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Prepare entries to record the following:
a. Issued 1,000 shares of $10 par common stock at $56. If an amount box does not require an entry, leave it blank or enter "0".
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- DETAILS DR($) CR($) 1 Land Common Stock(300,000x$1) Paid in Capital in excess of Par-common stock (to record the issue of share) 1,200,000 300,000 900,000 11. Cash(120,000 shares x$1 par value) Common Stock (to record the issue of Common Stock) 120,000 120,000 111. Cash(25,500.00 shares x$20 per share) Preferred Stock (to record the issue of preferred stock) 510,000 510,000.00 1v. Income Summary To Retained Earning 764,000 764,000 v. No transaction dividend has already been paid. V1. No transaction Dividend has already been paid. Prepare the closing entries for these transactionsIf Dakota Company issues 1,500 shares of $6 par common stock for $75,000, O Common Stock will be credited for $75,000 O Paid-In Capital in Excess of Par will be credited for $9,000 Paid-In Capital in Excess of Par will be credited for $66,000 O Cash will be debited for S66,000The Investments and Dividends Income accounts of Babe Time Company are shown below: Trading Securities Date Description Ref. Debit Credit 06/22/14 5,000 ordinary shares, par value P100, Bebe Co. CD – 28 520,000 12/31/14 Adjustment to fair value 80,000 05/31/15 500 shares Bebe Co. received as bonus issue GJ – 10 12,000 07/10/15 Sold 1,000 shares @ P130 net of transaction cost CR – 21 130,000 12/04/15 Sold 1,000 shares @ P140 CR – 40 140,000 Dividend Income Date Description Ref. Debit Credit 05/31/15 Bonus issue (stock dividend) GJ – 10 12,000 08/01/15 Cash dividend on Bebe Co ordinary shares CR – 22 22,500 The following information was obtained during your examination: The December 31, 2014 statement of financial position of Babe time Company showed, among current assets, Trading Securities of P600,000. You obtained the following…
- Apr. 9. Issued 21,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $78,000, $427,000, and $97,000, respectively. Apr. 9. Land ✓ Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback ✓ ✔ Check My Work Record the assets, and increase the common stock account by the par value of the shares. Record any amount above par in a separate paid-in capital equity account. Recall that shares of stock can be issued to acquire assets. At what value must the preferred stock and common stock accounts be recorded? June 14. Issued 20,000 shares of preferred stock at $77 for cash. June 14, Cash ✓ Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock ✓View Policies Current Attempt in Progress If Marigold Company issues 8800 shares of $5 par value common stock for $160600, the account O Cash will be debited for $116600. O Paid-in Capital in Excess of Par will be credited for $44000. O Common Stock will be credited for $44000. Paid-in Capital in Excess of Par will be credited for $160600. Save for Later Attempts: 0 of 1 used Submit AnswerLess : Excess amount received on application Allotment 600 6,00,000 3,00,000 3,00,000 %3D %3D Balance Due Less: Amount not received from Subodh on Allotment Net amount received on allotment in Cash 600 2,99,400 (reces excess of 600 is exclusively for share capital and hence Securities Premium Reserve ILLUSTRATION 70. KS Ltd. invited applications for issuing 1,60,000 equity shares of 10 each at a premium of 76 per share. The amount was payable as follows : On Application On Allotment On First and Final Call Applications for 3,20,000 shares were received. Applications for 80,000 shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jain holding 800 shares, failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the final call was made. Gupta who had applied for 1,200 shares failed to pay the…
- Answer with computation and explanation X Company sold 1,000 ordinary shares at par of P20 per share for P50,000. The journal entry to record the transaction would have a a credit to ordinary shares for P50,000. b credit to share premium for P20,000 C. credit to ordinary shares of P20,000. d. debit to share premium of P30,000View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. If Concord Company issues 5100 shares of $5 par value common stock for $182000, O Common Stock will be credited for $182000. O Paid-In Capital in Excess of Par will be credited for $156500. O Paid-In Capital in Excess of Par will be credited for $25500. O Cash will be debited for $156500. eTextbook and Media Save for Late Attempts: 1 of 2 used Submit Answer DI %24 & * 4 6 7 8 9 g h k C b n mentó%20la%20siguiente%20información%20en%20su%20estado%20de%20situaci.. ESPAÑOL INGLÉS FRANCÉS ABC Corporation presented the following information in its 2021 statement of financial position: Common Stock ($30 par value, 5,000 issued and outstanding) $150,000 Capital paid in excess of par value of common $80,000 Retained Earnings $100,000 Prepare journal entries for each of the following transactions that occurred during the year: 24. 120 shares were purchased to be held as treasury stock at a cost of $60 per share. Enviar comentarios Guardado Contribuir
- D. Exchanged ______ shares of class A common stock for Office Furniture and Equipment with an appraised value of $______ and Motor Truck with an appraised value of $_____. # of shares issued 50% of authorized shares Office Furniture & Equipment $ 4,000,000.00 Motor Truck $ 10,000,000.00 E. Earned Net income $______. Net Income$ 1,800,000.00 F. Declared interim dividends for preferred shareholders as well as $.80 per share to common stockholders.View Policies Current Attempt in Progress Concord, Inc. paid $127000 to buy back 11000 shares of its $1 par value common stock. This stock was sold later at a selling price of $9 per share. The entry to record the sale includes a O credit to Paid-in Capital from Treasury Stock for $11000. O debit to Retained Earnings for $28000. O debit to Paid-in Capital from Treasury Stock for $127000. O credit to Retained Earnings for $11000. Save for Later Attempts: 0 of 1 used Submit AnswerZedus Corp P11 par value common stock is actively traded at a market price of P14 per share. It issues 4,700 shares to purchase land advertised for sale at P71,000. Journalize the issuance of the stock in acquiring the land.