Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake reacquired 41,500 shares of its common stock at $42 per share. On April 30, Lava Lake Inc. sold 29,800 of the reacquired shares at $55 per share. On August 22, Lava Lake Inc. sold 11,700 shares at $41 per share. Required: A. Journalize the transactions of February 11, April 30, and August 22. Refer to the Chart of Accounts for exact wording of account titles. B. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? C. For what reasons might Lava Lake have purchased the treasury stock?

Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31: Record these transactions on page 10: Year 1     Feb. 1. Purchased 4,700 shares of Caldwell Inc. as a trading security at $36 per share plus a brokerage commission of $470. May 1. Purchased 1,800 shares of Holland Inc. as a trading security at $48 plus a brokerage commission of $198. July 1. Sold 2,440 shares of Caldwell Inc. for $34 per share less a $105 brokerage commission.   31. Received an annual dividend of $0.35 per share on Caldwell Inc. stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $34 and $47 per share for Caldwell Inc. and Holland Inc., respectively.   Record these transactions on page 11: Year 2     Apr. 1. Purchased 3,500 shares of Fuller Inc. as a trading security at $31…

Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31: Record these transactions on page 10: Year 1     Feb. 1. Purchased 7,500 shares of Caldwell Inc. as a trading security at $50 per share plus a brokerage commission of $75. May 1. Purchased 3,000 shares of Holland Inc. as a trading security at $42 plus a brokerage commission of $90. July 1. Sold 4,500 shares of Caldwell Inc. for $46 per share less a $110 brokerage commission.   31. Received an annual dividend of $0.50 per share on Caldwell Inc. stock. Dec. 31 The portfolio of trading securities was adjusted to fair values of $47 and $40 per share for Caldwell Inc. and Holland Inc., respectively.   Record these transactions on page 11: Year 2     Apr. 1. Purchased 5,000 shares of Fuller Inc. as a trading security at $25…

On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending December 31, McGuire earned income of $48,000 and paid dividends of $14,000. Required: Journalize the entries for Todd Company for the purchase of the stock, share of McGuire Company income, and dividends received from McGuire Company. If an amount box does not require an entry, leave it blank. Jan. 2 Dec. 31 Dec. 31 0000 ☐☐☐☐☐☐

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Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 6,000 shares of its common stock at $74 per share. On September 22, Mystic Lake sold 4,200 of the reacquired shares at $80 per share. The remaining 1,800 shares were sold at $71 per share on November 23. a.  Journalize the transactions of July 9, September 22, and November 23. If an amount box does not require an entry, leave it blank.

On April 2 a corporation purchased for cash 5,000 shares of its own $15 par common stock at $26 a share. It sold 3,000 of the treasury shares at $29 a share on June 10. The remaining 2,000 shares were sold on November 10 for $22 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10 M Y ▼ ♥

Rios Co. is a regional insurance company that began operations on January 1, 20Y2. The following selected transactions relate to investments acquired by Rios Co., which has a fiscal year ending on December 31: Record these transactions on page 10: 20Y2     Feb. 1 Purchased 6,600 shares of Caldwell Inc. common stock at $43 per share plus a brokerage commission of $660. Caldwell has 100,000 shares of common stock outstanding. May 1 Purchased securities of Holland Inc. as a trading investment for $82,998. July 1 Sold 3,430 shares of Caldwell Inc. for $41 per share less a $115 brokerage commission.   31 Received an annual dividend of $0.25 per share on 3,170 shares of Caldwell Inc. stock. Nov. 15 Sold the remaining shares of Caldwell Inc. for $44 per share less a $95 brokerage commission. Dec. 31 The trading securities of Holland Inc. have a fair value on December 31 of $74,343.   Record these transactions on page 11: 20Y3     Apr. 1 Purchased…

Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On January 31 of the current year, Yard Spray Inc. reacquired 19,600 shares of its common stock at $19 per share. On June 14, 13,700 of the reacquired shares were sold at $25 per share, and on November 23, 4,700 of the reacquired shares were sold at $20. Required: a. Journalize the transactions of January 31, June 14, and November 23.  b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?   What is the balance in Treasury Stock on December 31 of the current year?   How will the balance in Treasury Stock be reported on the balance sheet?

Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 39,300 shares of its common stock The stock outstanding when a corporation has issued only one class of stock.  at $42 per share. On September 22, Mystic Lake sold 30,100 of the reacquired shares at $49 per share. The remaining 9,200 shares were sold at $41 per share on November 23. Required:   a. Journalize the transactions of July 9, September 22, and November 23. Refer to the Chart of Accounts for exact wording of account titles.   b. What is the balance in Paid-In Capital Capital contributed to a corporation by the stockholders and others.  from Sale of Treasury Stock on December 31 of the current year?   c. For what reasons might Mystic Lake Inc. have purchased the treasury stock?         none X Chart of Accounts     CHART OF ACCOUNTS Mystic Lake Inc. General Ledger   ASSETS 110 Cash 120 Accounts Receivable 131…