Pronghorn Corporation's charter authorizes the issuance of 0.95 million common shares and 480,000 preferred shares that have a dividend rate of $6 per share per year. The following transactions involving share issues were completed. Assume that Pronghorn follows IFRS and that each transaction is independent of the others.1.2.3.4. Issued 4,700 common shares for machinery. The machinery had been appraised at $74,500, and the seller's carrying amount was $ 58,600. The common shares' most recent market price is $17 a share.The board of directors declared a $8 dividend on both the 17,000 outstanding common shares and the 40,000 outstanding preferred shares.Issued 2,600 common shares and 1,200 preferred shares for a lump sum of $121,000. The common shares had been selling at $20 and the preferred at $90. Issued 2,200 common shares and 135 preferred shares for furniture. The common shares had a fair value of $17 per share and the furniture was appraised at $40,000. Prepare the journal entries to record the transactions. (List all debit entries before credit entries. Credit account titles are automatically
Pronghorn Corporation's charter authorizes the issuance of 0.95 million common shares and 480,000 preferred shares that have a dividend rate of $6 per share per year. The following transactions involving share issues were completed. Assume that Pronghorn follows IFRS and that each transaction is independent of the others.1.2.3.4. Issued 4,700 common shares for machinery. The machinery had been appraised at $74,500, and the seller's carrying amount was $ 58,600. The common shares' most recent market price is $17 a share.The board of directors declared a $8 dividend on both the 17,000 outstanding common shares and the 40,000 outstanding preferred shares.Issued 2,600 common shares and 1,200 preferred shares for a lump sum of $121,000. The common shares had been selling at $20 and the preferred at $90. Issued 2,200 common shares and 135 preferred shares for furniture. The common shares had a fair value of $17 per share and the furniture was appraised at $40,000. Prepare the journal entries to record the transactions. (List all debit entries before credit entries. Credit account titles are automatically
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...
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