Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first yearof operations, the company had the following events and transactions pertaining to its preferred stock.Feb. 1Issued 49,500 shares for cash at $53 per share.July1Issued 64,500 shares for cash at $58 per share.- Your answer is partially correct.Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles areautomatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Ifno entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationFeb.1CashPreferred StockPaid-in Capital in Excess of Par-Preferred StockJuly 1CashPreferred StockPaid-in Capital in Excess of Par-Preferred StockDebit23320003741000Credit24750001320003225000516000

Step 1: When the market value is 50 and the company gives away 49500 shares at strike price of 53…

Answered: Pronghorn Corp. is authorized to issue…

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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Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31 Cash fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3 Common Stock fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12 Common Stock fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15 Additional Paid-in…
McVie Corporation’s stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 330,000 shares at $5 share. Jun. 7 Issued 93,000 shares in exchange for equipment with a clearly determined value of $205,000. Sep. 19 Purchased 2,700 shares of treasury stock at $7 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Jun. 7 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 Sep. 19 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24
Ivanhoe Corporation has 10.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 83 cents per share cash dividend to stockholders of record as of June 14, payable June 30. (a) Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (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.) Date Account Titles and Explanation ◄► A n Debit Credit
Give me correct answer and explanation please.vi
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Required information [The following information applies to the questions displayed below.] Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 par value. During its first year, the following selected transactions were completed: a. Issued 5,400 shares of common stock for cash at $24 per share. b. Issued 1,400 shares of common stock for cash at $27 per share. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity
Liberward, Inc., sold and issued 1,000 shares for $15 per share. The book value of the shares was $10 per share. The journal entry to record the share issue would include which of the following? A). A debit to Cash for $10,000. B). A credit to Common Shares for $10,000. C). A credit to Common Shares for $15,000. D). A credit to Cash for $15,000
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During its first year of operations, Bridgeport Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,000 shares for cash at $6 per share. Issued 44,500 shares for cash at $10 per share. July (a) 1 Journalize the transactions, assuming that the common stock has a par value of $6 per share. (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 2A 3 m tv N Debit alı Credit 4. A 1

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