Problems 15 through 18 are based on the following information:On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $40 fair value in exchange for all of Webstat Company'soutstanding voting shares. Webstat's precombination book and fair values are shown along with book values for TruData's accounts as follows:Revenues (1/1 to 7/1)Expenses (1/1 to 7/1)Retained earnings, 1/1Cash and receivablesTruDataBook ValuesInventoryPatented technology (net)LandWebstatBook ValuesWebstatFair Values$(130,000)$(250,000)170,00080,000(130,000)(150,000)140,00060,000190,000145,000230,000180,000400,000200,000Buildings and equipment (net)100,00075,000Liabilities(540,000)(360,000)Common stock(70,000)(300,000)(10,000)Additional paid-in capital(30,000)16. On its acquisition-date consolidated balance sheet, what amount should TruData report as patented technology (net)?a. $200,000b. $230,000c. $410,000d. $430,000$ 60,000175,000200,000225,00075,000(350,000)

Goodwill is an intangible asset that arises when a company acquires another company for price which…

Answered: Problems 15 through 18 are based on the…

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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On May 10, Pronghorn Corporation issues 2,700 shares of $10 par value common stock for cash at $18 per share. Journalize the issuance of the stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 10 Debit Credit
Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Company issues 46,500 shares of $4 par value common stock for $309,500 cash. On April 1, OP Company issues no-par value common stock for $78,000 cash. On April 6, MPG issues 2,800 shares of $15 par value common stock for $47,000 of inventory, $175,000 of machinery, and acceptance of a $97,000 note payable.
On June 1, Bramble Inc. issues 3,600 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit
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Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 80,000 shares of its common stock at $44 per share. On September 22, Mystic Lake sold 55,000 of the reacquired shares at $52 per share. The remaining 25,000 shares were sold at $40 per share on November 23. Question Content Areaa. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?fill in the blank 1 of 1$c.For what reasons might Mystic Lake Inc. have purchased the treasury stock?
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 39,300 shares of its common stock at $42 per share. On September 22, Mystic Lake sold 30,100 of the reacquired shares at $49 per share. The remaining 9,200 shares were sold at $41 per share on November 23. Required: a. Journalize the transactions of July 9, September 22, and November 23. Refer to the Chart of Accounts for exact wording of account titles. b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?
Clothing Frontiers began operations on January 1 and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 700 shares of common stock for $34 per share. April 1 Issues 110 additional shares of common stock for $38 per share. 2. Record the transactions, assuming Clothing Frontiers has either $1 par value or $1 stated value common stock. (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 2 Record the issuance of 700 shares of common stock for $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit January 01
On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. 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 Credit
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,200 shares of its common stock at $77 per share. On September 22, Mystic Lake sold 3,600 of the reacquired shares at $85 per share. The remaining 1,600 shares were sold at $74 per share on November 23. a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank. July 9 Treasury Stock fill in the blank 10c23a02efe4076_2 fill in the blank 10c23a02efe4076_3 Cash fill in the blank 10c23a02efe4076_5 fill in the blank 10c23a02efe4076_6 Sept. 22 Cash fill in the blank 10c23a02efe4076_8 fill in the blank 10c23a02efe4076_9 Treasury Stock fill in the blank 10c23a02efe4076_11 fill in the blank 10c23a02efe4076_12 Paid-In Capital from Sale of Treasury Stock fill in the blank 10c23a02efe4076_14 fill in the blank 10c23a02efe4076_15 Nov. 23 Cash fill in the blank 10c23a02efe4076_17 fill in…
On March 1, Newt Corp. had 60,000 shares of common stock authorized and 20,000 shares of $2 par common stock issued and outstanding when it declared a $.40 (forty cents) per share dividend to be paid on March 31. Use the drop-down menu to complete each of the following sentences: A. The journal entry on March 1 should have a debit to for $ and a credit to for $ B. The journal entry on March 31 should have a debit to for $ and a credit to for $
Surfer Girl Clothing Company issues 1,000 shares of $1 par value common stock at $25 per share. Later in the year, the company decides to purchase 100 shares at a cost of $28 per share. Determine the financial statement effects of the purchase of treasury stock. (Amounts to be deducted should be entered with minus sign.)
Alanae Inc issues 500 common shares to the organizers of its corporation to pay for their services valued at $5,000. What is included in the journal entry to record this transaction? O a. O b. C. O d. A debit to an asset account A credit to an expense account A credit to a liability account A credit to an equity account

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