Maxville Company issues 350 shares of $40 par preferred stock and 1,000 shares of $5 par common stock in a "package" sale on December 31. Total proceeds received amount to $38,600.Required: Record the transaction for each independent assumption shown: 1. The common stock has a current market value of $18 per share; the current market value of preferred stock is not known. 2. The common stock and the preferred stock have a current market value per share of $21 and $61, respectively.

Maxville Company issues 350 shares of $40 par preferred stock and 1,000 shares of $5 par common stock in a "package" sale on December 31. Total proceeds received amount to $38,600.Required: Record the transaction for each independent assumption shown: 1. The common stock has a current market value of $18 per share; the current market value of preferred stock is not known. 2. The common stock and the preferred stock have a current market value per share of $21 and $61, respectively.

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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The Sneed Corporation issues 12,700 shares of $46 par preferred stock for cash at $63 per share. The entry to record the transaction will consist of a debit to Cash for $800,100 and a credit or credits to: a.Preferred Stock for $584,200 and Retained Earnings for $215,900. b.Preferred stock for $584,200 and Paid-in Capital in Excess of Par Value−Preferred Stock for $215,900. c.Preferred Stock for $800,100. d.Paid-in Capital from Preferred Stock for $800,100.
Martian Magic issued 800 shares of $50 par preferred stock and 1,000 shares of $1 par common stock in a "package" sale for $150,000. The preferred stock market value was $88 per share, and the common stock market value was $156 per share. Required:Indicate the accounts and amounts credited in the entry to record the issuance of the stock. Round amounts to the nearest dollar. Account Amount $fill in the blank 2 $fill in the blank 4 $fill in the blank 6 $fill in the blank 8
Vaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the sale will include a O credit to Treasury Stock for $21450. O credit to Paid-in Capital from Treasury Stock for $3900. O debit to Paid-in Capital in Excess of Par for $3900. O credit to Gain on Sale of Treasury Stock for $17550.
Ehrlich Corporation's common stock had a $10 par value and the preferred stock had a $50 par value. Journalize the following independent transactions: a. Issued 600 shares of common stock for equipment. The equipment had been appraised at $7,100; the seller's book value was $6,200. The most recent market price of the common stock is $16 a share. b. Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $10,800. The common had been selling at $14 and the preferred at $65. c. Issued 200 shares of common and 50 shares of preferred for equipment. The common had a fair value of $16 per share; the equipment has a fair value of $6,500.
The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $646,800. What credit or credits will the entry consist of? Select the correct answer. -Preferred Stock for $509,600 and Retained Earnings for $137,200. -Paid-in Capital from Preferred Stock for $646,800. -Preferred Stock for $646,800. -Preferred stock for $509,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $137,200.
Tamarisk, Inc. has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Owe
Swifty Inc's $10 par value common stock is actively traded at a market price of $15 per share. Swifty issues 6,300 shares to purchase land advertised for sale at $79,000. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash Common Stock Paid-in Capital in Excess of Par-Common Stock
Nexis Corp. issues 1,180 shares of $9 par value common stock at $17 per share. When the transaction is recorded, credits are made to a. Common Stock, $9,440 and Paid-In Capital in Excess of Stated Value, $10,620. Ob. Common Stock, $20,060. Oc. Common Stock, $9,440 and Retained Earnings, $10,620. Od. Common Stock, $10,620, and Paid-In Capital in Excess of Par-Common Stock, $9,440.
Sandhill Storage Products purchased 11600 shares of its own $0.75 par value common stock at a cost of $8 per share. The stock was originally issued at $7 per share. Which of the following is part of the journal entry to record the purchase? Credit Common Stock for $92800. O Debit Treasury Stock for $8700. Debit Treasury Stock for $92800. O Credit Common Stock for $8700.
If Dakota Company issues 2,900 shares of $9 par common stock for $55,100, a. Common Stock will be credited for $55,100. b. Cash will be debited for $26,100. c. Paid-In Capital in Excess of Par will be credited for $29,000. d. Paid-In Capital in Excess of Par will be credited for $26,100.
Nexis Corp. issues 1,110 shares of $9 par value common stock at $17 per share. When the transaction is journalized, credits are made to a.Common Stock, $8,880 and Retained Earnings, $9,990. b.Common Stock, $8,880 and Paid-In Capital in Excess of Stated Value, $9,990. c.Common Stock, $18,870. d.Common Stock, $9,990, and Paid-In Capital in Excess of Par—Common Stock, $8,880.

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1.	The common stock has a current market value of $18 per share; the current market value of preferred stock is not known.
2.	The common stock and the preferred stock have a current market value per share of $21 and $61, respectively.