Entries for Issuing StockOn January 22, Erin Corporation issued for cash 33,000 shares of no-par common stockat $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.Journalize the entries to record the January 22, February 14, and August 30transactions. If an amount box does not require an entry, leave it blank.Jan. 22Feb. 14Aug. 30DD

Journal entry: It is the set of economic events that can be measured in monetary terms. These are…

Answered: On January 22, Erin Corporation issued…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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…
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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.