Current Attempt in ProgressWildhorse Corporation has 100000 shares of $10 par common stock authorized. The following transactions took place during 2025,the first year of the corporation's existence:Sold 21000 shares of common stock for $14.50 per share.Issued 20100 shares of common stock in exchange for a patent valued at $301500.At the end of Wildhorse's first year, total paid-in capital wasO $301500.O $606000.O $304500.O $121000.

Paid-in capital represents the total amount of funds contributed by shareholders through the…

Answered: Wildhorse Corporation has 100000 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 January 1, 2025, Wildhorse Corporation had 380000 shares of its $2 par value common stock outstanding. On March 1, Wildhorse sold an additional 760000 shares on the open market at $20 per share. Wildhorse issued a 20% stock dividend on May 1. On August 1, Wildhorse purchased 422000 shares and immediately retired the stock. On November 1, 603000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2025? O 517620 O 1140667 O 718620 O 1549000
Ivanhoe Observation Inc. on May 1 2024, and was authorized to issue 500,000 common shares and 100,000 5%, non-participating, convertible preferred shares. During the remainder of 2024, the company entered into the following transactions: 1. Issued 32,000 common shares in exchange for $640,000. 2. Issued 5,000 preferred shares in exchange for $70,000. 3. Repurchased 3,000 common shares for $25.00 per share in the open market. The company entered into no other transactions that affected shareholders' equity during 2024. (a) Provide the journal entries for each of the transactions. (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. List all debit entries before credit entries.)
FMC Corp has 100 million shares of $1 par common stock authorized. The transactions below caused changes in FMC's outstanding shares. January 4, 2021: Repurchased and retired 1.90 million shares at $8.90 per share. June 25, 2021: Repurchased and retired 2.90 million shares at $2.90 per share. Prior to the transactions, FMC's shareholders' equity included the following: Common stock, 80.90 million shares at $1 par $ 80,900,000 Paid-in capital—excess of par 234,610,000 Retained earnings 129,000,000 Required:Prepare the journal entries to record the repurchase and retirement of the shares. (Do not round your per share amounts. 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.)
Dog
The outstanding share capital of Sheng Inc. includes 45,000 shares of $9.60 cumulative preferred and 80,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends: Year 2021 2022 2023 2024 Total Dividends Declared Preferred Common $ e 460,000 1,028,000 460,000 Required: Determine the total dividends paid in each year to each class of shareholders. Also determine the total dividends paid to each clas over the four years. 2021 2022 otal Dividends 2023 2024 Total
During its first year of operations, Cupola Fan Corporation issued 30,000 of $1 par Class B shares for $385,000 on June 30, 2024. Share issue costs were $1,500. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $39,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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