Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN: 9781337788281

Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher: Cengage Learning

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Textbook Question

Chapter 15, Problem 19E

Treasury Stock, No Par Propst-Steele Production Corporation’s accounting records provide the following information:

1. Issued 5,000 shares of no-par common stock at $15 per share.
2. Issued an additional 5,000 shares of 110-par common stock at $17 per share.
3. Reacquired 500 shares of its no-par common stock at a cost of $12.50 per share.
4. Reissued 200 of its treasury shares at $14 per share.
5. Reissued the remaining treasury shares at $11 per share.

Required:

Prepare journal entries to account for the preceding stock transactions of Propst-Steele Production, assuming it uses the cost method for treasury stock.

Expert Solution & Answer

Chapter 15 Solutions

Intermediate Accounting: Reporting And Analysis

Ch. 15 - Prob. 1GI Ch. 15 - Prob. 2GI Ch. 15 - What are the three components and the basic...Ch. 15 - List the various rights of a shareholder. Which do...Ch. 15 - What is the meaning of the following terms: (a)...Ch. 15 - Prob. 6GI Ch. 15 - Prob. 7GI Ch. 15 - How does preferred stock differ from common stock?Ch. 15 - What amount of the proceeds from the issuance of...Ch. 15 - Prob. 10GI

Ch. 15 - Prob. 11GI Ch. 15 - Prob. 12GI Ch. 15 - Prob. 13GI Ch. 15 - Prob. 14GI Ch. 15 - Prob. 15GI Ch. 15 - Prob. 16GI Ch. 15 - Prob. 17GI Ch. 15 - Prob. 18GI Ch. 15 - Prob. 19GI Ch. 15 - How is a preferred stock similar to a long-term...Ch. 15 - Prob. 21GI Ch. 15 - Prob. 22GI Ch. 15 - Prob. 23GI Ch. 15 - Prob. 24GI Ch. 15 - Prob. 25GI Ch. 15 - What additional disclosures about preferred and...Ch. 15 - Prob. 1MC Ch. 15 - Cary Corporation has 50,000 shares of 10 par...Ch. 15 - What is the most likely effect of a stock split on...Ch. 15 - Prob. 4MC Ch. 15 - Prob. 5MC Ch. 15 - Prob. 6MC Ch. 15 - Prob. 7MC Ch. 15 - When treasury stock is purchased for cash at more...Ch. 15 - Preferred stock that may be retired by the...Ch. 15 - When treasury stock accounted for by the cost...Ch. 15 - Brown Corporation issues 800 shares of its 5 par...Ch. 15 - Heart Corporation entered into a subscription...Ch. 15 - Blue Corporation issues 200 packages of securities...Ch. 15 - Sun Corporation issues 500 shares of 8 par common...Ch. 15 - Next Level Morgan Corporation issues 500 packages...Ch. 15 - Prob. 6RE Ch. 15 - On January 1, 2019, Phoenix Corporation adopts a...Ch. 15 - On January 2, 2019, Brust Corporation grants its...Ch. 15 - Prob. 9RE Ch. 15 - Assume Cole Corporation originally issued 300...Ch. 15 - Violet Corporation issues 1,200 shares of 150 par...Ch. 15 - Assume that Lily Corporation has outstanding 1,500...Ch. 15 - Tulip Corporation uses the cost method to account...Ch. 15 - Par Value and No-Par Stock Issuance Caswell...Ch. 15 - Combined Sale of Stock Maxville Company issues 300...Ch. 15 - Sale of Stock with Bonds Pilsen Company issues 12%...Ch. 15 - Issuance of Stock for Land Putt Company issues 500...Ch. 15 - Prob. 5E Ch. 15 - Prob. 6E Ch. 15 - Prob. 7E Ch. 15 - Prob. 8E Ch. 15 - Restricted Share Units On January 2, 2019, Dekker...Ch. 15 - Prob. 10E Ch. 15 - Convertible Preferred Stock On January 2, 2019,...Ch. 15 - Prob. 12E Ch. 15 - Stock Rights with Preferred Stock Nelson...Ch. 15 - Various Journal Entries Lodi Company is authorized...Ch. 15 - Treasury Stock, Cost Method On January 1, Lorain...Ch. 15 - Contributed Capital Adams Companys records provide...Ch. 15 - Prob. 17E Ch. 15 - Treasury Stock, Cost and Par Value Methods On...Ch. 15 - Treasury Stock, No Par Propst-Steele Production...Ch. 15 - Subscriptions On August 3, 2019, the date of...Ch. 15 - Prob. 2P Ch. 15 - Prob. 3P Ch. 15 - Prob. 4P Ch. 15 - Prob. 5P Ch. 15 - Prob. 6P Ch. 15 - Issuances of Stock Cada Corporation is authorized...Ch. 15 - Issuances of Stock Epple Corporation is authorized...Ch. 15 - Comprehensive Young Corporation has been operating...Ch. 15 - Comprehensive The shareholders equity section of...Ch. 15 - Treasury Stock Analysis Ray Holt Corporation has...Ch. 15 - Comprehensive Byrd Companys Contributed Capital...Ch. 15 - Prob. 13P Ch. 15 - Prob. 14P Ch. 15 - Reconstruct Journal Entries At the end of its...Ch. 15 - Treasury Stock, Cost Method Bush-Caine Company...Ch. 15 - Prob. 17P Ch. 15 - Prob. 1C Ch. 15 - Prob. 2C Ch. 15 - Prob. 3C Ch. 15 - Capital Stock Capital stock is an important area...Ch. 15 - Treasury Stock A corporation sometimes engages in...Ch. 15 - Prob. 6C Ch. 15 - Prob. 7C Ch. 15 - Compensatory Share Option Plan Tom Twitlet,...Ch. 15 - Prob. 9C Ch. 15 - Treasury Stock For numerous reasons, a corporation...Ch. 15 - Prob. 11C Ch. 15 - Prob. 12C Ch. 15 - Prob. 13C Ch. 15 - Prob. 14C

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