Current Attempt in ProgressOn January 1, 2021, Indigo Inc. granted stock options to officers and key employees for the purchase of 22,000 shares of thecompany's $10 par common stock at $26 per share. The options were exercisable within a 5-year period beginning January 1, 2023, bygrantees still in the employ of the company, and expiring December 31, 2027. The service period for this award is 2 years. Assume thatthe fair value option-pricing model determines total compensation expense to be $318,000.On April 1, 2022, 2,200 options were terminated when the employees resigned from the company. The market price of the commonstock was $36 per share on this date.On March 31, 2023, 13,200 options were exercised when the market price of the common stock was $42 per share.Prepare journal entries to record issuance of the stock options, termination of the stock options, exercise of the stock options, andcharges to compensation expense, for the years ended December 31, 2021, 2022, and 2023. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts.) DateAccount Titles and ExplanationDebitCredit

journal entries to record issuance of the stock options, termination of the stock options, exercise…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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At December 31, 2020, Carla Vista Company has $520,000 of $100 par value, 7%, cumulative preferred stock outstanding and $2,130,000 of $10 par value common stock issued. Carla Vista's net income for the year is $441,100. Compute earnings per share of common stock for 2020 under the following independent situations. (Round answers to 2 decimal places, eg. 1.50.) (a) (b) (a) (b) The dividend to preferred stockholders was declared, and there has been no change in the number of shares of common stock outstanding during the year. The dividend to preferred stockholders was not declared, and 10,500 shares of common treasury stock were held throughout the year. The preferred stock is cumulative. Earnings per share of common stock Earnings per share of common stock 50 S S
Direction. Read and understand the case and answer the requirements. On December 31, 2020, Shipyard, Inc. reported the following stockholders' equity account: Common Stock, $10 par value Paid-in Capital in excess of par value, common stock Retained Earnings +In 2021, the following entries related to its equity are recorded. Date Accounts Jan. Feb Feb Mar Dec 17 Retained Earnings 2021 5 28 14 Common Dividend Payable Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $10 Par Value 31 Income Summary Retained Earnings The table shows the equity balances as of December 31, 2021. Paid-in capital in excess of par Beginning Balance Dividend declaration Stock Dividend Declaration Stock Dividend Distribution Net Income Common Stock 1,000,000 130,000 1,130,000 300,000 Common stock dividend distributable 300,000 120,000 120,000 Debit 100,000 100,000 250,000 120,000…
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Lonnie Shelton Corp (LSC) had Shareholder's Equity of $2200 at the end of 2019 and $2100 at the end of 2020. LSC earned net income of $870 in 2020 and paid dividends of $480. How much common stock was issued or repurchased in 2020?
View previous attempt Check my work Required information [The following information applies to the questions displayed below.) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 Nor11 30, 2019 Paid-in eapitalt Preferred atock, $120 par value, 6, eumulative, 100,000 shares authorired, 90,000 shares ienued and outatanding Common atock, $6 par value, 600,000 hares authorized, 390,000 and 370, 000 shares lesued, respectively Additional paid-in capital Retained earninga Lesst Treanury common atock, at cost; 18,000 shares and 17,000 shares, respectively Total stockholdera equity $10,800,000 010,800,000 14,750, 000 12,150,000 2,220,000 14,300,000 11,074,000 1,532,000) $37.562,000 l56,000) F-1. Assume that on June 1 the market value of the common stock was $38 per share and that the board of directors declared a 5% stock dividend on the issued shares of common stock. Use the horizontal model to show the issuance of the stock…
The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ................. $525,000 Paid-in capital – common stock .............. $150,000 Treasury stock (14,000 shares @ $16 cost) ... $224,000 Paid-in capital – treasury stock ............ $ 13,000 Retained earnings ........................... $107,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,000 of the treasury shares for $11 per share. b. Re-issued 3,000 of the treasury shares for $13 per share. c. Issued 5,000 shares of previously un-issued common stock for $21 per share. d. Re-issued 6,000 of the treasury shares for $19 per share. Calculate the balance in the retained earnings account after all four transactions above are recorded.
D
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ll. Subject:- Accounting
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rice of the common stock was $42 per s tion of the stock options, exercise of th 221. 2022 and 2023 (Credit acCount tit