Sale of Treasury Stock:   In January 2021, ABC Co. purchased 2,000 shares of its stock at $20.00 per share. Throughout 2021 they have been selling the shares of Treasury Stock back to the public; they have 400 shares remaining. The PIC- Treasury Stock has a a credit balance of $3000. On 12 /2021, ABC Co. sells the remaining 400 shares at $10.00 per share.   Required: Record the Journal Entry for the sale of the remaining 400 shares of Treasury stock @ $10.00 per share

Q: Smith Corporation issued 20,000 shares of preferred stock on August 3, 2020 for $40,000 cash.…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: During 2023, Chaps McGee, S.S.# 252-86-1837, completed the following stock transactions: Stock Date…

A: Step 1: Calculate Capital Gains and LossesFirst, we need to calculate the gains and losses for each…

Q: Landry Inc. has 60,000 shares of common stock, $1 par outstanding. On September 30, 2020, Landry…

A: Step 1:- Split shares mean when the number of shares is increased without change in the value of the…

Q: Required information [The following information applies to the questions displayed below.] Lisa…

A: Journal Entry is the primary step to record the transaction in the books of accounts.The increase in…

Q: Nash Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2025, Nash…

A: These are the accounting transactions that have a monetary impact on the financial statement of a…

Q: In 2021, Western Transport Company entered into the treasury stock transactions described below. In…

A: When the shares issued in the market are bought back by the company they are referred to as Treasury…

Q: Record (in the T-shape) and journalize (on the Ledger):

A: Journal Entries in the Books of Alfa Inc.   Date Particulars Dr Cr         March,28,2021…

Q: On January 1, 2019, Bain Company purchased 2,000 shares of On March 2, 2019 sold treasury stock for…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On October 1, 2021, 500 shares of treasury stock were purchased at $40 per share. On January 15,…

A: The question endeavors to understand which of the four options would be a result of the transaction…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: Share split in the business is one in which one share of the company is split or broken into…

Q: Instructions: 1. How should each of these investments be accounted for? Why? 2. For each investment,…

A: IAS 28 (International Accounting Standards)  Specifies about "Investments in associates and Joint…

Q: Blue Corporation has outstanding 2,000 of $1,000 bonds, each convertible into 60 shares of $10 par…

A: Common stock = 2000 bonds × 60 shares× $10= $1,200,000

Q: Treasury Stock On February 28, 2020 Clock Clocky Corporation issued 150,000 shares of $10.00 Par…

A: The objective of the question is to record the transactions of Clock Clocky Corporation's issuance,…

Q: On January 1, 2021, Starlight Company converted $150,000 bonds into 90,000 shares of $1 par value…

A: The bonds are the financial instruments used by the business to raise money from the investors of…

Q: Delta NV has share capital of $l m in shares of $0.25 each. At 31 May 2019 shares had a market value…

A: Right Issue :— It is the new shares issued to existing equity shareholders at lower price.…

Q: Required: 1.Prepare a memorandum entry

A: Shares: Shares can be defined as the securities held by the individual that reflect the ownership of…

Q: Toy Co Corporation purchased 282,000 of the 940,000 common shares of Abacus Ltd. on October 1, 2021,…

A: Journal entry is the first stage of accounting process.Journal entry used to record business…

Q: Tl1e shareholders’ equity section of Gaines industries’s balance sheet appeared as follows at…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: the financial year to June 30, 2021, HiFi Ltd issued options for 400,00 riod, the average fair value…

A: BEPS To calculate Basic earnings per share, divide the net profit or loss attributable to equity…

Q: Flint Corporation has outstanding 1,900 $1,000 bonds, each convertible into 70 shares of $10 par…

A: Bonds are a form of loan or debt being taken by the business. Bonds can be convertible or non…

Q: Convertible Securities and Earnings per Share Francis Company has 20,000 shares of common stock…

A: Solution:-a Computation of the diluted earnings per share for 2019 as follows under:-

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: Balance in ordinary shares before split=Number of shares×Par value=400,000×P25=P 10,000,000

Q: At December 31, 2021, Azores Corp. had 20,000 shares of P1 par value treasury shares that had been…

A: Given data, Shares repurchased =20,000 Acquisition price per share =P12 Therefore, Acquisition cost…

Q: ABC Company had 100,000 of P 15 par value ordinary shares on January 1,2019. During 2019, the…

A: The treasury share are the buy back shares of the company.

Q: Current Attempt in Progress On April 1, 2024, Sunland Company purchased 35,200 common shares in…

A: Journal entries are a way of recording the business transaction in the accounting records. The…

Q: Part B During 2021, the Nicklaus Corporation participated in three treasury stock transactions:…

A: Treasury shares are those shares which are being repurchased or reacquired by the business from its…

Q: On January 1, 2020 Psy Company purchased all the net assets of SM Ent. Company: Issuance of 20,000…

A: Computation of Contingent liabilities: Settlement in the form of cash= Estimated settlement value x…

Q: Compute the 2019 diluted earnings per share. Round your answer to two decimal places. $ ______ 1…

A:

Q: 1. Prepare the journal entry to record the purchase of Eoxcom shares 2. Prepare the journal entry to…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: the Accumulated OCI included in the 12 O credit O debit 0 credit

A: Stockholders' equity refers remaining value of monetary remained at a company after it has sorted…

Q: During 2021, Sam Harris purchased 50 shares of common stock issued by Atlanta Carpet Mills for $6800…

A: Return on Investment (ROI) is a calculation of the monetary value of an investment versus its cost.

Q: Sherbrooke Corporation has an unlimited number of common shares authorized and 80,000 common shares…

A: TREASURY SHARE  Treasury Stock are those shaes which is previously outstanding stock that has been…

Q: On May 3, Zirbal Corporation purchased 4,500 shares of its own stock for $31,500 cash. On November…

A: Buy back of share means buying our own share from the open marked, these share are technically…

Q: A company has outstanding 366 $1,000 bonds, each convertible into 28 shares of $12 par value common…

A: Bonds payable = 366 * $ 1000 = $ 366000 Common Stock = 366 * 28 shares * $ 12 par value = $ 122976

Q: On July 1, Cullumber Corporation purchases 590 shares of its $5 par value common stock for the…

A: Treasury stock represent the share of a company which are bought back by it. There share can be…

Q: July 1- Sold 1,000 subscriptions for common shares at $20 per share. Subscribers paid $5 per share…

A: Common shares can be issued on subscriptions basis where shares are issued on receipt of last…

Q: Splish Corporation has outstanding 2,200 $1,000 bonds, each convertible into 50 shares of $10 par…

A: Bonds are a form of debt taken by the company. Convertible bonds are those bonds which can be…

Q: Need answer in proper format with explanation

A: Explanation of Equity Method: The equity method is an accounting approach used to value and report…

Q: Sunland Company acquired 22000 shares of its own common stock at $21 per share on February 5, 2020,…

A: Lets understand the basics. When entity reqcquired issued stock then these shares are known as a…

Q: equity method to account for this investment

A: Since Jupiter Inc. acquired 25% in Saturn Co., the debit balance in the investment will include the…

Q: On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary…

A:

Q: please prepare the journal entries Q1. Sold 22,500 Treasury shares at $2 each. Q2. Purchased 10%…

A: S.No Particulars Amount Dr. Amount Cr. 1. Bank A/c Loss on sale A/c    To Treasury Shares A/c…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.