at their par value. A company repurchases 5,000 of their (c) outstanding shares.

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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3. VUR Industries Inc. originally issued its 4,300 common shares at $32 per share and all are outstanding as of February 1, 2023. REQUIRED: Prepare general Journal entries for the following: 1) Feb 1, 2023 - Purchased and retired 433 common shares at $25/share. 2) Nov 1, 2023 - Purchased and retired 644 common shares at $46/share.
Checl below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following: Shareholders' Equity Common stock, 100 million shares at $1 par Paid-in capital Retained earnings ($ in millions) $100 300 210 excess of par Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record 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).) 1. On January 7, 2021, Borner reacquired 2 million shares at $5 per share. 2. On August 23, 2021, Borner reacquired 4 million shares at $3.50 per share. 3. On July 25, 2022, Borner sold 3 million common shares at $6 per share. 獲, View transaction Iist View Journal entry worksheet No Date General Journal…
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View Policies Show Attempt History Current Attempt in Progress Ivanhoe Inc. (II) is a backyard pond design and installation company. Il was incorporated during 2023, with an unlimited number of common shares, and 47,000 preferred shares with a $3 dividend rate authorized. Il follows ASPE. The following transactions took place during the first year of operations with respect to these shares: Jan. 1 an. 15 Feb. 20 Mar. 3 Sept. 23 The articles of incorporation were filed and state that an unlimited number of common shares and 47,000 preferred shares are authorized. 28 28,200 common shares were sold by subscription to 3 individuals, who each purchased 9,400 shares for $47 per share. The terms require 9% of the balance to be paid in cash immediately. The balance was to be paid by December 31 2024 at which time the shares will be issued 31, 2024, at which time the shares will be issued. 65,800 common shares were sold by subscription to 7 individuals, who each purchased 9,400 shares for $47…
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