Part AIn late 2023, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common stock carrying a $1 par value, and 2,000,000 shares of $5 parvalue, noncumulative, nonparticipating preferred stock. On January 2, 2024, 4,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also onJanuary 2, all 2,000,000 shares of preferred stock are issued at $20 per share.Required:1. Prepare journal entries to record these transactions2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2024. (Assume net income for the first quarter 2024 was $2,000,000)Part BDuring 2024, the Nicklaus Corporation participated in three treasury stock transactions:a. On June 30, 2024, the corporation reacquires 300,000 shares for the treasury at a price of $17 per shareb. On July 31, 2024, 75,000 treasury shares are reissued at $20 per sharec. On September 30, 2024, 75,000 treasury shares are reissued at $15 per shareRequired:1. Prepare journal entries to record these transactions.2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2024, (Assume net income for the second and third quarterwas $3.500.000)Part COn October 1, 2024, Nicklaus Corporation receives permission to replace its $1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,850,000 sharesoutstanding) with a new common stock issue having a $0.50 par value. Since the new par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders willreceive two shares of the $0.50 per stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed by the issuing corporation)On November 1, 2024, the Nicklaus Corporation declares a $0.25 per share cash dividend on common stock and a $0.40 per share cash dividend on preferred stock. Payment is scheduled forDecember 1, 2024, to shareholders of record on November 15, 2024On December 2, 2024, the Nicklaus Corporation declares a 2% stock dividend payable on December 28, 2024, to shareholders of record on December 14. At the date of declaration, the commonstock was selling in the open market at $15 per share. The dividend will result in 154,000 (0.02 7700,000) additional shares being issued to shareholders. Required:1. Prepare journal entries to record the declaration and payment of these stock and cash dividends.2. Prepare the December 31, 2024, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was$3,000,000.)3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2024.

Since multiple questions have been asked, We will solve only the first question. If any particular…

Answered: Part A In late 2023, the Nicklaus…

FINANCIAL ACCOUNTING

10th Edition

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Marin Corporation is authorized to issue 54,000 shares of $ 5 par value common stock. During 2020, Marin took part in the following selected transactions. 1. Issued 5,200 shares of stock at $ 42 per share, less costs related to the issuance of the stock totaling $ 5,900. 2. Issued 1,000 shares of stock for land appraised at $ 54,000. The stock was actively traded on a national stock exchange at approximately $ 43 per share on the date of issuance. 3. Purchased 460 shares of treasury stock at $ 43 per share. The treasury shares purchased were issued in 2016 at $ 40 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when 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.) No.…
Johnny Deng, Incorporated initially issued 240,000 shares of $1 par stock for $1,200,000 in 2022. In 2023, the company repurchased 24,000 shares for $240,000. In 2024, 12,000 of the repurchased shares were resold for $192,000. In its balance sheet dated December 31, 2024, Johnny Deng, Incorporated's treasury stock account shows a balance of:
During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Jan. 2 Issued 65 million common shares for cash. 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2022 based on the earnings of McCollum in 2022. If net income exceeds $130 million, the president will receive 1 million shares; 2 million shares if net income exceeds $140 million. Mar. 31 Issued 4 million shares in exchange for plant facilities. Net income for 2021 was $139 million.Required: Compute basic and diluted earnings per share for the year ended December 31, 2021
Part A In late 2023, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2024, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $25 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2024. (Assume net income for the first quarter 2024 was $1,450,000.) Part B During 2024, the Nicklaus Corporation participated in three treasury stock transactions: a. On June 30, 2024, the corporation reacquires 180,000 shares for the treasury at a price of $12 per share. b. On July 31, 2024, 40,000 treasury shares are reissued at $15 per share. c. On September 30, 2024,…
During 2024, Ryabova entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 20 million common shares, $1 par per share. Net income for 2024 was $116 million. January 2 Issued 10 million common shares for cash. January 3 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2024 based on the earnings of Ryabova in 2024. If net income exceeds $100 million, the president will receive 1 million shares; if net income exceeds $120 million, the president will receive 2 million shares. Required: Compute basic and diluted EPS for 2024. Note: Round your answers to 2 decimal places. Basic EPS Diluted EPS__.
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In late 2017, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common stock carrying a $1 par value, and 2,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2018, 4,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at $30 per share. Required:1. Prepare journal entries to record these transactions.2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2018. (Assume net income for the first quarter 2018 was $1,700,000.)
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Swifty Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2020, Swifty Corporation took part in the following selected transactions. 1. Issued 52,000 shares of stock at $73 per share, less costs related to the issuance of the stock totaling $28,600. Issued 12,000 shares of stock for land appraised at $942,000. The stock was actively traded on a national stock exchange at $75 per share on the date of issuance. 2. 3. Purchased 6,200 shares of treasury stock at $71 per share. The treasury shares purchased were issued in 2009 at $48 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b)…
3
Part AIn late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 4,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 2,000,000 shares of the common stock are issued in exchange for cash at an average price of $12 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required:1. Prepare journal entries to record these transactions.2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,300,000.)
Blue Corporation is authorized to issue 52,000 shares of $5 par value common stock. During 2025, Blue took part in the following selected transactions. a. Issued 4,600 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,600. b. Issued 1,200 shares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. c. Purchased 460 shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2021 at $37 per share. d. Retired the treasury shares purchased in part (c). do full Journal Entries for part D which will contain 4 accounts

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