MCore was organized on JAN 1, 2017. It is authorized to issue 20,000 shares of 6%, $40 parvalue preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 pershare. These stock transactions were completed during the first year.Jan10 Issued 100,000 shares of common stock for cash at $3 per share.Mar.1Issued 10,000 shares of preferred stock for cash at $55 per share.Apr.1Issued 25,000 shares of common stock for land. The asking price of the land was$90,000. The company's estimate of fair value of the land was $75,000.Issued 75,000 shares of common stock for cash at $4 per share.Issued 10,000 shares of common stock to attorneys in payment of their bill for$50,000 for services performed in helping the company organize.Issued 5,000 shares of common stock for cash at $6 per share.May 1Aug.1(a)Sept. 1Nov.1 Issued 2,000 shares of preferred stock for cash at $60 per share.Instructions(a) Journalize the transactions.(b) Post to the stockholders' equity accounts.Jan 10Mar 01Apr 01May 01Aug 01Sept 01Nov 01(b)Preferred StockDateMar 01Nov 01Common StockDateJan 10Apr 01May 01Aug 01Sept 01ExplanationXXMar 01Nov 01ExplanationXJan 10Apr 01May 01Aug 01Sept 01XXXXExplanationXXDebitXXExplanationXXXDebitXPaid-In Capital in Excess of Par - Preferred StockDateDebitCreditXXXXXXXXPaid-In Capital in Excess of Par - Common StockDateDebitCreditXCreditXXCreditXXBalanceBalanceBalanceBalance

Issue of stock is one of the important source of finance being used in business. It can be common…

Answered: MCore was organized on JAN 1, 2017. It…

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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Sunland Corporation was organized on January 1, 2022. It is authorized to issue 9,600 shares of 8%, $50 par value preference shares, and 501.500 shares of no-par ordinary shares witha stated value of $2 per share. The following share transactions were completed during the first year. Jan, 10 Issued 80,050 ordinary shares for cash at $6 per share. Mar, 1 Issued 5,930 preference shares for cash at $113 per share. Apr. 1 Issued 24,680 ordinary shares for land. The asking price of the land was $90,820; the fair value of the land was $80.050. May 1 Issued 80,050 ordinary shares for cash at $8 per share. Aug. 1 Issued 9,600 ordinary shares to attorneys in payment of their bill of $50,400 for services rendered in helping the company organize. Sept. 1 Issued 9,600 ordinary shares for cash at $10 per share. Nov. 1 Issued 1,100 preference shares for cash at $115 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount…
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Joy Company was authorized to issue common stock of 100,000 shares with P50 par value on January 1, 2014. Eighty thousand shares were sold during the first year at P50 per share and 4,000 shares were alter reacquired as treasury at P65 per share. A stock split of 5-for-1 was approved on December 31, 2014. On January 31, 2015, a 10% stock dividend was paid and on March 1, 2015, the treasury stock was reissued at P68 per share. How many shares were outstanding on March 1, 2015?
On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
Blue Cab Company had 50,000 shares of common stock outstanding on January 1, 2018. On April 1, 2018, the company issued 20,000 shares of common stock. The company had outstanding fully vested incentive stock options for 5,000 shares exercisable at $10 that had not been exercised by its executives. The end-of-year market price of common stock was $13 while the average price for the year was $12. The company reported net income in the amount of $269,915 for 2018. What is the diluted earnings per share (rounded)?
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Accounting Wildhorse Co. was organized on January 1, 2022. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 533,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 78,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,750 shares of preferred stock for cash at $105 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $87,000. Apr. 1 May 1 Issued 76,500 shares of common stock for cash at $4.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $42,000 for services performed in helping the company organize. Aug. 1 Sept. 1 Issued 11,500 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,500 shares of preferred stock for cash at $108 per share. (a) Your answer is partially correct. Post to the stockholders'…

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