Llewelyn Company purchased 1,800 shares of its own $6 par value common stock when the market price of the stock was $21 per share. Which of the following journal entries would be used to record6.the purchase of treasury stock?Multiple ChoiceTreasury stockPaid-in capital in excess of par - Common10,80010,800Treasury stock37,800Cash37,800Treasury stock37,800Common stock10,800Paid-in capital in excess of par - Common27,000Cash37,800Treasury stock10,800Paid-in capital in excess of parCommon27,000

Buyback of own shares: Sometimes company repurchases its own stock shares from the market to improve…

Answered: Llewelyn Company purchased 1,800 shares…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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The Sneed Corporation issues 11,100 shares of $54 par preferred stock for cash at $62 per share. The entry to record the transaction will consist of a debit to Cash for $688,200 and a credit or credits to a.Paid-in Capital from Preferred Stock for $688,200. b.Preferred stock for $599,400 and Paid-in Capital in Excess of Par Value−Preferred Stock for $88,800. c.Preferred Stock for $688,200. d.Preferred Stock for $599,400 and Retained Earnings for $88,800.
Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. Which of the following is recorded at the time of the purchase? a. Debit Treasury Stock for $32,000. b. Debit Common Stock for $30,000. c. Debit Common Stock for $32,000. d. Debit Treasury Stock for $2,000.
Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value common stock assuming the shares: a. Sell for $29 cash per share. b. Are exchanged for land valued at $1,827,000. View transaction list Journal entry worksheet 1 > Record the issuance of 63,000 shares of no-par value common stock assuming the shares sell for $29 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a.
A company isued 60 shares of $100 par value common stock for $7,100 cash. The journal entry to record the issuance is: Multiple Cholce Debit Cash $7100; credit Common Stock $7100. Debit Investment in Common Stock $7100; credit Cash $7100. Debit Cash $7,100, credit Common Stock $6,000; credit Paid-in Capital in Excess of Par Value, Common Stock $1,100. Debit Common Stock $6,000, debit Investment in Common Stock $1,100; credit Cash $7100. Debit Cash $7100; credit Paid-in Capital in Excess of Par Value, Commor Stock $6,000, credit Common Stock $1,100
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E16.4 Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Instructions: a. Journalize the transactions. b. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.
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A corporation originally issued $6 par value common stock for $11 per share. It purchased the stock for $13 per share. Which of the following is included in the entry to record the sale of 20 shares of treasury stock for $19 per share? O A. Treasury Stock-Common is credited for $260. B. Paid - In Capital from Treasury Stock Transactions is credited for $380. O C. Treasury Stock-Common is credited for $380. D. Paid- In Capital from Treasury Stock Transactions is debited for $120.
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