Required informationThe following information applies to the questions displayed below]The following selected transactions occurred for Corner Corporation:Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is nowheld in treasuryJuly 15 Issued 155 of the shares purchased on February 1 for $41 cash per shareSept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share.4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income?The reissuance of treasury stock for more or less than its original repurchase costaffect net income. The transaction affects onlyaccounts

As observed from above analysis made, the reissuance of treasury stock at a price more than cost…

Answered: Required information The following…

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 Entries for Multiple Securities Issuance Gilmore Company has 20,000 authorized shares of common stock, $2 par, and 20,000 authorized shares of preferred stock, $10 par. On April 10, Gilmore sold 600 shares of common stock and 400 shares of preferred stock in one transaction for a total of $20,000 cash. The common stock was selling at $26 per share, while the preferred stock was selling at $16 per share. Required a. Prepare the entry on April 10 for the issuance of common and preferred stock. b. Assume instead that only the market price of the common stock is known ($26 per share). Prepare the entry on April 10 for the issuance of common and preferred stock. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Date a. April 10 Cash Date b. April 10 Account Name Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock To record the issuance of stock. Cash Account Name Common…
Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec. 1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.
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The charter of a corporation provides for the issuance of 94,560 shares of common stock. Assume that 42,608 shares were originally issued and 3,393 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a.$42,608 b.$94,560 c.$3,393 d.$78,430
The charter of a corporation provides for the issuance of 108,244 shares of common stock. Assume that 44,779 shares were originally issued and 4,084 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2-per-share dividend is declared? a. $4,084 b. $44,779 c. $108,244 d. $81,390
Required Information Williamson Corporation's Board authorized 81,000 shares of common stock with $3 par value. During the first year, Williamson: a. Sold 59,000 shares of common stock for cash at $44 per share. b. Repurchased 6,000 shares at $46 per share. Required: 1. Prepare the journal entry required for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Vww transaction lat Journal entry worksheet 2 Sold 59,000 shares of common stock for cash at $44 per share. Note: Enter debts before ads Transaction Macord entry General Journal Clear entry Debit Credit View general journal
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The charter of a corporation provides for the issuance of 118,000 shares of common stock. Assume that 44,000 shares were originally issued and 3,100 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1-per-share dividend is declared? a.$44,000 b.$118,000 c.$40,900 d.$3,100
The charter of a corporation provides for the issuance of 116,962 shares of common stock. Assume that 44,382 shares were originally issued and 3,124 were subsequently reacquired. What is the amount of cash dividends to be paid if a $3 per share dividend is declared? Oa. $123,774 Ob. $9,372 Oc. $133,146 Od. $350,886
Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 4,000 shares of $10 par value common stock for $48,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has a $2 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,500. The stock has no stated value. 4. A corporation issued 1,000 shares of $75 par value preferred stock for $110,500 cash. xercise 11-4 (Algo) Recording stock issuances LO P1 repare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet
Subject: accounting
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