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- Happy Food Corporation was authorized to issue 500,000 shares of stock with a par value of P40. The following initial transactions took place during March: 1 Pre-incorporation subscription at the par value by the following incorporators: Shares Payment Jolly 20,000 P500,000 Burgee 20,000 P200,000 Wendy 25,000 275,000 King 25,000 300,000 Shake IT 20,000 300,000 Domini 25,000 250,000 5 - Issued 30,000 shares to McDo for Land costing P1,500,000 but with a market value of P1,750,000 10- Sold for cash, 10,000 shares at P55 per share to Tia Maria 15- Jolly and King paid 50% of their subscription balance 25- King paid for his subscription balance and was issued a stock certificate 28- Starbox subscribed to 20,000 shares at 120% of the par value and paid 25% 29- Starbox paid his subscription balance in the form of merchandise and was issued stock certificate 30- King notified the corporation of the sale of 10,000 shares to Heaven…California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to purchase 100 shares at a cost of $23 per share. Record the transaction if California Surf resells the 100 shares of treasury stock at $25 per share. Record the sale of treasury stock.Oriole Corporation earned $474,360 during a period when it had an average of 118,000 common shares outstanding. The common shares sold at an average market price of $25 per share during the period. Also outstanding were 17,400 warrants that could each be exercised to purchase one common share for $10.
- Novak 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. Prepare the journal entry for the issuance when the market price of the common shares is $181 each and market price of the preferred is $226 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.Anthem Company has 100,000 shares authorized, 90,000 shares issued, and 20,000 shares of treasury stock. Determine the number of shares outstanding. Shares outstandingA company issues 20,000 common shares for $15 each. Later in the year, the same company issues another 35,000 common shares for $27 each. Two weeks later, it repurchases 5,000 shares for 19 per share. The entry to record the repurchase would be which of the following? Debit Cash for $95,000 & Contributed Capital - Retirement of Common Shares for $18,200, credit Common Shares for $113,200. Debit Common Shares for $95,000 & Retained Earnings for $18,200, credit Cash for $113,200. Debit Common Shares for $95,000, credit Cash for $95,000. Debit Common Shares for $113,200, credit Contributed Capital - Retirement of Common Shares for $18,200 & Cash for $95,000.
- How to journal: Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission.Agri Gold Ltd. began operations on January 1, 1983 by issuing 54,000 common shares at $13 per share and 26,000 $8 cumulative preferred shares at $20 per share. During 1983 Agri Gold Ltd issued an additional 8,000 common shares at $11 per share and 2,000 preferred shares at $30 per share. 2019 profit was $355,000 and the Board declared $81,000 in dividends. Required: Prepare the Shareholders' Equity section of Agri Gold Ltds Balance Sheet at December 31, 1983.Happy Food Corporation was authorized to issue 500,000 shares of stock with a par value of P50. The following initial transactions took place during March: 1 Pre-incorporation subscription at the par value by the following incorporators: Shares Payment Jolly 20,000 P500,000 Burgee 20,000 P200,000 Wendy 25,000 275,000 King 25,000 300,000 Shake IT 20,000 300,000 Domini 25,000 250,000 5 - Issued 30,000 shares to McDo for Land costing P1,500,000 but with a market value of P1,750,000 10- Sold for cash, 10,000 shares at P55 per share to Tia Maria 15- Jolly and King paid 50% of their subscription balance 25- King paid for his subscription balance and was issued a stock certificate 28- Starbox subscribed to 20,000 shares at 120% of the par value and paid 25% 29- Starbox paid his subscription balance in the form of merchandise and was issued stock certificate 30- King notified the corporation of the sale of 10,000 shares to Heaven…