On January 22, Erin Corporation issued for cash 33,000 shares of no-par common stock at $45. On February 14, Erin issued at par value 10,000 shares of preferred 4% stock, $50 par for cash. On August 30, Erin issued for cash 28,000 shares of preferred 4% stock, $50 par at $55.
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- Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000 shares of $10 par value preferred stock. During the year the company issued the following shares: Feb 2 Issued 20,000 shares of common stock, $1 par value, for cash of $40,000. Mar 17 Issued 2,000 shares of preferred stock, $10 par value, for cash of $25,000. May 24 Issued 10,000 shares of common stock, $1 par value, for cash of $30,000. Aug 15 Purchased 2,000 shares of common stock for $28,000 to put into the treasury. Oct 12 Sold 1,000 shares of treasury stock for $16 per share. a. How many common shares have been issued? b. How many common shares are outstanding? c. How many preferred shares…On January 1, Vermont Corporation had 41,000 shares of $12 par value common stock issued and outstanding. All 41,000 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,080 shares of treasury stock for $28 per share and later sold the treasury shares for $20 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include what?Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec. 1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.
- Wonder Ltd. has treasury stock transactions in 20X9 as follows: a. Feb. 27 Purchased 140,000 common shares as treasury stock at $6.50 per share. b. March 15 Purchased 64,000 common shares as treasury stock for $5.50 per share. c. April 30 Reissued 100,000 shares of treasury stock for $4.25 per share. d. May 16 Purchased 54,000 common shares as treasury stock for $6.05 per share. e. Nov. 26 Reissued 268,000 shares of treasury stock for $4 per share. At the end of 20X8, Wonder Limited had reported the following in shareholders’ equity: Common shares, no-par value; authorized, unlimited shares; issued, 5,800,000 shares, outstanding, 5,500,000 shares $ 21,117,000 Contributed capital on treasury stock transactions 133,600 Retained earnings 14,840,000 Treasury stock, 300,000 common shares (1,260,000) Required:1. Prepare…Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $32 per share. What is the correct entry to record the stock issuance? O a. Debit to Cash, $32,000; Credit to Preferred Stock, $32,000 O b. Debit to Cash, $32,000; Credit to Additional Paid-in Capital, $32,000 O C. Debit to Cash, $32,000; Credit to Common Stock, $31,990; Credit to Additional Paid-in Capital, $10 O d. Debit to Cash, $32,000; Credit to Preferred Stock, $10; Credit to Additional Paid-In Capital-Common Stock, $31.990On January 22, treland Corporation issued for cash 20,000 shares of no-par common stock at $30. On February 14, Ireland issued at par value 8,000 shares of preferred 3% stock, $60 par for cash. On August 30, Ireland issued for cash 12,000 shares of preferred 3% stock, $60 par at $64. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan, 22 Feb. 14 Aug. 30
- Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 4, 200 shares of no-par common stock for $15 per share. May 15 Issues 200 shares of $10 par value, 3.5% preferred stock for $12 per share. October 1 Declares a cash dividend of $0.35 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 3 4. Record payment of the cash Note: Enter debits before credits. Date General Journal Debit Credit October 31Sage Corporation issued 392 shares of $10 par value common stock and 128 shares of $50 par value preferred stock for a lump sum of $17,424. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share.Prepare the journal entry to record the issuance.On February 13 Epperson company issued for cash 80,000 shares of no part common stock (with a stand value of $100) at $135. On September 9 Epperton issued at par 25,000 shares of one percent, $45 par preferred stock at par for cash. On November 23 Epperson issued for cash 7600 shares of one percent $60 par preferred stock at $80. Required: Journalize the entries to record the February 13, September 9 and November 23 transactions
- On January 1, Michelle Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of S5 per share. During the year, the following occurred. Apr. 1issued 55, 000 additional shares of common stock for $17 per share. Jun. 15Declared a cash dividend of $1 per share to stockholders of record on June 30. Jul. 10Paid the $1 cash dividend. Dec. 1Issued 2, 000 additional shares of common stock for $19 per share. 15Declared a cash dividend on outstanding shares of S 1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the dates.On May 23, Stoltz Realty Inc. issued for cash 111,000 shares of no-par common stock (with a stated value of $5) at $8. On July 6, Stoltz Realty Inc. issued at par value 35,000 shares of preferred 1% stock, $10 par for cash. On September 15, Stoltz Realty Inc. issued for cash 20,000 shares of preferred 1% stock, $10 par at $11. Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 313 Paid-In Capital in…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'…
