Kagel Corporation had 30,000 shares of $5 par value common stock issued and outstanding on December 31, 20x7. Each share was issued during 20x5 at $14 per share. Prepare entries in journal form without explanations for the following transactions occurring in 20x8:   Jan. 4   Purchased 5,000 shares of treasury stock for $16 per share. This is the first transaction involving its own stock ever engaged in by the company.   31   Sold 1,000 shares of treasury stock for $15 per share. Feb. 20   Sold 1,000 shares of treasury stock for $18 per share. Mar. 16   Sold 1,000 shares of treasury stock for $11 per share. Apr. 5   Retired 2,000 shares of treasury stock. May 8   Purchased 500 shares of treasury stock for $12 per share.   31   Retired the 500 shares of treasury stock purchased on May 8.

When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares of $8 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 6,710 shares of stock at a price of $21 per share. The entry to record the above transaction would include a a.debit to Common Stock for $86,000 b.credit to Common Stock for $140,910 c.debit to Cash for $53,680 d.credit to Paid-in Capital in Excess of Par for $87,230

OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2 par value common stock.  During 20X7, OM had the following transactions relating to stockholders' equity:  Issued 20,000 shares of common stock at $7 per share. Issued 40,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X7?

Rodriguez Corporation issues 12,000 shares of its common stock for $236,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $16 par value. 2. The stock has neither par nor stated value. 3. The stock has a $8 stated value. View transaction list Journal entry worksheet 2 3 Record the issue of 12,000 shares of $16 par value common stock for $236,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 38,000 shares at $9 share. Jun. 10 Issued 120,000 shares in exchange for land with a clearly determined value of $830,000. Aug. 3 Purchased 10,000 shares of treasury stock at $8 per share. A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31   __________ __________     __________ __________     __________ __________ Jun. 10   __________ __________     __________ __________     __________ __________ Aug. 3   __________ __________     __________ __________ B. Calculate how many shares of stock are outstanding at August 3. __________ shares

Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock.  Indicate the account that should be recorded in the Description column of the Journal item (1) as the debit account and the dollar amount in the amount columns assuming that Sunshine Corp on Jan . 15  received cash for the issuance of 2,000 shares of preferred stock at par value.                                                     JOURNAL   Date Description P.Ref DEBIT CREDIT Jan. 15 (1)   (?)         (2)     (?)       (2)     (?) Group of answer choices Preferred Stock debit $200,000 Paid-In Capital in Excess Par - Preferred Stock debit for $10,000 Cash debit for $200,000 Cash debit for $10,000

EhrlichCo. had the following transactions during the current period. Mar.  2     Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate.June 12     Issued 60,000 shares of $5 par value common stock for cash of $365,000.July  11     Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Aug.  15    Issued 20,000 shares of common stock for a building with an asking price of $150,000 and a fair value of $140,000Nov. 28     Purchased 2,000 shares of treasury stock for $80,000. Dec. 15     Sold 500 shares of the treasury stock for $45 per shareInstructions: 1. Journalize the transactions. 2. Prepare the stockholders' equity section of the balance sheet. Use the following example as a guide. For Retained Earnings for this example, you can use $1,050,000. Stockholders’ equity         Paid-in capital:        Capital stock:        9% preferred stock, $100 par value,…

Dengar

Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue