Please proper solution please no plagiarism 6 bo12 16tiqsExample 1Prepare the journal entries to show the issue of common stock for each company below.A) Kaisen Corporation issued 2,000 shares of $2 par value common stock for $4,000.B) Kaisen Corporation issued 2,000 shares of $2 par value common stock for $5,000.C) Owen Corporation issued 2,000 shares of no par common stock for $5,000.D) Kaia Corporation issued 2,000 shares of no par common stock with a stated value of $1per share for $5,000.E) Peyton Company issued 20,000 shares of $1 par value common stock for land valued at$84,000.F) Peyton Company issued 2,000 shares of $1 par value common stock for legal servicesworth $20,000.160

The journal entries are prepared to record the transactions on regular basis. The issuance of shares…

Answered: Example 1 Prepare the journal entries…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 10MC: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the...

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A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock
E Calculator A corporation issues 4,500 shares of common stock for $144,000. The stock has a stated value of $19 per share. What amount of credit to Common Stock would the journal entry to record the stock issuance include? Select the correct answer. $85,500 $144,000 $4,500 $58,500
MC Qu. 11-132 Pettygrove Company had... Pettygrove Company had 1,100,000 shares of $10 par value common stock outstanding. The amount of additional paid-in capital is $5,500,000, and Retained Earnings is $1,650,000. The company issues a 2-for-1 stock split. The market price of the stock is $13. What is the balance in the Common Stock account after this issuance? Multiple Choice $22,000,000 $25,300,000 $11,000,000 $16,500,000
Chapter 10: Stockholders' Equity and Appendix D Use the Stockholders' Equity section of FSB's Balance Sheet to answer the questions below. FSB Enterprises Balance Sheet (partial) At December 31, 202A Stockholders' Equity: Preferred stock (Par $100) Common stock (Par $0.20) Additional Paid in capital 1,000,000 120,000 8,915,000 Total paid in capital Retained earnings Treasury stock (3,00 common shares) Total stockholders equity 10,035,000 1,400,000 -54,000 11,381,000 1 How many shares of preferred stock have been issued? 2a How many shares of common stock have been issued? 2b How many of the common shares are outstanding? 3 If the common shares were issued at $15 per share, at what average price were preferred shares issued? Carry to two decimals. 4 If retained earnings at the beginning of the period was $1,250,000 and $325,000 was earned in net income, what was the amount of dividends declared during the year? What was the average cost per share of the treasury stock acquired? Carry 5…
Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$73,600 b.$27,600 c.$2,300 d.$46,000
PB3. LO 14.2 Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Aug. 22 Issued 2,000 shares of preferred stock at $105 per share Sep. 3 Issued 80,000 shares of common stock at $13.25 per share Oct. 11 Issued 12,000 shares of common stock for land valued at $156,000. The stock is currently trading at $12 per share, and the stock's trading value is a more accurate determinant of the land's value. Nov. 12 Issued 5,000 shares of common stock at $15 per share Dec. 5 Issued 1,000 shares of preferred stock at $112 per share
Nebraska Inc. issues 4,200 shares of common stock for $134,400. The stock has a stated value of $14 per share. The journal entry for the stock issuance would include a credit to Common Stock for a. $4,200 b. $75,600 c. $58,800 d. $134,400
Use the following to answer questions 6 – 12 J&TR, Inc., has two classes of stock authorized: $100.00 par preferred and $0.10 par value common. As of the beginning of 20XC, 10,000 shares of preferred stock and 800,000 shares of common stock have been issued. Record the following transactions to complete the Statement of Stockholders’ Equity: Effect on Stockholders' Equity L.Mar Issue 5,000 additional shares of preferred stock for S102.50 per share L-Apr ssue 100,000 additional shares of common stock for $25.00 per share Declare a cash dividend on both common and 1-Jun preferred stock of $0.75 per share to all stockholders of record on June 15. 30-Jun Pay the cash dividend declared on June 1. LAve Repurchase (buy) 50,000 shares of common treasury stock for $26.00 per share Resell 40,000 shares of treasury stock purchased on August 1 for $26.50 per share 31-Dec Net income for the year was $750,000 1-Oct The beginning balances are shown below. Complete the Equity Statement of…
Question 3:.. CL03 A. The following selected transactions pertain to L. Lewis Corporation: Jan. 3 Issued 100,000 shares, $10 par value, common stock for $25 per share. Feb. 10 Issued 6,000 shares, $10 par value, common stock in exchange for special purpose equipment. L. Lewis Corporation's common stock has been actively traded on the stock exchange at $30 per share. Date Account title Debit Credit
A corporation issues 1,500 shares of common stock for $32,000. The stock has a par value of $10 per share. The journal entry to record the stock issuance would include a credit (increase) to Common Stock for: Oa. $15,000 Ob. $32,000 Oc. $17,000 Od. $2,000 A Moving to the next question prevents changes to this answer, Question 3 of 10 & @ # $ de 6. 7 8 2 3 4 } P Y U E R %3D G H J K S D F V V B ミ

B C D E A 11.3 (LO 2), AP During its first year of operations, Mona Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share. July 1 Issued 60,000 shares for cash at $7 per share. Instructions Journalize the transactions, assuming that the common stock has a par value of $5 per share. . . Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. 1. Date Account Debit Account Debit ). 1/10/22 7/1/22 Date 1/10/22 7/1/22 Credit Credit
GL1101 Based on Problem 11-2A LO C3, P2, P3 Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 shares authorized, 5e,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985, 000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,900 of its treasury shares at $27 cash per share. Jan. Jan. Feb. July Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the…

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