abc has issued 3,000 shares of common stock and 400 shares of preferred stock for a lump sum of $80,000 cash.   Instructions       Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $32, and the par value of the preferred stock was $20 and the fair value $50.     Give the entry for tike issuance assuming the same facts as (a) above except the preferred stock has no ready market and the common stock has a fair value of $22 per share.

Prepare journal entries to record each of the following four separate issuances of stock.

April, Inc. issued 7,000 shares of preferred stock for $448,000. The stock has a par value of $64 per share. The journal entry to record this transaction would O credit Cash $448,000 and debit Preferred Stock-$64 Par Value $448,000 O credit Cash $448,000, debit Preferred Stock-$64 Par Value $7,000, and debit Paid-In Capital in Excess of Par-Preferred $441,000 O debit Cash $448,000 and credit Preferred Stock-$64 Par Value $448,000 O debit Cash $448,000, credit Preferred Stock-$64 Par Value $7,000, and credit Paid-In Capital in Excess of Par-Preferred $441,000

Mercury Corporation issued 6,500 shares of no-par common stock for $25 per share. Mercury also issued 3,200 shares of $25 par, 6 percent noncumulative preferred stock at $35 per share. a. Required Record these events in a horizontal statements model. b. Prepare journal entries to record these transactions.

PARRISH 4-4 ADJUSTING ENTRIES Please post these accordingly.  If no entry is needed please right NONE. This should be in a general journal format with the following columns: Date, Description, Post Ref., Debit, and Credit a) The company has received a bill for utilities for the month in the amount of $1750.  This bill will be paid next month. b) Interest on a loan at the bank is due as of November 1. We borrowed the $5000 three months ago at 6% annual interest c) A customer paid us $600 in advance for merchandise to be shipped ot him.  At the time the check was received, the Unearned Revenue account was credited.  The shipping clerk tells us that one-third of the merchandise has been shipped and received by the customer. d) Depreciation on the trucks was recorded a year ago.  The trucks cost $75000, have a $5000 salvage value and are estimated to last for seven years. e) The Prepaid Advertising account has a balance of $2300.  Of this amount, we have used $950 this month.

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.

Prior to June 30, a company has never had any treasury stock transactions. The company repurchased 100 shares of its $1 par common stock on June 30 for $40 per share. On July 20, it reissued 50 of these shares at $46 per share. On August 1, it reissued 20 of the shares at $38 per share. What is the journal entry necessary to record the repurchase of stock on June 30?  Mutiple Choice Debit Common Stock $4,000; credit Cash $4,000.   Debit Common Stock $100; debit Treasury Stock $3,900; credit Cash $4,000.   Debit Treasury Stock $3,900; debit Paid-in Capital, Treasury Stock $100; credit Cash $4,000.   Debit Treasury Stock, Common $4,000; credit Cash $4,000.   Debit Cash $4,000; credit Treasury Stock $4,000.

Shamrock Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $114,000. (a)   Prepare the journal entry for the issuance when the market price of the common shares is $176 each and market price of the preferred is $220 each. (b)   Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $198 per share.

Martian Magic issued 800 shares of $50 par preferred stock and 1,000 shares of $1 par common stock in a "package" sale for $150,000. The preferred stock market value was $88 per share, and the common stock market value was $156 per share. Required:Indicate the accounts and amounts credited in the entry to record the issuance of the stock. Round amounts to the nearest dollar. Account Amount   $fill in the blank 2   $fill in the blank 4   $fill in the blank 6   $fill in the blank 8

Ehrlich Corporation's common stock had a $10 par value and the preferred stock had a $50 par value. Journalize the following independent transactions: a.   Issued 600 shares of common stock for equipment. The equipment had been appraised at $7,100; the seller's book value was $6,200. The most recent market price of the common stock is $16 a share. b.   Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $10,800. The common had been selling at $14 and the preferred at $65. c.   Issued 200 shares of common and 50 shares of preferred for equipment. The common had a fair value of $16 per share; the equipment has a fair value of $6,500.