March 11: Sold 20 shares of treasury stock for $50 cash per share. This treasury stock was purchased in the transaction on January 25 for $62. Dr. [Select] [Select] Dr. [Select] [Select] Cr. [Select] [Select]
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- Feb. 2 Purchased for cash 500 shares of Braxter Co. stock for $34 per share plus a $250 brokerage commission. Apr. 16 Received dividends of $0.35 per share on Braxter Co. stock. June 17 Sold 100 shares of Braxter Co. stock for $40 per share less a $100 brokerage commission. Required: Journalize the entries to record the above selected equity investment transactions completed by Flurry Company during the current year. Flurry’s purchase represents less than 20% of the total outstanding Braxter Co. stock. Refer to the Chart of Accounts for exact wording of account titles.Apr. 16 Purchased 5,000 shares of Lafayette Co. stock at $26 per share. July 7 Purchased 3,500 shares of CVF Co. stock at $51 per share. 20 Purchased 1,600 shares of Green Co. stock at $18 per share. Aug. 15 Received an $1.20 per share cash dividend on the Lafayette Co. stock. 28 Sold 3,000 shares of Lafayette Co. stock at $29 per share. Oct. 1 Received a $3.30 per share cash dividend on the CVF Co. shares. Dec. 15 Received a $1.40 per share cash dividend on the remaining Lafayette Co. shares. 31 Received a $2.70 per share cash dividend on the CVF Co. shares. What would the end result be on the general ledger?Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
- Year 1 January 5 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,500,000. Kildaire declared and paid a cash dividend of $2.40 per share. October 23 December 31 Kildaire's net income for the year is $1,112, eee, and the fair value of its stock at December 31 is $34 per share. Year 2 No 1 October 15 Kildaire declared and paid a cash dividend of $3.30 per share. December 31 Kildaire's net income for the year is $1,166,00e, and the fair value of its stock at December 31 is $37 per share. Problem 15-6A (Algo) Accounting for long-term investments in stock without significant influence LO P4 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant Influence over the investee. 2 Year 3 Required: Prepare Journal entries to record the preceding transactions and events for Selk. January 2 Selk sold 2 % (equal to 1,000 shares) of its investment in Kildaire for $68,000 cash. Answer is not complete.…On August 1, Ivanhoe Company buys 2400 shares of Zingo common stock for $75000 cash. On December 1, the stock investments are sold for $86250 in cash. Which of the following are the correct journal entries of record for the purchase and sale of the common stock? Aug. 1 Stock Investments Cash Dec. 1 Cash Stock Investments Gain on Sale of Stock Investments о 75000 75000 86250 75000 11250 Aug. 1 Stock Investments 75000 Cash 75000 Dec. 1 Stock Investments 86250 Cash 72850 Gain on Sale of Stock 11000 Investments Aug. 1 Cash 75000 Stock Investments 75000 Dec. 1 Stock Investments 86250 Cash 75000 Gain on Sale of Stock 11250 Investments Aug. 1 Cash 75000 Stock Investments 75000 Dec. 1 Cash 86250 Stock Investments 75000 Gain on Sale of Stock 11250 InvestmentsOn April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 per share. It sold 4,000 of the treasury shares at $31 per share on June 10. The remaining 3,000 shares were sold on November 10 for $24 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 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10
- On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $26 per share. It sold 4,000 of the treasury shares at $29 per share on June 10. The remaining 3,000 shares were sold on November 10 for $22 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 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10 DOLshj.3On April 2 a corporation purchased for cash 6,000 shares of its own $11 par common stock at $29 per share. It sold 4,000 of the treasury shares at $32 per share on June 10. The remaining 2,000 shares were sold on November 10 for $25 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 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10 (Previous Next 3:26 PM a 53°F Sunny 12/14/2021 | 甲 五 delete 144 0. 6. asned 1shift USE YOUR SMARTPHONE FOR
- Foley Co. bought 50 shares of its stock for $8 per share to be held as Treasury Stock. Record this transaction. Edit View Insert Format Tools TableOn April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 a share. It sold 3,000 of the treasury shares at $29 a share on June 10. The remaining 2,000 shares were sold on November 10 for $22 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10 M Y ▼ ♥Required information The following information applies to the questions displayed below] The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is now held in treasury July 15 Issued 155 of the shares purchased on February 1 for $41 cash per share Sept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share. 4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income? The reissuance of treasury stock for more or less than its original repurchase cost affect net income. The transaction affects only accounts