On March 6th, 2020 Lin Co sold 200,000 shares of $0.01 par value common stock at a price of$15 per share. On April 19th, 2020 Lin reacquires 20,000 of these shares for $600,000.On August 31th, 2020 Lin sells 8,000 shares of the treasury stock that it purchased in March of2020 for $320,000.2. What will be Lin's Journal entry in April of 2020?3. What will be Lin's Journal entry in August of 2020?

Journal entries are used to record the accounting transactions in chronological order under double…

Answered: On March 6th, 2020 Lin Co sold 200,000…

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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February 20, 2020: Lee Ranger purchased 100 shares of Pine Corp. stock for $30 a share. April 7, 2020: Lee sold 50 shares of Pine Corp. stock for $20 a share. April 24, 2020: Lee purchased 25 shares of Pine Corp. stock for $25 a share. What is the basis of the 25 shares purchased on April 24, 2020? $625 $875 $1,125 $750
The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense Relevant exchange rates for 1 Kr were as follows: 2013 2014 January 1, 2020 April 1, 2020 July 1, 2020 $ 2.50 2.30 January 1, 2020 (23,000) 46,000 (37,000) 0 2.60 2.70 2.90 (56,000) 126,000 52,000 (61,000) 0 0 0 0 0 (47,000) 0 0 0 December 31, 2020 (29,000) 96,000 (42,000) (6,700) (56,000) 101,000 Additional Information Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013. Agee purchased buildings in 2014 and sold one building with a book…
Bonneau Company had the following transactions relating to investments in available-for-sale securities during the year. Prepare the required general journal entries for these transactions:July 4 Bonneau purchased 400 shares of Crossley Company stock at $120 per share plus a $400 brokerage fee. These stocks will be classified as Available-for-Sale securities.Sept 15 Bonneau received a $1.50 per share cash dividend on the Crossley Company stock.Dec 31 The fair value of the Crossley Company stock (the only investment that Bonneau owns) is $125 per share. The balance of the Fair value Adjustment—AFS account had a zero balance prior to adjustment.
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Case A: On January 1, 2021, your company purchased 60,000 shares of Freeze Company's $10 par common stock for $26 per share in cash plus paid $10,000 of broker's fees. On that date, Freeze Company's assets and liabilities had a book value equal to market value except for their building which had a market value which was $80,000 higher than its book value and had a 20-year remaining life. 2021 a. Purchased 60,000 shares of Freeze Company's $10 par common stock for $26 per share in cash plus paid $10,000 in broker's fees.. b. Received $30,000 in cash dividends. On December 31, 2021: 1. Freeze Company's stock had a market value of $25 per share. с. 2. Freeze Company reported net income of $400,000. 2022 d. Received a 10% stock dividend. On December 31, 2022: 1. Freeze Company's stock had a market value of $24 per share. е. 2. Freeze Company reported net income of $500,000. Assume the 60,000 shares you purchased represented 30% of the outstanding shares of Freeze Company so you were using…
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The Tornado Truck Body Company decides to repurchase 10,000 shares of its common stock on January 20. The stock has $1 par value, and the market value per share of common stock on January 20 is $8.75. The company decides to sell 5,000 of the treasury stock shares on April 30 for $9.00 per share. What is the amount of the gain recognized as a result of the transaction? Group of answer choices A)$40,000 b)$0 c)$45,000 d)$1,250 e)None of the above
G.Swifty Corporation was organized on January 1, 2020, with authorized capital of 1060000 shares of $10 par value common stock. During 2020, Swifty issued 55000 shares at $11 per share, purchased 5500 shares of treasury stock at $12 per share, and sold 5500 shares of treasury stock at $14 per share. What is the amount of additional paid-in capital at December 31, 2020? O $55000 O $0 O $66000 O $11000

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