On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in ex- change for 12,500 shares of $25 par common stock with a current market price of $38. Jour- nalize the entry to record the transaction.
Q: The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred…
A: Value of land = $1,200,000
Q: Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on…
A: Preferred stock holder means those stock holder who will be getting dividend before the common…
Q: A company acquires land by issuing 11,100 shares of its $20 par value common stock which is…
A: Consideration given up = 11,100 shares x $30 = $333,000
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A: The treasury stock includes the own shares purchased from the shareholders by the company. The…
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A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…
Q: On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for…
A: The company can raise funds in different modes like, by issuing common stock, by issuing preferred…
Q: On April 10, a company acquired land in exchange for 1,500 shares of $21 par common stock with a…
A: If a share is issued at a higher price than the par value, any excess amount goes to Paid-in Capital…
Q: At what amount should the Land be recorded in the books of Orange?
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A: Treasury stock means where the own stock has been repurchased by company from open market and can be…
Q: On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000.…
A: Given information is: Todd Company acquired 40% of the outstanding stock of McGuire Company for…
Q: Sudoku Company issues 17,000 shares of $7 par value common stock in exchange for land and a…
A: A journal entry is a core and foremost record that a transaction has taken place in the business.…
Q: On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000.…
A: The journal entries are the basic method for recording transactions. The portion of shares acquired…
Q: On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for…
A: Total value of land = No. of commmon stock x Issue price per stock = 26,000 shares x $29 = $754,000
Q: On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of…
A: The purchase of shares leads to share in profits of the company, whose shares are being purchased.…
Q: The company's charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred…
A: Journal- The first stage of the accounting process is journalizing. Journal is the primary book of…
Q: On February 22, Stewart Corporation acquired 2,400 shares of the 85,000 outstanding shares of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On January 6, Year 1, Bulldog Co. purchased 34% of the outstanding stock of Gator Co. for $212,000.…
A: Equity investment: Equity investments are stock instruments which claim ownership in the investee…
Q: On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain Company for $600,000.…
A: Entry to record the purchase of stock.
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Q: The Business charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: On February 22, Stewart Corporation acquired 3,300 shares of the 115,000 outstanding shares of…
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Q: Journalize this transaction
A: When common stock is issued in exchange of asset, journal entry will comprise of the following…
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A: Common Stock under Consolidated Balance Sheet will be the Common Stock of Parent Entity.
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A:
Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…
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Q: On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a…
A: Journal Entries in the Books Of Sudoku Company as under.
Q: Sudoku Company issues 7,000 shares of $7 par value common stock in exchange for land and a building.…
A: Paid in capital in excess of Par value, Common Stock = Land + Building - Par value of Common stock =…
Q: On February 22, Stewart Corporation acquired 7,500 shares of the 265,000 outstanding shares of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
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Q: On January 6, 20Y8, Bulldog Co. purchased 28% of the outstanding common stock of Gator Co. for…
A: Equity method of valuing investment means to record the investment as per initial cost of investment…
Q: Sudoku Company issues 19,000 shares of $6 par value common stock in exchange for land and a…
A: If value of land and building value is greater than the par value of common stock then the excess…
Q: On January 2, Yorkshire Company acquired 38% of the outstanding stock of Fain Company for $380,000.…
A: Journal entries means the book of prime entry including debit and credit item. When share has been…
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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.Tamarisk Company obtained land by issuing 2,950 shares of its $10 par value common stock. The land was recently appraised at $122,940. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land. (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.) Account Titles and Explanation Credit Debit22,000 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 Credit
- Sheffield Company obtained land by issuing 3,380 shares of its $10 par value common stock. The land was recently appraised at $146,440. The common stock is actively traded at $42 per share. Prepare the journal entry to record the acquisition of the land. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Save for Later Debit Athe Credit22,000 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 CreditBloom Company obtained land by issuing 2,110 shares of its $19 par value common stock. The land was recently appraised at $107,800. The common stock is actively traded at $49 per share.Prepare the journal entry to record the acquisition of the land. (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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
- Nash Company obtained land by issuing 2,270 shares of its $10 par value common stock. The land was recently appraised at $115,230. The common stock is actively traded at $49 per share. Prepare the journal entry to record the acquisition of the land. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit CreditFielder Company obtained land by issuing 2,000 shares of its $10 par value common stock. The land was recently appraised at $85,000. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land.29,000 shares reacquired by Bridgeport Corporation for $55 per share were exchanged for undeveloped land that has an appraised value of $1,808,000. At the time of the exchange, the common stock was trading at $66 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. (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 O for the amounts.) Account Titles and Explanation Debit Credit
- 27,000 shares reacquired by Monty Corporation for $56 per share were exchanged for undeveloped land that has an appraised value of $1,618,000. At the time of the exchange, the common stock was trading at $66 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.Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on December 31. This land was carried on Drive’s books for $40,000. Required: 1. Prepare the journal entry to record the acquisition of the land for each of the following independent situations: a. The preferred stock is currently selling for $110 per share. No appraisal is available on the land. b. The land is appraised at $65,000. There have been no recent sales of the preferred stock. c. The preferred stock is currently selling for $125 per share. The land is appraised at $64,000.Pharaoh Company obtained land by issuing 1,720 shares of its $14 par value ordinary shares. The land was recently appraised at $85,000. The ordinary shares are actively traded at $44 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered Do not indent manuallyIf no entry is required, select "No Entry" for the account titles and enter for the amounts)