On September 1, 2025, Sheridan Company reacquired 31400 shares of its $10 par value common stock for $15 per share. Sheridan uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit O Treasury Stock for $471000. O Common Stock for $314000. O Treasury Stock for $314000. O Common Stock for $314000 and Paid-in Capital in Excess of Par for $157000.
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- On January 1, 2020, Blossom Corporation had 106,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of$5per share. During the year, the following occurred. Apr.1 issued 10,000 additional shares of common stock for$16per share. June 15 Declared a cash dividend of$1per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Purchased 1,800 additional shares of common stock for$15per share. Dec. 15 Declared a cash dividend on outstanding shares of $1.30 per share to stockholders of record on December 31. (a) Prepare the entries, if any, on each of the three dividend dates (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select 'No Entry' for the account titles and enter 0 for the amounts, List all debit entries before credit entries.On October 1, 2015, Adoll Company acquired 1,000 shares of its $1 par value stock for $44 per share and held these shares in treasury. On March 1, 2017, Adoll resold all of the treasury shares for $40 per share. Which of the following entries would be recorded when Adoll Company resells the shares of treasury stock? A- Debit Cash $40,000; Debit Loss on Sale of Treasury Stock $4,000; Credit Treasury Stock $44,000 B- Debit Cash $40,000; Debit Additional Paid In Capital $4,000; Credit Common Stock $44,000 C- Debt cash $40,000; Debit Additional Paid in Capital $4,000; Credit Treasury Stock $44,000 D- Debit Cash $40,000' Credit Common Stock $1,000; Credit Additional Paid In Capital $39,000In 2018, Western Transport Company entered into the treasury stock transactions described below. In 2016, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share.Required:Prepare the appropriate journal entry for each of the following transactions:1. On January 23, 2018, Western Transport reacquired 10 million shares at $20 per share.2. On September 3, 2018, Western Transport sold 1 million treasury shares at $21 per share.3. On November 4, 2018, Western Transport sold 1 million treasury shares at $18 per share.
- Sheridan Company acquired 21400 shares of its common stock at $18 per share on February 5, 2025, and sold 10700 of these shares at $25 per share on August 9, 2026. The fair value of Sheridan's common stock was $22 per share at December 31, 2025, and $23 per share at December 31, 2026. The cost method is used to record treasury stock transactions. What account(s) should Sheridan credit in 2026 to record the sale of 10700 shares? O Treasury Stock for $192600 and Paid-in Capital from Treasury Stock for $74900. O Treasury Stock for $235400 and Retained Earnings for $32100. O Treasury Stock for $192600 and Retained Earnings for $74900. O Treasury Stock for $267500.Herman Inc. has 180,000 shares of $5 par common stock outstanding at the beginning of the year 2022. The following transactions affecting stockholders’ equity occured suring the year. Assume Paid-in Capital—Treasury Stock has a zero beginning balance. · January 15: Purchased common stock as treasury shares, 6,000 shares at $20. · April 15: Sold common treasury stock, 2,400 shares at $14. The journal entry on April 15, 2022 will include: A) A credit to Treasury Stock for $120,000 B) A debit to Retained Earnings for $14,400 C) A debit to Treasury Stock for $48,000 D) A debit to Paid-in-Capital, Treasury Stock for $14,400Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2018, the company's board of directors declares a 50 percent stock dividend. This stock dividend will be distributed on January 20, 2019 to the stockholders of record on January 15, 2019. The market price of the company's stock is $10 per share on December 31, 2018. Prepare the journal entry. Please dont provide soluton image based solutions thank you
- On August 1, 2014, Amherst Company reacquired 4,000 shares of its $15 par value common stock for $18 per share. Amherst uses the cost method to account for treasury stock. What journal entry should Amhurst make to record the acquisition of treasury stock? On August 1, 2014, Amherst Company reacquired 4,000 shares of its $15 par value common stock for $18 per share. Amherst uses the cost method to account for treasury stock. What journal entry should Amhurst make to record the acquisition of treasury stock? A debit to Treasury Stock for $60,000 and a debit to Retained Earnings for $12,000. A credit to Cash for $72,000 A debit to Treasury stock for $60,000 and a debit to APIC for $12,000. A credit to Cash for $72,000 A debit to Retained Earnings for $72,000 and a redit to cash for $72,000 debit to Treasury stock for $72,000 and a credit to cash for $72,000Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on January 1, 2021, for $2,530,000. In December 2023, Pharoah declared its first dividend of $840,000. Prepare Pharoah’s journal entry to record the issuance of the preferred stock.On January 1, 2020, Urban Inc. issued 10,000 shares of $1 par common stock for $10 per share. On June 30, 2020, Urban Inc. reacquired 1,000 shares of common stock at $8 per share. On December 15, 2020, Urban Inc. reissued 500 shares of common stock at $12 per share. Assume that Urban accounts for repurchases of its common stock as direct stock retirements. The entry on June 30, 2020, to account for the direct stock retirement would include a Credit to Paid-in Capital in Excess of Par-Common Stock for $2,000. Credit to Retained Earnings for $2,000. Debit to Paid-in Capital in Excess of Par-Common Stock for $9,000. Debit to Retained Earnings for $9,000.
- In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share.Required:Prepare the appropriate journal entry for each of the following transactions:1. On January 23, 2021, Western Transport reacquired 10 million shares at $20 per share.2. On September 3, 2021, Western Transport sold 1 million treasury shares at $21 per share.3. On November 4, 2021, Western Transport sold 1 million treasury shares at $18 per share.Wildhorse Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,770,000 shares of $10 par common stock. At no time has Wildhorse issued any potentially dilutive securities. Listed below is a summary of Wildhorse’s common stock activities. 1. Number of common shares issued and outstanding at December 31, 2018 2,050,000 2. Shares issued as a result of a 10% stock dividend on September 30, 2019 205,000 3. Shares issued for cash on March 31, 2020 1,910,000 Number of common shares issued and outstanding at December 31, 2020 4,165,000 4. A 2-for-1 stock split of Wildhorse’s common stock took place on March 31, 2021 Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement. shares eTextbook and Media Compute the weighted-average…I need help with preparring a journal entry using the following. Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. How do you calculate the Common Stock and "Paid-In" results?