Sakura Co. was established on January 1, 2011. On January 1, 2011, Sakura issued 100, 000common shares for $500,000. The par value of each share is $1. On July 15, Sakurapurchased back 2,000 of its own common shares at $6 each. On December 31, 2011, thestock market price of Sakura's common shares was $9 each. What is the balance of Sakura'scommon stock account on Dec 31, 2011?

Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…

Answered: Sakura Co. was established on January…

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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Cool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred. a.) Jean grey issues 5,000 shares for $15 per share during their IPO on January 1, 2014. each share has a par value of $5. Record the journal entry for this transaction. Please label debits and credits and include classification of each account. b.) On January 1, 2015, Cool company bought back 2,000 shares from the open market at a price of $25 per share. Record the journal entry for this share repurchase. Label debits and credits and include classification of each account.
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Sakura Co. was established on January 1, 2011. On January 1, 2011, Sakura issued 100, 000 common shares for $500,000. The par value of each share is $1. On July 15, Sakura purchased back 2, 000 of its own common shares at $6 each. On December 31, 2011, the