Recording: Treasury Stock vs. Direct Stock RetirementOn December 31, 2020, the records for Lakers Inc provided the following data on stockholders equity.Common stack, 10 par, 30.000 shares issued5420,000Additional paidin captal on common stock, S0.30 per share 12,600Treasury stock, 4,200 shares jcost s.80 per sharw)41,160The stockholders vate to retire all of the treasury stock immediately and to purchase for direct retirement another 5,600 shares of common stock currently trading at $12.50 per share.Requireda. Provide the journal entry for the purchase and immediate retirement of the 5,600 shares of outstanding common stock.Note List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.DateAccount NameDr.56.000Cr.Dec. 31, 2020 Common StockPaidin Captal in Escess of Par-Comman Stock1,680Retaned Earnings12320Cash70,000D. Provide the journal entry for the retirement of all of the remaining treasury sharesNote: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.Account NameDr.DateDec 31. 2020 Common StockPaidin Capital in Excess of Par-Common StockPaid-in Capital-Retred StockTreasury Stock41,160C. Assume instead for part (a) that the company holds the 5,600 shares in the treasury rather than retiring immediately. Record the journal entry.Dr.70,000DateAccount NameCr.Dec. 31, 2020 Treasury StockCash70.000Determine the net effect on stockholders' after part a and after part c.Note: Indicate a decrease with a negative sign.Part APart CChange in stockholders' equity sONS

Treasury stocks are the stocks which are not retired or reissued after the buy back of shares. So,…

Recording Treasury Stock vs. Direct Stock Retirement On December 31, 2020, the records for Lakers Inc. provided th Common stack 10 par, 30,000 shares ed Swed $40.00 Aden on comman aca, 0 perhar 12600 paidin captal Treaury k 00 shareso per sha 1.160 The stockholders vote to retire all of the treasury stock imme Required a Provide the journal entry for the purchase and immediater Note: List multiple debits (when applicablej in alphabetical on Date Account Name Dec , 200 Commen Stock

Recording Treasury Stock vs. Direct Stock Retirement On December 31, 2020, the records for Lakers Inc. provided th Common stack 10 par, 30,000 shares ed Swed $40.00 Aden on comman aca, 0 perhar 12600 paidin captal Treaury k 00 shareso per sha 1.160 The stockholders vote to retire all of the treasury stock imme Required a Provide the journal entry for the purchase and immediater Note: List multiple debits (when applicablej in alphabetical on Date Account Name Dec , 200 Commen Stock

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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Recording Stock Issue Costs Stellar Inc. issued 48,000 shares of common stock, $0.01 par value, for $28 per share on March 28, 2020. Related to this transaction, Stellar incurred legal and administrative costs totaling $9,600, paid in cash. Required Prepare the journal entry on March 28, 2020, for the issuance of common shares. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. March 28, 2020
Note: RP AND IDR The book I use: Intermediate Accounting, Kieso, ifrs Edition, Fourth Edition Questions in image
Current Attempt in Progress Sandhill Inc. had 978000 shares of common stock issued and outstanding at December 31, 2024. On July 1, 2025, an additional 978000 shares were issued for cash. Sandhill also had stock options outstanding at the beginning and end of 2025 which allow the holders to purchase 307000 shares of common stock at $28 per share. The average market price of Sandhill's common stock was $35 during 2025. The number of shares to be used in computing diluted earnings per share for 2025 is 2017400. 1528400 O 1712600. O2201600.
Current Attempt in Progress Sunland Company acquired 22000 shares of its own common stock at $21 per share on February 5, 2020, and sold 11000 of these shares at $28 per share on August 9, 2021. The fair value of Sunland's common stock was $25 per share at December 31, 2020, and $26 per share at December 31, 2021. The cost method is used to record treasury stock transactions. What account(s) should Sunland credit in 2021 to record the sale of 11000 shares? O Treasury Stock for $231000 and Retained Earnings for $77000. O Treasury Stock for $275000 and Retained Earnings for $33000. O Treasury Stock for $308000. O Treasury Stock for $231000 and Paid-in Capital from Treasury Stock for $77000.
Current Attempt in Progress Your answer is incorrect. At January 1, 2020, Larkspur Company's outstanding shares included the following. 258,000 shares of $50 par value, 7% cumulative preferred stock 812,000 shares of $1 par value common stock Net income for 2020 was $2,521,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020. On April 1, 2020, 408,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 106,000 shares of common stock were purchased for $20 per share and held as treasury stock. Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $
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Treasury Stock On February 28, 2020 Clock Clocky Corporation issued 150,000 shares of $10.00 Par Value stock for $12.00 per share. On April 15, 2020 Clock Clocky purchased 60% of the shares from shareholders at $8.00 each to hold as treasury stock. On November 25, 2020, Clock Clocky reissued the shares held in treasury at $12.00 per share. Instruction:- Record all transactions using the (i) Cost Method, and (ii) Par Value Method.
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