i need the answer quickly Aruba Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $52,000. In addition, Aruba received cash for 6,000shares of its $20 par preferred stock at par value and 8,000 shares of its no-par common stock at $45 per share. Without making journal entries, determine the total paid-in capital created bythese transactions.The total paid-in capital created by these transactions amounts to418,000

Total paid-in capital means the amount which indicates the total shareholdings of the shareholders…

Answered: Aruba Corporation-recently organized.…

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

See similar textbooks

Similar questions

Determining paid-in capital for a corporation Aruba Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $57,000. In addition, Aruba received cash for 6,000 shares of its $10 par preferred stock at par value and 6,500 shares of its no-par common stock at $20 per share. Without making journal entries, determine the total paid-in capital created by these transactions.
Determining paid-in capital for a corporation Aruba Corporation recently organized. The company issued common stock to an investor in exchange for a patent with a market value of $57,000. In addition, Aruba received cash for 6,000 shares of its $10 par preferred stock at par value and 6,500 shares of its no-par common stock at $20 per share. Without making journal entries, determine the total paid-in capital created by these transactions.
Bean Corporation purchased 35% of the outstanding shares of common stock of Williams Corporation as a long-term investment. Subsequently, Williams Corporation reported net income. What journal entry would Bean Corporation use to record its share of the earnings of Williams Corporation? debit Cash: credit Dividend Revenue debit Investment in Williams Corporation Stock: credit Cash debit Cash: credit Investment in Williams Corporation debit Investment in Williams Corporation; credit Income of Williams Corporation
The company raises $5 million in equity capital by selling new shares of stock in the company to equity investors. The par value of these shares is $100,000. Provide the journal entry that would be necessary to record the transaction.
Assume the following independent cases:A. At the beginning of the year, a check was issued for P400,000 as payment for a piece of land, and the buyer assumed the liability for the unpaid taxes at the end of the year, P10,000 and those assessed for the current year at P9,000.B. A company issued 14,000 ordinary shares (P10 par) with a market value of P60 per share (based upon a recent sale of 100 shares) for the land. The land was recently appraised at P800,000 by independent and competent appraisers.C. A company rejected an offer to purchase the land for P8,000,000 cash two years ago. Instead, the company issued 100,000 ordinary shares for the land (market value of the ordinary share, P78 each based on several recent large transactions and normal weekly stock trading volume).D. A company purchased land by signing a note with the seller, requiring P100,000 down payment, payment of P120,000 one year from purchase, and P80,000 three years from purchase. The note is non-interest bearing,…
On May 1, Republic Corporation purchased 400 shares of stock for P114 per share and held it as FVTPL financial assets. The price decreased to P106 per share on August 1 and then increased to P122 on December 31. During the year, the company received dividends of P3.50 per share. At what amount should the investment be valued in the December 31 balance sheet?
Cosmos Corporation had the following long-term investment transactions. Year 1 January 2 Purchased 5,000 shares of Visual, Inc. for $42 per share. October 15 Received Visual, Inc. cash dividend of $2 per share. December 31 Visual reported a net loss of $66,000 for the year. Year 2 February 2 Sold 5% of the shares of Visual Inc for $7000. Prepare the journal entries Cosmos Corporation should record for these transactions and events.
On January 1, Year 5, Anderson Corporation paid $864,000 for 27,000 (20%) ofthe outstanding shares of Carter Inc. The investment was considered to be one of significantinfluence. In Year 5, Carter reported profit of $102,000; in Year 6, its profit was $112.00O. Dividends paidwere $67,000 in each of the two years. Required A Calculate the balance in Anderson's investment account as at December 31, Year 6.
A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: Multiple Choice A debit to Common Stock for $12,000. A debit to Land for $12,000. A credit to Land for $12,000. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000. A credit to Common Stock for $84,000.
The following transactions occurred last year at Joyce Company: Issuance of shares of the company's own common stock $80,000; Dividends paid to the company's own shareholders $3,000; Dividends received from investments in other companies' shares $5,000; Interest paid on the company's own bonds $6,000; Repayment of principal on the company's own bonds $50,000; Proceeds from sale of the company's used equipment $22,000; Purchase of land $140,000. Based solely on the above information, the net cash provided by financing activities for the year on the statement of cash flows would be: * $(92,000) $21,000 $306,000 $27,000
For several years Fister Links Products has held shares of Microsoft common stock, considered by the company to be securities available-for-sale. The shares were acquired at a cost of $500,000. Their fair value last year was $610,000 and is $670,000 this year. At what amount will the investment be reported in this year’s balance sheet? What adjusting entry is required to accomplish this objective?
The following transactions occurred last year at Jost Company: Issuance of shares of the company's own common stock $170,00o; Dividends paid to the company's own shareholders $7,000; Dividends received from investments in other companies' shares $4,000; Interest paid on the company's own bonds $11,000; Repayment of principal on the company's own bonds $40,000; Proceeds from sale of the company's used equipment $23,000; Purchase of land $120,00. Based solely on the above information, the net cash provided by financing activities for the year on the statement of cash flows would be: $112,000 $123,000 $375,000 $19,000

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

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

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

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

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS