On February 22, Stewart Corporation acquired 2,400 shares of the 85,000 outstanding shares of Edwards Co. common stock at $39.90 plus commission charges of $240. On June 1, a cash dividend of $0.75 per share was received. On November 12, 800 shares were sold at $48 less commission charges of $96. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a.  Using the cost method, journalize the entry for the purchase of stock. Feb. 22   fill in the blank f30290ff0040fa0_2         fill in the blank f30290ff0040fa0_4 b.  Using the cost method, journalize the entry for the receipt of dividends. June 1   fill in the blank 32bfc3f39f9dfaa_2         fill in the blank 32bfc3f39f9dfaa_4 c.  Using the cost method, journalize the entry for the sale of 800 shares. For a compound transaction, if an amount box does not require an entry, leave it blank. Nov. 12   fill in the blank 16b927021fb4fde_2 fill in the blank 16b927021fb4fde_3     fill in the blank 16b927021fb4fde_5 fill in the blank 16b927021fb4fde_6     fill in the blank 16b927021fb4fde_8 fill in the blank 16b927021fb4fde_9

Q: Instructions: prepare the journal entries on above transactions.

A: Calculation of Dividend Paid :- Shares outstanding at the beginning 60000 Add : New issue…

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A: Purchase price of Treasury stock : = $ 250000/5000 shares = $ 50

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Q: On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40…

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Q: February 16, Hawthorne Co. declares a $0.34 dividend to be paid on April 5. Hawthorne has 2,000,000…

A: Dividend  pay will result in cash outflows

Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Splish Brothers Inc. purchased from its stockholders 6,000 shares of its own previously issued stock…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: On January 1, Tesla had 40,000 shares of $10 par value common stock issued and outstanding. All…

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Q: On December 2, Coley Corp. acquired 1,400 shares of its $5 par value common stock for $20 each. On…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: On September 12, 3,800 shares of Aspen Company are acquired at a price of $60.00 per share plus a…

A: Brokerage commission paid to purchase the shares will be added to the cost of the shares.

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Q: On February 1, Motorsports Inc. reacquired 7,500 shares of its common stock at $30 per share. On…

A:

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A: The journal entries are prepared to keep the record of day to day transactions of the business.

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A: Definition:

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A: a.

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A:

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A:

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A:

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.