Vincent Corporation has 90,000 shares of $105 par common stock outstanding, On June 30, Vincent Corporation declared a 3% stock dividend to be issued on July 30 to stockholders of record on July 15. The marketprice of the stock was $ $121 per share on June 30If no entry is required, select "No Entry Required" and leave the amount boxes blankJournalize the entry required on June 30. If an amount box does not require an entry, leave it blankJune 30Journalize the entry required on July 15. If an amount box does not require an entry, leave it MankMy 15Sourmalize the entry required on July 30, If an amount box does not require an entry, leave it blankJuly 30

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

Answered: Vincent Corporation has 90,000 shares…

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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On May 10, Skysong, Inc. issues 2,200 shares of $5 par value common stock for cash at $15 per share. Journalize the issuance of the stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 10
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Swifty Corporation has outstanding 353,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (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.) Account Titles and Explanation Declaration Date Retained Earnings Distribution Date Common Stock Dividend Distributable Common Stock Debit Credit
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On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $5) at $14, and on May 15, it issued for cash 2,000 shares of $18 par preferred stock at $58. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 10 May 15
On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4) at $17, and on May 15, it issued for cash 2,000 shares of $17 par preferred stock at $61. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.
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Sage Hill Inc. issues 9,000 shares of $105 par value preferred stock for cash at $119 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit
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