On April 10 a company acquired land in exchange for 2,500 shares of $23 per common stock with a current market price of $74. Journalize this transaction.

Q: On January 23, 16,000 shares of Tolle Company are acquired at a price of $24 per share plus a $160…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On February 20, services valued at $60,000 relating to the organization of a corporation were…

A: The issue of shares is the main source of generating finance for the company. The holder of the…

Q: Zeus Investments Inc. is a regional freight company that began operations on January 1, 20Y8. The…

A: Investment: Securities are financial instruments that have value and may be traded between parties,…

Q: Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following…

A: Working Notes: (1000 shares * $40 per share) + $500 brokerage commission Cash dividend: 1000 shares…

Q: On May 3, Zirbal Corporation purchased 7,000 shares of its own stock for $49,000 cash. On November…

A: recording of journal entry of above transaction are as follows

Q: Jarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is…

A: The objective of the question is to determine the correct accounting entry for Jarvis Corporation's…

Q: A company acquires land by issuing 11,100 shares of its $20 par value common stock which is…

A: Consideration given up = 11,100 shares x $30 = $333,000

Q: On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40…

A: When any security is acquired ,the cost of acquisition would include all brokerage and commission…

Q: Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…

A: Treasury stock means where the own stock has been repurchased by company from open market and can be…

Q: Sudoku Company issues 17,000 shares of $7 par value common stock in exchange for land and a…

A: A journal entry is a core and foremost record that a transaction has taken place in the business.…

Q: Carolina Corporation issues 8,000 shares of $1 par value stock for a parcel of land valued at…

A: The objective of this question is to understand how to record a journal entry for a transaction…

Q: XYZ Company issued at par 100 shares of $2 par common stock in exchange for land with a market value…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000.…

A: The journal entries are the basic method for recording transactions. The portion of shares acquired…

Q: Rios Co. is a regional insurance company that began operations on January 1, 20Y2. The following…

A: Journal entries are the first step in the accounting cycle and are used to record financial…

Q: Sudoku Company issues 28,000 shares of $8 par value common stock in exchange for land and a…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Rios Co. is a regional insurance company that began operations on January 1, 20Y2. The following…

A: Journal entries: A transaction is primarily recorded in the books of accounts through a first book…

Q: Record the issuance of 2,400 shares of $20 par value common stock for $43,000 of inventory, $155,000…

A:

Q: A corporation issues 6,000 shares of $1 par value stock for a parcel of land valued at $12,000.…

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Q: Farmers Incorporated issued 6,000 shares of its $10 par value common stock in exchange for land that…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Record the issue of 32,000 shares of $8 par value common stock in exchange for land valued at…

A: To record any transaction of the business very firstly, is called ''journal entry''.

Q: Barton Company is a publicly held corporation whose $1 par value stock is actively traded at $33 per…

A: Solution: When shares are issued in exchange for a consideration other than cash such as any assets…

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: The own shares purchased are known are treasury stock. Treasury stock shall be debited when its own…

Q: Item 2 Sudoku Company issues 24,000 shares of $8 par value common stock in exchange for land and a…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Land appraised at $65,600 is purchased by issuing 820 shares of $20 par value common stock. The…

A: Land is purchased while share has been issued in exchange of land . In that situation , we need to…

Q: Bellows Inc. purchased 10,000 shares of Nesbitt Inc.’s common stock for $7.50 per share. Nesbitt…

A: Investment represents the amount paid in orde to earn something in return. Investment in share…

Q: Bridgeport Inc's $10 par value common stock is actively traded at a market price of $15 per share.…

A: JOURNAL ENTRIESJournal Entry is the first and foremost stage of Accounting Process. Journal Entry is…

Q: Loretta Inc. issues 2,000 shares of preferred stock in exchange for land and building that have a…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: ROK Company purchased land from XYZ company by issuing 6,000 shares of it's $5 par value stock. At…

A: The transaction here is that ROK Company is purchasing land from XYZ company. Instead of paying…

Q: Sudoku Company issues 34,000 shares of $7 par value common stock in exchange for land and a…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: On May 3, Zirbal Corporation purchased 4,500 shares of its own stock for $31,500 cash. On November…

A: Buy back of share means buying our own share from the open marked, these share are technically…

Q: (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Foley Co. bought 50 shares of its stock for $8 per share to be held as Treasury Stock. Record this…

A: The treasury stock are the purchase of its own shares from the market.

Q: 11. On June 15, NASDA Corporation, acquired a building in exchange for 35,000 shares with a $75 par…

A: Date Account Titles and Explanation  Debit   Credit  June'15 Building  $3,850,000     Common…

Q: On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145…

A: Given that: Number of shares acquired = 15000 Price per share = $25 per share Brokerage Commission =…

Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: Costing method highlights Under the Costing method cost of the investment in securities is recorded…

Q: Smith Company exchanges assets to acquire a building. The market price of the Smith stock on the…

A: Property, plant, and equipment refers to those assets which are long-term in nature and are used by…

Q: Sudoku Company issues 21,000 shares of $9 par value common stock in exchange for land and a…

A: To record any transaction of business very firstly, is called ''journal entry..

Q: Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1 Sudoku Company issues 30,000 shares of…

A: Issue of common stock in excess of par value will takes place when the total assets received on…

Q: XYZ Company issued at par 300 shares of $2 par common stock in exchange for land with a market value…

A: Common stock can be issued in exchange for non-cash assets such as land, buildings, or equipment and…

Q: 29,000 shares reacquired by Bridgeport Corporation for $55 per share were exchanged for undeveloped…

A: In finance, an acquisitions or mergers used to transactions, where the company's ownership, where…

Q: Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a…

A: ISSUANCE OF COMMON STOCK   A company issue common stock to generate fund for their Business or for…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.