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- A corporation issues 5,000 shares of $1 par value stock for some equipment with a clearly determined value of $10,000. Prepare the journal entry to reflect this transaction.A corporation issues 6,000 shares of $1 par value stock for a parcel of land valued at $12,000. Prepare the journal entry to reflect this transaction.ACC 151: UPDATES IN FINANCIAL ACCOUNTING STANDARDS AND REPORTING FAFV - EXERCISE NO. 4 1. On January 1, 2021, Edra Co. purchased 15,000 shares of Ula Corporation for P1,500,000. Registration and taxes incurred amounted to P36,500. The equity securities meet the definition of held for trading securities. At what amount should the investment be recorded initially? 2. On April 15, 2021, Pepper purchased 15,000 shares of Atty Group for P150,000. The commission paid to the broker amounted to P8,500. Management made an irrevocable choice to subsequently measure the shares at FVOCI. At what amount should the investment be recorded initially? 3. On June 13, 2021, Rainy Co. paid P500,000 for 20,000 shares of Niel's ordinary shares and classified these shares as held for trading securities. Rainy does not have the ability to exercise significant influence over Niel. Niel declared and paid a dividend of P0.50 a share to its shareholders in 2021. Rainy reported a net income of P260,000 for the…
- COACHED PROBLEMS CP11-1 Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance, Purchase, and Reissuance Transactions Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,200 and declared no dividends; the following selected transactions occurred in the order given: a. Issued 60,000 shares of the common stock at $12 cash per share. b. Reacquired 2,000 shares at $15 cash per share from stockholders; the shares are now held in treasury. Reissued 1,000 of the shares in transaction (b) two months later at $18 cash per share. C- Required: 1. 2. 3. Indicate the effec Prepare journal entries to record each transaction. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of…Question Content Area The charter of a corporation provides for the issuance of 103,000 shares of common stock. Assume that 39,000 shares were originally issued and 4,300 were subsequently reacquired. What is the amount of cash dividends to be paid if a $3-per-share dividend is declared? a. $12,900 b. $309,000 c. $117,000 d. $104,100X 回 Prepare journal entries to record the following transactions. Descriptions are not required but please label the date for each one. January 10 - Issued 1,000 shares of $10 par common stock at $56 for cash. DR CR Date Account January 22 - Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. Date Account DR CR April 1- Purchased 100 shares of treasury stock at $25. Date Account DR CR June 8 - Sold the 100 shares of treasury stock (purchased April 1) at $30. Date Account DR AMDO PRIESVING 1080p CR hp
- Accounting Account Number Account Name Debit Credit 101 Cash 1,118,000 170 Land - 175 Building - 307 Common Stock 400,000 308 Preferred Stock - 315 Paid in Capital in Excess of Par-Common 60,000 316 Paid in Capital in Excess of Par-Preferred - 318 Retained Earnings 658,000 1,118,000 1,118,000 When the Kohler Corporation was formed the articles of incorporation requested authorization to issue 50,000 shares of $20 par common stock and 80,000 shares of $50 par, 5%, cumulative preferred stock. Jan 3 Purchased 1,600 shares of its own stock at $24 cash per share. Jan 18 Issued 5,200 shares of common stock at $25 per share. Jan 23 Directors declared a $0.95 per share cash dividend…A corporation issued 180 shares of ts $5 par value common stock an payment of a $2600 charge fom es accountant for assistance in fing its chater with the state The entry to tecned this transaction will include Multole Choice O AS2600 cedt to Comoe Stock AS200 debit to Lroa Expenses AS00 creotto Pidn Ceptal n Ecess f r Vae Conmon Stoo A S2600 orat to Cnh. AS00 ortit to Oroannon ErpensesThe journal entry for the issuance of 150 shares of $5 par common stock at par to an attorney in payment of legal fees for organızing the corporation includes a credit to O a. Organizational Expenses O b. Goodwill O c. Common Stock O d. Cash
- 15pointsItemSkipped PrintReferencesItem 5Mainland Resources Inc. began operations on June 5, 2023. 2023 June5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84,700.15 Received 521 cash per share for the issuance of 77,000 common shares. 16 Issued 10,000 preferred shares for cash of $41 per share. 178,000 common shares were issued to a creditor who was owed $132,000. 18 The board of directors declared a cash dividend of $19, 700 on the preferred shares and $5, 200 on the common shares to shareholders of record on June 20, payable July 1. 30 152,000 common shares were issued in exchange for machinery with a fair market value of $2, 480, 000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Joumalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.be capitalized at the fair market value of the common stock, which is PROBLEM 12-5A Entries for selected corporate transactions objectives 4, 5, 6, 7 Serra do Mar Corporation manufactures and distributes leisure clothing. Selected transactions completed by Serra do Mar during the current fiscal year are as follows: Jan. 8. Split the common stock 3 for 1 and reduced the par from $18 to $6 per share. After the split, there were 600,000 common shares outstanding. Mar. 20. Declared semiannual dividends of $1 on 20,000 shares of preferred stock and $0.14 on the 600,000 shares of $10 par common stock to stockholders of record on March 31, payable on April 20. Apr. 20. Paid the cash dividends. Мay PREADSNEET RASS. 8. Purchased 50,000 shares of the corporation's own common stock at $48, recording the stock at cost. 510 Chapter 12 • Corporations: Organization, caprm --- Aug. 2. Sold 30,000 shares of treasury stock at $56, receiving cash. on the common stock (before the stock dividend). In…MC Qu. 11-64 A company issues... A company issues 1 million shares of common stock with a par value of $0.14 for $16.20 a share. The entry to record this transaction includes a debit to Cash for: Multiple Choice $140,000 and a credit to Common Stock for $140,000. $16,200,000 and a credit to Common Stock for $16,200,000. $16,200,000, a credit to Common Stock for $140,000, and a credit to Additional Paid-in Capital for $16,060,000. $140,000, a debit to Capital Receivable for $16,060,000, a credit to Common Stock for $140,000, and a credit to Additional Paid-in Capital for $16,060,000.
