On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 26,000 shares of $20 par common stock valued at $29. Journalize the entry to record the transaction. For a compound transaction, if an amount box does not require an entry, leave it blank. Apr. 5
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- On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 30,000 shares of $80 par common stock valued at $112 per share. Journalize the entry to record the transaction.On August 1, Sunland Company buys 1,000 shares of Estrada common stock for $28,500 cash. On December 1, Sunland sells the stock investments for $31,500 in cash.Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 1Dec. 1 Aug. 1Dec. 1Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.
- On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending December 31, McGuire earned income of $48,000 and paid dividends of $14,000. Required: Journalize the entries for Todd Company for the purchase of the stock, share of McGuire Company income, and dividends received from McGuire Company. If an amount box does not require an entry, leave it blank. Jan. 2 Dec. 31 Dec. 31 0000 ☐☐☐☐☐☐The following transactions are for the Sun’s Corporation, December, 2018. 12 Jan. Sun’s Corporation issued shares 100000 and value of one share is Rs. 56. 14 Feb. Sun’s Corporation purchased furniture 30000 for cash. 17 Mar. Sold goods on credit for Rs. 90000. 21 Apr. Account receivable collected for Rs 10000, made on 17 March. 21 Apr Sun’s Corporation purchased computer 30000 on account payable. 23 Jun. Paid advertising expense for 9000. 12 Sep. Paid salary for 17000 30 Dec. Declared and paid dividend to shareholders 40000. Required: Pass Journal entries. Post each of the above transactions in the Ledger Prepare Trial Balance.On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig declared and paid a $63,000 cash dividend and reported net income of $100,800. Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Recond journal entries in the order presented in the problem.) Date Account Titles and Explanation > (To record dividends received) (To record share of net income) Debit Credit
- On January 1, Ivanhoe Corporation purchased a 25% equity in Helbert Corporation for $152,000. At December 31, Helbert declared and paid a $44,700 cash dividend and reported net income of $196,500. (a) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 1Dec. 31 Jan. 1Dec. 31 (To record dividends received) Jan. 1Dec. 31 (To record equity in Helbert Corporation's net income)ces Required Information [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $15,500, signing a two-year note (ignore Interest). c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note due in three years for $19,000 (ignore interest). d. Pald $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $350,000 cash for a house for his personal use. 2. Record the effects of each item using a journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet < Prev 6 7 8 9 of 11On August 1, Sandhill Holdings buys 1.000 ordinary shares of Merlynn for €35,500 cash. On December 1, Sandhill sells the share investments for €39,800 in cash. Journalize the purchase and sale of the ordinary shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Debit Credit
- 22,000 shares reacquired by Sunland Corporation for $50 per share were exchanged for undeveloped land that has an appraise value of $1,630,000. At the time of the exchange, the common stock was trading at $57 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (List all debit entries before credit entries. 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.) Account Titles and Explanation Debit Credit22,000 shares reacquired by Sunland Corporation for $50 per share were exchanged for undeveloped land that has an appraised value of $1,630,000. At the time of the exchange, the common stock was trading at $57 per share on an organized exchange. (a) Prepare the journal entry to record the acquisition of land assuming that the purchase of the stock was originally recorded using the cost method. (List all debit entries before credit entries. 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.) Account Titles and Explanation Debit CreditCapstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreement, the buyer transferred $375,000 to Capstone’s bank account on February 20. How would elements of the accounting equation be affected by the sale? Briefly describe the nature of the information provided by each of the following financial statements: the income statement, the statement of stockholders’ equity, the balance sheet, and the statement of cash flows. In your descriptions, indicate whether each of the financial statements covers a period of time or is for a specific date. (a) How does the payment of dividends of $15,000 affect the three elements of the accounting equation? (b) Is net income affected by the payment of dividends? Explain.
