**Transcription of News Item and Journal Entry Instructions****News Item Reported by Reuters:****Location and Date:**- Washington, January 29 (Reuters)**Company Information:**- Orville Medical Group, a maker of reconstructive implants for knees and hips, filed to sell 3 million shares of common stock on Tuesday.**SEC Filing Details:**- The company plans to use the proceeds from the stock offering for general corporate purposes, working capital, research and development, and acquisitions.**Outstanding Shares Post-Sale:**- There will be approximately 34.0 million shares outstanding for the Arlington, Tennessee-based company after the sale, as per the SEC filing.**Stock Information:**- Orville shares closed at $17.40 on Nasdaq.- The common stock of Orville Medical Group has a par value of $0.02 per share.**Required Action:****Journal Entry Preparation:**- Prepare the journal entry to record the sale of shares, assuming the existing price at the time of the announcement, while ignoring share issue costs. **Additional Instructions:**- If no entry is required for a transaction/event, select "No journal entry required" in the first account field.- Enter your answers in whole dollars and not in millions.**Journal Entry Worksheet:**- The worksheet section is a form for recording the issuance of new stock.**Note:** - The note emphasizes that no journal entry is required if the event does not necessitate it, and instructions are given to enter monetary amounts as whole dollars.This transcription provides essential information for educational purposes, aiding understanding of stock transactions and journal entries related to corporate finance.

1.The Journal entry is primary reporting of business transactions in thebooks of accounts.2. These…

The following is a news Item reported by Reuters: WASHINGTON, January 29 (Reuters)- Orville Medical Group, a maker of reconstructive Implants for knees and hips, on Tuesday filed to sell 3 million shares of common stock. In a filing with the U.S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions. After the sale there will be about 34.0 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing. Orville shares closed at $17.40 on Nasdaq. The common stock of Orville Medical Group has a par of $0.02 per share. Required: Prepare the Journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Enter your answers In whole dollars and not in millions. View transaction list Journal entry worksheet < 1 Record the issuance of the new stock.

The following is a news Item reported by Reuters: WASHINGTON, January 29 (Reuters)- Orville Medical Group, a maker of reconstructive Implants for knees and hips, on Tuesday filed to sell 3 million shares of common stock. In a filing with the U.S. Securities and Exchange Commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions. After the sale there will be about 34.0 million shares outstanding in the Arlington, Tennessee-based company, according to the SEC filing. Orville shares closed at $17.40 on Nasdaq. The common stock of Orville Medical Group has a par of $0.02 per share. Required: Prepare the Journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Enter your answers In whole dollars and not in millions. View transaction list Journal entry worksheet < 1 Record the issuance of the new stock.

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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