Splish Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of$125,000.(a)(b)(Round answers to 0 decimal places, e.g. $1,225. Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for theamounts.)Prepare the journal entry for the issuance when the market price of the common shares is $180 each and market price of thepreferred is $225 each.Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $220 per share.No. Account Titles and Explanation(a)(b)CashCommon StockPaid-in Capital in Excess of Par - Common StockPreferred StockPaid-in Capital in Excess of Par - Preferred StockCashCommon StockPaid-in Capital in Excess of Par - Common StockPreferred StockPaid-in Capital in Excess of Par - Preferred StockDebitCredit[[[

No.Account Titles and ExplanationDebitCredita.Cash$125,000 Common Stock (500 x $10)$5,000…

Answered: Splish Inc. issues 500 shares of $10…

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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Kingbird Corporation has outstanding 21,000 shares of $5 par value common stock. On August 1, 2025, Kingbird reacquired 210 shares at $87 per share. On November 1, Kingbird reissued the 160 shares at $75 per share. Kingbird had no previous treasury stock transactions. Prepare Kingbird's journal entries to record these transactions using the cost method. (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.) Account Titles and Explanation Debit Treasury Stock Date 8/1/25 11/1/25 Cash Cash Retained Earnings Treasury Stock 18270 1000 18270 6270 Credit 18271 1200X
Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"
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On August 1, Shamrock Finance Inc. buys 2,500 Datawave common shares for trading purposes for $95,000 cash. On October 15, Shamrock receives a cash dividend of $2.35 per share from Datawave. On December 1, Shamrock sells the shares for $100,000 cash. Prepare the journal entry to record the purchase of the shares. (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.) Date Account Titles and Explanation Aug. 1 Investment in Associate Cash (To record purchase of investment.) Date Account Titles and Explanation Oct. 15 Prepare the journal entry to record the receipt of the dividend. (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.) Cash Gain on Fair Value Adjustment-FVTPL (Collection of dividend.) Dec.…
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Blue Corporation borrowed $62,000 on November 1, 2025, by signing a $63,395, 3-month, zero-interest-bearing note. Prepare Blue's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Bridgeport Inc. declared a cash dividend of $0.50 per share on its 3.40 million outstanding shares. The dividend was declared on August 1 and is payable on September 9 to all shareholders of record on August 15. Prepare all necessary journal entries for those three dates. (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 journal entries in the order presented in the problem.) Date 10 Account Titles and Explanation Debit Credit 111 |||||

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