Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 220 shares of its common stock on May 1 for $11,000. On July 1, it reissued 110 of these shares at $52 per share. On August 1, it reissued the remaining treasury shares at $49 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? Multiple Choice $11,110. $5,720.
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- On July 1, Pina Colada Corp. purchases 610 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 230 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions.Prior to May 1, Fortune Company has never had any treasury stock transactions. The company repurchased 230 shares of its common stock on May 1 for $11,500. On July 1, it reissued 115 of these shares at $53 per share. On August 1, it reissued the remaining treasury shares at $48 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? Multiple Choice O O $11,615. $6,095. $15,410. $115. $0.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 31
- Corp. purchased it's own “already-issueď” (publicly traded in the open market - Wall Street) stock through a broker. Aug01... bought 2,000 shares of its $10 par value common stock for $130,000. It will hold these shares in the corporate treasury until resold. Dec01 ... corp. sold 1,200 shares of treasury stock for cash at $72 per share. Journalize the treasury stock transactions. Aug 01 Dec 01 "Treasury Stock" is a special accounting designation. It only exists IF a corp buys back its' own stock (on Wall street paying the going "market" rate). Since the corp now "owns" itself (Treasury Stock), those specific shares no longer vote or "count" as outstanding. If corp sells its' "Treasury Stock" to others (via the open market - Wall Street) the stock reverts to regular common stock.During its first year of operations, Flounder Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 75,000 shares for cash at $6 per share. July 1 Issued 41,000 shares for cash at $9 per share. Journalize the transactions, assuming that the common stock has a par value of $6 per share. What is the date? What is the title or explanation ? What is debit or credited ?- Your answer is partially correct. Bramble Corp. purchased from its stockholders 5,600 shares of its own previously issued stock for $291,200. It later. resold 2,000 shares for $55 per share, then 2,000 more shares for $50 per share, and finally 1,600 shares for $44 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (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.) Account Titles and Explanation Debit Credit Treasury Stock 291200 Cash (To record purchase from stockholders.) Cash 110000 Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $55 per share.) Cash 100000 Paid-in Capital from Treasury Stock Treasury Stock (To record sales of shares at $50 per share.) Cash Paid-in Capital from Treasury Stock Retained Earnings Treasury Stock (To record sale of…
- Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 47,000 shares for cash at $52 per share. July 1 Issued 62,500 shares for cash at $56 per share. Date Account Titles and Explanation Debit Credit choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a…Flounder Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 46,500 shares for cash at $53 per share. July 1 Issued 69,000 shares for cash at $57 per share. look at pic and post to stockholders equity accounts using T-AccountsItalian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 5,700 shares of no-par common stock for $16 per share. May 15 Issues 400 shares of $1e par value, 11% preferred stock for $13 per share. October 1 Declares a cash dividend of $1.10 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.
- During its first year of operations, Blue Spruce Corp. had these transactions pertaining to its common stock. Jan. 10 Issued 27,300 shares for cash at $4 per share. July 1 Issued 61,500 shares for cash at $7 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $4 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $3 per share.On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $17 per share. June 15 July 10 Dec. (a) 1 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 1,500 additional shares of common stock for $19 per share. Declared a cash dividend on outstanding shares of $2.90 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit CreditOn January 1, Ivanhoe Corporation had 91,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec. 1 (a) 15 Issued 21,000 additional shares of common stock for $17 per share. Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 2,500 additional shares of common stock for $18 per share. Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)