on Dec 31 Liverpyncorp issued 4000 common shares for land with a fair market value of 198000 prepare journal entry
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on Dec 31 Liverpyncorp issued 4000 common shares for land with a fair market value of 198000
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- As of December 31, 2014, Kaman Corp. held two Equity Securities. Information regarding these securities is as follows: Secuirty Date Acquired Acquisition Cost Market Value (12/31/14) A $35,000 $88,000 B Based on the information given, create the journal entry that would be recorded on 12/31/14. For each line item of the journal entry write whether it is a Dr. or Cr., the account name, and amount. 1/16/14 2/22/14 $36,000 $79,000Can you please help me Journalize this entryPeace Company issued common shares with a par value of $59,000 and a market value of $159,300 in exchange for 30 percent ownership of Symbol Corporation on January 1, 20X2. Symbol reported the following balances on that date: Assets Cash Accounts Receivable Inventory (FIFO basis) Land Buildings & Equipment SYMBOL CORPORATION Balance Sheet January 1, 20X2 Book Value Fair Value $ 57,000 86,000 137,000 $ 57,000 86,000 167,000 59,000 74,000 505,000 328,000 (245,000) 33,000 Less: Accumulated Depreciation Patent Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities & Equities $ 599,000 $ 745,000 $ 22,000 192,000 137,000 11,000 237,000 $ 599,000 $ 22,000 192,000 The estimated economic life of the patents held by Symbol is 4 years. The buildings and equipment are expected to last 6 more years on average. Symbol paid dividends of $15,000 during 20X2 and reported net income of $87,000 for the year. Required:…
- Fiona Company issued 21,500 ordinary shares with par value of P85 in exchange for land with a fair market value of 920,000 and a building with fair market value of P1,087,500. What is the amount to be debited for Share Premium-Ordinary?Harold Corporation declared share dividends of 1 share for every 5 shares owned on its 300,000 issued and outstanding ordinary shares with a par value of P50 per share. At the time of declaration the fair value of the ordinary shares was P65 per share and P80 per share at the time the shares were issued. What amount should be charged to the Retained Earnings account upon date of declaration?Sudoku Company issues 30,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $376,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet < A Record the issue of 30,000 shares of $6 par value common stock in exchange for land valued at $235,000 and a building valued at $376,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
- The LL Company will issue shares of P10 par value common stock for all the assets and liabilities of the OO Company. LL Company’s common stock has a current market value of P40 per share. The OO Company’s net assets were as follows: Current Assets 1,280,000 Non-Current Assets 3,520,000 Liabilities 1,600,000 The fair market value of the current assets is P1,600,000 while that of the non-current assets is 6,400,000. All of the liabilities are correctly stated. LL Company issued sufficient shares of stock so that the fair market value of the stock is equal the fair market value of OO Company’s net assets. To have an income from acquisition of P400,000, the number of shares to be issued by LL should be?On 5 March 20X7, Marchant Ltd issued 200,000 5% irredeemable GHS 1 preference shares. In accordance with IAS 32 Financial Instruments: Presentation, how will these shares and their related dividend be shown in Marchant Ltd’s financial statements for the year ended 31 March 20X7?On January 3, 2018,A Corp. purchased 25% of the voting common stock or C0.paying S2,500,000. A Cop. decided to use the equity method to account for this investment. Atthe ime of the investment, G Co, total stockholders' equity was S8,000,000. ACOIp. gathered the following intormation about G Co. assets and liabiiines Fair Value $500,000 1.300,0 00 0,000 Book Value S400,000 1.000,000 Buildings (10-year life) Equipment (5-year lite) Franchises (8-year life) For all other assets and liabilities, book value and fair vaue were equal. Any excess of cost over tair value was attributed to goodwill, which has not been impaired.
- On January 1 of the current year, Philips Company, an investor, held 10,000 shares of Sunshine Company, acquired at a total cost of P1,980,000. On October 1 of the current year, Sunshine Company issued rights to subscribe to new stock at P165 per share in the ratio of one share for every five rights held. The share has market value of P209 and the right has a market value of P11 at the time of issuance. Philips Company did not account for the stock rights spearately and subsequently exercise all stock rights during the current year. What amount should be reported by Philips as an investment in Supremes Company at the end of the current year?Al Khuwair Co. purchased a truck for RO 5,000 by issuing 200 shares of RO 10 par value shares for RO 25 per share. Prepare the journal entry for this transaction4. On February 1, 2019, Gruber plc issued 3,500 shares of its £3 par value ordinary shares for land worth £30,000. Prepare the February 1, 2019, journal entry.
