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Show Attempt History Current Attempt in Progress On January 5, 2025, Whispering Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 Issued 19,900 shares of common stock at $16 per share. Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $52,500; a factory building with a fair value of $166,000; and land with an appraised value of $252,000. July 29 Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Aug. 10 Sold the 1,800 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $172,200 net income. (a) Your answer is partially correct. Record the journal entries for the transactions listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) automatically indented which the univan is entertu. Do not inuent munaany. If no entry is required, Street No Entry for the account tities and enter O for the amounts. Record entries in the order displayed in the problem statement.) ate 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par - Common Stock 1 Equipment Buildings Land Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock Treasury Stock Cash 10 V Cash Debit 318400 52500 166000 252000 32400 27000 Paid-in Capital in Excess of Par - Treasury Stock 5400 Treasury Stock 11 Retained Earnings 11 Dividends Payable (To record declaration of dividend on shares) Income Summary Retained Earnings (To closed income summary account) 172200 Credit 199000 119400 410000 60500 32400 32400 172200

Show Attempt History Current Attempt in Progress On January 5, 2025, Whispering Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 Issued 19,900 shares of common stock at $16 per share. Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $52,500; a factory building with a fair value of $166,000; and land with an appraised value of $252,000. July 29 Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Aug. 10 Sold the 1,800 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $172,200 net income. (a) Your answer is partially correct. Record the journal entries for the transactions listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) automatically indented which the univan is entertu. Do not inuent munaany. If no entry is required, Street No Entry for the account tities and enter O for the amounts. Record entries in the order displayed in the problem statement.) ate 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par - Common Stock 1 Equipment Buildings Land Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock Treasury Stock Cash 10 V Cash Debit 318400 52500 166000 252000 32400 27000 Paid-in Capital in Excess of Par - Treasury Stock 5400 Treasury Stock 11 Retained Earnings 11 Dividends Payable (To record declaration of dividend on shares) Income Summary Retained Earnings (To closed income summary account) 172200 Credit 199000 119400 410000 60500 32400 32400 172200

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 8MCQ
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Show Attempt History Current Attempt in Progress On January 5, 2025, Whispering Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 Issued 19,900 shares of common stock at $16 per share. Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $52,500; a factory building with a fair value of $166,000; and land with an appraised value of $252,000. July 29 Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Aug. 10 Sold the 1,800 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $172,200 net income. (a) Your answer is partially correct. Record the journal entries for the transactions listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.)
Transcribed Image Text:Show Attempt History Current Attempt in Progress On January 5, 2025, Whispering Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 Issued 19,900 shares of common stock at $16 per share. Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $52,500; a factory building with a fair value of $166,000; and land with an appraised value of $252,000. July 29 Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Aug. 10 Sold the 1,800 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $172,200 net income. (a) Your answer is partially correct. Record the journal entries for the transactions listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.)
automatically indented which the univan is entertu. Do not inuent munaany. If no entry is required, Street No Entry for the account tities and enter O for the amounts. Record entries in the order displayed in the problem statement.) ate 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par - Common Stock 1 Equipment Buildings Land Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock Treasury Stock Cash 10 V Cash Debit 318400 52500 166000 252000 32400 27000 Paid-in Capital in Excess of Par - Treasury Stock 5400 Treasury Stock 11 Retained Earnings 11 Dividends Payable (To record declaration of dividend on shares) Income Summary Retained Earnings (To closed income summary account) 172200 Credit 199000 119400 410000 60500 32400 32400 172200
Transcribed Image Text:automatically indented which the univan is entertu. Do not inuent munaany. If no entry is required, Street No Entry for the account tities and enter O for the amounts. Record entries in the order displayed in the problem statement.) ate 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par - Common Stock 1 Equipment Buildings Land Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock Treasury Stock Cash 10 V Cash Debit 318400 52500 166000 252000 32400 27000 Paid-in Capital in Excess of Par - Treasury Stock 5400 Treasury Stock 11 Retained Earnings 11 Dividends Payable (To record declaration of dividend on shares) Income Summary Retained Earnings (To closed income summary account) 172200 Credit 199000 119400 410000 60500 32400 32400 172200
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