6. Using the information in #5 above, what are the first two years of depreciation using double declining depreciation? 7. Write the entry if a company issues 50,000 shares of its $1 par value common stock for $45 per share. 8. A company buys 20,000 shares of its own stock for $35 per share. Write the entry to record this transaction. 9. The company in #8 above decides to sell all of the shares it purchased (20,000). They sell the shares for $42 per share. Write the entry to record this transaction. 10. A company declares a 10% stock dividend when its $1 par value common shares are selling for $62 per share. The company has 400 million authorized shares; 1,456,000 issued shares; and 1,200,000 outstanding shares. Write the entry to record the stock dividend. 11. A company issues 10,000 shares of its 5% $20 callable preferred stock for $58 per share. Write the entry to record this transaction.
6. Using the information in #5 above, what are the first two years of depreciation using double declining depreciation? 7. Write the entry if a company issues 50,000 shares of its $1 par value common stock for $45 per share. 8. A company buys 20,000 shares of its own stock for $35 per share. Write the entry to record this transaction. 9. The company in #8 above decides to sell all of the shares it purchased (20,000). They sell the shares for $42 per share. Write the entry to record this transaction. 10. A company declares a 10% stock dividend when its $1 par value common shares are selling for $62 per share. The company has 400 million authorized shares; 1,456,000 issued shares; and 1,200,000 outstanding shares. Write the entry to record the stock dividend. 11. A company issues 10,000 shares of its 5% $20 callable preferred stock for $58 per share. Write the entry to record this transaction.
Chapter8: Consolidated Tax Returns
Section: Chapter Questions
Problem 37P
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Transcribed Image Text:6.
Using the information in #5 above, what are the first two years of depreciation using double
declining depreciation?
7.
Write the entry if a company issues 50,000 shares of its $1 par value common stock for $45 per
share.
8. A company buys 20,000 shares of its own stock for $35 per share. Write the entry to record this
transaction.
9.
The company in #8 above decides to sell all of the shares it purchased (20,000). They sell the
shares for $42 per share. Write the entry to record this transaction.
10. A company declares a 10% stock dividend when its $1 par value common shares are selling for
$62 per share. The company has 400 million authorized shares; 1,456,000 issued shares; and
1,200,000 outstanding shares. Write the entry to record the stock dividend.
11. A company issues 10,000 shares of its 5% $20 callable preferred stock for $58 per share. Write
the entry to record this transaction.
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