Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 15, Problem 15.4BE
To determine
To prepare: The
Given information:
2,500 shares are issued.
Par value is $10.
Issue price is $24 per share.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Nebraska Inc. issues 2,350 shares of common stock for $75,200. The stock has a stated value of $13 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
a.$75,200b.$44,650c.$2,350d.$30,550
Nebraska Inc. issues 3,050 shares of common stock for $97,600. The stock has a stated value of $11 per share. The journal entry for the stock issuance would include a credit to Common Stock for
On May 10, Blue Spruce Corporation issues 3,050 shares of $10 par value common stock for cash at $20 per share.Journalize the issuance of the stock
what is the date ?
what is the title and explantion ?
Is it debit or credit ?
Chapter 15 Solutions
Intermediate Accounting (2nd Edition)
Ch. 15 - Prob. 15.1QCh. 15 - What are the retained earnings of a firm?Ch. 15 - Prob. 15.3QCh. 15 - Prob. 15.4QCh. 15 - Does an entity have to legally dissolve treasury...Ch. 15 - Prob. 15.6QCh. 15 - Prob. 15.7QCh. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Prob. 15.10Q
Ch. 15 - Prob. 15.11QCh. 15 - Do firms often use stock dividends to avoid...Ch. 15 - Prob. 15.13QCh. 15 - What is included in other comprehensive income?Ch. 15 - Is a specific format required for reporting...Ch. 15 - Prob. 15.16QCh. 15 - Boone Corporations outstanding capital stock on...Ch. 15 - Prob. 15.2MCCh. 15 - Prob. 15.3MCCh. 15 - Prob. 15.4MCCh. 15 - Prob. 15.5MCCh. 15 - Prob. 15.6MCCh. 15 - Prob. 15.7MCCh. 15 - Prob. 15.1BECh. 15 - Stockholders Equity Terminology, U.S. GAAP, IFRS....Ch. 15 - Common Stock Issuance, No Par Value. Perdido...Ch. 15 - Prob. 15.4BECh. 15 - Prob. 15.5BECh. 15 - Prob. 15.6BECh. 15 - Prob. 15.7BECh. 15 - Prob. 15.8BECh. 15 - Treasury Stock Transactions. Ginger Spice...Ch. 15 - Treasury Stock Transactions. On March 15, Chief...Ch. 15 - Treasury Stock Transactions, Retirement. Using the...Ch. 15 - Prob. 15.12BECh. 15 - Prob. 15.13BECh. 15 - Prob. 15.14BECh. 15 - Common Stock Issuance, Stated Value, Issue Costs....Ch. 15 - Common Stock Issuance. Par Value, Issue Costs,...Ch. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Prob. 15.5ECh. 15 - Treasury Stock Transactions, Retirement,...Ch. 15 - Treasury Stock Transactions, Disclosure. The...Ch. 15 - Treasury Stock Transactions. Several years ago,...Ch. 15 - Prob. 15.9ECh. 15 - Prob. 15.10ECh. 15 - Prob. 15.11ECh. 15 - Prob. 15.12ECh. 15 - Preferred Stock Issuance Dividends, Disclosure....Ch. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - Prob. 15.20ECh. 15 - Prob. 15.21ECh. 15 - Prob. 15.22ECh. 15 - Prob. 15.1PCh. 15 - Prob. 15.2PCh. 15 - Prob. 15.3PCh. 15 - Prob. 15.4PCh. 15 - Prob. 15.5PCh. 15 - Common Stock Issuance, Treasury Stock, Dividends,...Ch. 15 - Prob. 15.7PCh. 15 - Prob. 15.8PCh. 15 - Prob. 15.9PCh. 15 - Prob. 1JCCh. 15 - Judgment Case 2: Impact of Judgment in Accounting...Ch. 15 - Surfing the Standards Cases Surfing the Standards...Ch. 15 - Prob. 1BCCCh. 15 - Prob. 2BCC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Bridgeport Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 22,500 shares for cash at $56 per share. July 1 Issued 14,000 shares for cash at $60 per share. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Feb. 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock July 1 く Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock eTextbook and Media List of Accounts Debit 1260000 840000 Credit 11250C 1350C 7000C 1400C Assistance Used Assistance Used Post to the stockholders' equity accounts. (Post entries in the order of journal entries…arrow_forwardCalculating the Number of Shares Issued Chester Inc. issued shares of its $3.85 par value common stock for $16.50 per share. In recording the issuance of the stock, Chester credited the Additional Paid-In Capital-Common Stock account for $1,062,600. Required: How many shares were issued? sharesarrow_forwardOn June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per share.Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. what is the date ? What is the title and explation? What is debit or credit ?arrow_forward
- Prepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock assuming the shares have a a. $2 par value and sell for $18 cash per share. b. $2 stated value and sell for $18 cash per share.arrow_forwardPrepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: a. $5 cash per share. b. $6 cash per share. View transaction list Journal entry worksheet 1 > Record the issuance of 75,000 shares of $5 par value common stock assuming the shares sell for $5 cash per share. Note: Enter debits before credits. 3/ F6 F7 F8 F9 F10arrow_forwardIndigo Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 53,500 shares for cash at $52 per share. July 1 Issued 70,500 shares for cash at $57 per share. 1. Journalize the transactions. 2. Post to the stockholders’ equity accounts. (Use T-accounts.)arrow_forward
- Nexis Corp. issues 1,900 shares of $12 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made?arrow_forwardBramble Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $49. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 19,500 shares for cash at $57 per share. July 1 Issued 13,000 shares for cash at $61 per share. 1.Journalize the transactions. 2. Post to the stockholders’ equity accountsarrow_forwardFlint Corporation issued 1,900 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The stock had a par value of $5.25 per share and was issued for a total of $46,500. (b) The stock had a stated value of $5.25 per share and was issued for a total of $46,500. (c) The stock had no par or stated value and was issued for a total of $46,500. A (d) The stock had a par value of $5.25 per share and was issued to attorneys for services during incorporation valued at $46,500. (e) The stock had a par value of $5.25 per share and was issued for land worth $46.500.arrow_forward
- Concordia Corporation has 96,900 common shares that have been issued. It declares a 4% stock dividend on December 1 to shareholders of record on December 20. The shares are issued on January 10. The share price is $15 on December 1, $14.50 on December 20, and $14.75 on January 10. b) Provide the required journal entries on the appropriate dates to record the stock dividend. Only provide account names as the dollar amount has already been calculated in part a). (If no entry is required, select "No Entry" for the account titles.) December 1 Dividends Declared Dividends Payable Stock Dividends Distributable Common Shares Preferred Shares Retained Earnings Cash No Entryarrow_forwardhester Inc. issued shares of its $6.60 par value common stock for $17.00 per share. In recording the issuance of the stock, Chester credited the Additional Paid-In Capital—Common Stock account for $1,060,800. Required: How many shares were issued?fill in the blank 1 sharesarrow_forwardOsage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the issuance under the following assumptions. a. The stock had a par value of $6 per share and was issued for a total of $52,000. b. The stock had a stated value of $6 per share and was issued for a total of $52,000. c. The stock had no par or stated value and was issued for a total of $52,000. d. The stock had a par value of $6 per share and was issued to attorneys for services during incorporation valued at $32,000. e. The stock had a par value of $10 per share and was issued for land worth $92,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License