! Required information E11-8 (Algo) Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 600 shares of the company's own common stock at $40 cash per share; the stock is now held in treasury. July 15 Issued 200 of the shares purchased on February 1 for $50 cash per share. September 1 Issued 160 more of the shares purchased on February 1 for $35 cash per share. E11-8 (Algo) Part 1 Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) February 1 July 15 July 15 September 1 September 1 Assets Liabilities + + + Stockholders' Equity

! Required information E11-8 (Algo) Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 600 shares of the company's own common stock at $40 cash per share; the stock is now held in treasury. July 15 Issued 200 of the shares purchased on February 1 for $50 cash per share. September 1 Issued 160 more of the shares purchased on February 1 for $35 cash per share. E11-8 (Algo) Part 1 Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) February 1 July 15 July 15 September 1 September 1 Assets Liabilities + + + Stockholders' Equity

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend?
Required information [The following information applies the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 400 shares of the company's own common stock at $20 cash per share; the stock is now held in treasury. July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. September 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share. 3. What impact does the purchase of treasury stock have on dividends paid? Dividends Therefore, the total amount of paid on treasury stock. paid is when treasury stock is purchased.
Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 450 shares of the company's own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. September 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. 4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income? The reissuance of treasury stock for more or less than its original repurchase cost affect net income. The transaction affects only accounts.
Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is now held in treasury. July 15 Issued 155 of the shares purchased on February 1 for $41 cash per share. Sept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share. 3. What impact does the purchase of treasury stock have on dividends paid? Dividends paid on treasury stock.Therefore, the total amount of paid is hen treasury stock is purchased.
Prepare general journal entries to record these transactions. Fido Corporation engaged in the following transactions involving treasury stock: a)Jan. 10 Purchased for cash 15,000 share of treasury stock at a price of $20 per share. Date Debit Credit Db Cr b)July. 5 Reissued 4,500 shares of treasury stock at a price of $25 per share. Date Debit Credit Db Cr c)Nov. 12 Reissued 5,500 shares of treasury stock at a price of $17 per share Date Debit Credit Db Cr
Underwood Company's only treasury stock transactions for the current year follow: (1) 2,000 shares of its common stock were purchased on June 1 for $80,000; (2) On July 1 it reissued 500 of these shares at $45 per share; (3) On August 1 it reissued an additional 500 treasury shares at $38 per share. Prepare the journal entries required to record these transactions. Calculate the balance in Paid-in Capital, Treasury Stock, on September 1 assuming its beginning-year balance is zero. Show calculations
Required information The following information applies to the questions displayed below] The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is now held in treasury July 15 Issued 155 of the shares purchased on February 1 for $41 cash per share Sept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share. 4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income? The reissuance of treasury stock for more or less than its original repurchase cost affect net income. The transaction affects only accounts
Underwood Company's only treasury stock transactions for the current year follow: (1) 2,000 shares of its common stock were purchased on June 1 for $80,000; (2) On July 1 it reissued 500 of these shares at $45 per share; (3) On August 1 it reissued an additional 500 treasury shares at $38 per share. Prepare the journal entries required to record these transactions. Calculate the balance in Paid-in Capital, Treasury Stock, on September 1 assuming its beginning-year balance is zero. Show steps on calculations.
Prepare the appropriate general journal entries for the following treasury stock transactions of Aberdeen Inc. Oct. 15 Purchased 7,000 shares of its $15 par common stock for $70,000 and placed the stock in the treasury. Dec. 1 Sold 2,000 shares of the treasury stock for $18,000 cash. Dec. 31 Sold the remaining treasury stock for $56,000 cash.
Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later, Elroy resold 800 shares of the treasury stock for $48 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B Record the two events in general journal format. (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 A Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 450 shares of the company’s own common stock at $25 cash per share; the stock is now held in treasury. July 15 Issued 125 of the shares purchased on February 1 for $35 cash per share. Sept. 1 Issued 85 more of the shares purchased on February 1 for $20 cash per share. E11-8 Part 2 Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)