Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 12, Problem 12.5EX
Issuing stock for assets other than cash
On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 12,500 shares of $25 par common stock with a current market price of $38.
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Issuing Stock for Assets Other Than Cash
On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 26,000 shares of $10 par common stock with a current market price of $18.
Journalize the entry to record the transaction. If an amount box does not require an entry, leave it blank.
Sudoku Company issues 22,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at
$242,000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and
building.
View transaction list
Journal entry worksheet
レ
A
Record the issue of 22,000 shares of $9 par value common stock in exchange
for land valued at $242,000 and a building valued at $368,000.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
1. Record, in journal entry form, the following transactions, assuming the
company plans on holding the investments for trading purposes:
April 16 - Purchased 300 shares of Ameco for $25 per share.
• May 2 - Purchased 1,000 shares of Rattle Inc. for $12.50 per share.
• June 19 - Sold 100 Ameco shares for $32.75 per share.
• October 7 - Purchased 550 shares of BMC for $27.80 per share.
• November 30 - Received a dividend of $0.25 per share from Rattle.
• December 12 - Sold half the shares in BMC for $21.00 per share.
2. Record any required journal entries on December 31, the company's
year-end.
Chapter 12 Solutions
Corporate Financial Accounting
Ch. 12 - Of two corporations organized at approximately the...Ch. 12 - A stockbroker advises a client to buy preferred...Ch. 12 - A corporation with both preferred stock and common...Ch. 12 - An owner of 2,500 shares of Simmons Company common...Ch. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - A corporation reacquires 60,000 shares of its own...Ch. 12 - The treasury stock in Discussion Question 7 is...Ch. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 12.1BECh. 12 - Prob. 12.2BECh. 12 - Entries for cash dividends The declaration,...Ch. 12 - Entries for stock dividends Alpine Energy...Ch. 12 - Prob. 12.5BECh. 12 - Reporting stockholders equity Using the following...Ch. 12 - Retained earnings statement Noric Cruises Inc....Ch. 12 - Dividends per share Seventy-Two Inc., a developer...Ch. 12 - Prob. 12.2EXCh. 12 - Entries for issuing par stock On January 22,...Ch. 12 - Prob. 12.4EXCh. 12 - Issuing stock for assets other than cash On...Ch. 12 - Selected stock transactions Alpha Sounds Corp., an...Ch. 12 - Issuing stock Willow Creek Nursery, with an...Ch. 12 - Issuing stock Professional Products Inc., a...Ch. 12 - Entries for cash dividends The declaration,...Ch. 12 - Entries for stock dividends Healthy Life Co. is an...Ch. 12 - Prob. 12.11EXCh. 12 - Effect of cash dividend and stock split Indicate...Ch. 12 - Selected dividend transactions, stock split...Ch. 12 - Prob. 12.14EXCh. 12 - Treasury stock transactions SprayCo Inc. develops...Ch. 12 - Prob. 12.16EXCh. 12 - Reporting paid-in capital The following accounts...Ch. 12 - Stockholders Equity section of balance sheet The...Ch. 12 - Stockholders Equity section of balance sheet...Ch. 12 - Retained earnings statement Sumter Pumps...Ch. 12 - Stockholders Equity section of balance sheet List...Ch. 12 - Prob. 12.22EXCh. 12 - Dividends on preferred and common stock Pecan...Ch. 12 - Prob. 12.2APRCh. 12 - Stock transactions for corporate expansion On...Ch. 12 - Entries for selected corporate transactions Morrow...Ch. 12 - Entries for selected corporate transactions...Ch. 12 - Prob. 12.1BPRCh. 12 - Stock transaction for corporate expansion Pulsar...Ch. 12 - Selected stock transactions Diamondback Welding ...Ch. 12 - Entries for selected corporate transactions Nav-Go...Ch. 12 - Entries for selected corporate transactions West...Ch. 12 - Selected transactions completed by Equinox...Ch. 12 - Prob. 12.1ADMCh. 12 - Prob. 12.2ADMCh. 12 - Prob. 12.3ADMCh. 12 - BBT and Regions Financial: Earnings per share BBT...Ch. 12 - Ethics In Action Tommy Gunn is a division manager...Ch. 12 - Prob. 12.3TIF
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