1Problem 1:t#The Highland Corporation was organized on January 1, 2022.4It is authorized to issue 20.000 shares of no par value preferred shares with a $3 dividend rateSand 500.000 no par value common shares. The following transactions were completed during the first year.7 Jan. 10.Issued 100.000 common shares for cash at $3 per share.9Mar. 1Issued 10,000 preferred shares for cash at $52 per share.10UApr. 1Issued 25.000 common shares for land. The fair market value of the land was $85,000itThe market value of the common shares was $3.50 per share on this date.14 May 1sued 75.000 common shares for cash at $4 per share.15July 2431Issued 10.000 common shares to lawyers in payment of their bill of $50,000 forservices rendered in helping the company organize. The market value of the shareswas $4.50 on this dateINDateJan. 10ParticularsO C

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The Highland Corporation was organized on January 1, 2022. It is authorized to issue 20.000 shares of no par value preferred shares with a $3 dividend rate and 500.000 no par value common shares. The following transactions were completed during the first year. Jan 10 Issued 100.000 common shares for cash at $3 per share. Mar. 1 Issued 10,000 preferred shares for cash at $52 per share. Apr 1 Issued 25.000 common shares for land. The fair market value of the land was $85.000 The market value of the common shares was $3.50 per share on this date May 1 Issued 75.000 common shares for cash at $4 per share. July 24 Issued 10.000 common shares to lawyers in payment of their bill of $50,000 for Date Jan. 10 Particulars

The Highland Corporation was organized on January 1, 2022. It is authorized to issue 20.000 shares of no par value preferred shares with a $3 dividend rate and 500.000 no par value common shares. The following transactions were completed during the first year. Jan 10 Issued 100.000 common shares for cash at $3 per share. Mar. 1 Issued 10,000 preferred shares for cash at $52 per share. Apr 1 Issued 25.000 common shares for land. The fair market value of the land was $85.000 The market value of the common shares was $3.50 per share on this date May 1 Issued 75.000 common shares for cash at $4 per share. July 24 Issued 10.000 common shares to lawyers in payment of their bill of $50,000 for Date Jan. 10 Particulars

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
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Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
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