Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000 shares of 9%, $100 par preferred stock. It enters into the following transactions on December 31: 1. Accepts a subscription contract to 7,000 shares of common stock at $42 per share and receives a 30% down payment. 2. Collects the remaining balance of the subscription contract and issues the common stock. 3. Acquires a building by paying $2,000 cash and issuing 3,000 shares of common stock and 900 shares of preferred stock. Common stock is currently selling at $45 per share; preferred stock has no current market value. The building is appraised at $2,395,000. 4. Sells 1,000 shares of common stock at $47 per share. 5. Sells 900 shares of preferred stock at $115 per share. 6. Declares a three-for-one stock split on the common stock, reducing the stated value to $2.00 per share.   Required:   Prepare the journal entries to record the preceding transactions.

Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 8,000 shares at $16 per share. Required:   Record the sale of the common stock, given the following independent assumptions: 3. The stock has no-par and no stated value.

Bonneau Company had the following transactions relating to investments in available-for-sale securities during the year. Prepare the required general journal entries for these transactions:July 4 Bonneau purchased 400 shares of Crossley Company stock at $120 per share plus a $400 brokerage fee. These stocks will be classified as Available-for-Sale securities.Sept 15 Bonneau received a $1.50 per share cash dividend on the Crossley Company stock.Dec 31 The fair value of the Crossley Company stock (the only investment that Bonneau owns) is $125 per share. The balance of the Fair value Adjustment—AFS account had a zero balance prior to adjustment.

Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income, declared no dividends, and the following selected transactions occurred in the order given: Issued 100,000 shares of the common stock at $55 cash per share. Reacquired 25,000 shares at $50 cash per share. Reissued 10,000 shares from treasury for $51 per share. Reissued 10,000 shares from treasury for $49 per share. Questions: 1. Indicate the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3. Prepare the stockholders’ equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus…

Lightning Company is authorized to issue 600,000 shares of P10 par value ordinary shares and 200,000 of P50 par preference shares. The following transactions occurred in 2021, the company’s first year of operations.   Issued for a total of P1,100,000, 20,000 ordinary shares and 5,000 shares of preference shares. On this date each ordinary shares are selling at P30 per share while each preference is selling at P80 per share. Issued 2,500 preference shares to lawyers for services rendered in securing the corporate charter and for preliminary legal costs of organizing the corporation. The fair value of the services is P150,000. Issued 3,000 ordinary shares, valued objectively at P96,000 to employee instead of paying them cash for their wages. Issued 125,000 ordinary shares in exchange for a building value at P2,950,000 and land valued at P800,000.   The ordinary share balance on December 31, 2021? The preference share balance on December 31, 2021? The amount of share premium in excess…

On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current market price of $11. The stock was originally issued for $8. On August 22, Solo reissued the stock for $15. What is the overall effect of the February 13 and August 22 transactions on Solo's financial statements?

The company has 100,000 preferred shares issued and outstanding for the entire year.  The preferred shares are non-cumulative and non-participating.  There is a conversion feature where each preferred share can be converted into 20 common shares. On January 1, 2021; the company had 600,000 common shares outstanding.  On April 1, the company issued 200,000 common shares.  There was a 2 for 1 stock split on June 1.  These transactions have been accounted for and are included on the trial balance. The company can issue an unlimited number of common shares. show your work relating to, weighted average number or shares and Earnings per Share and to make any dividend calculations. Only calculate EPS and Diluted EPS for 2021. There was no change in shares during 2020. Revenue     4,027,450 Expenses     3,153,193 Net Income         874,257 Need Journal Entry!

Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 8,000 shares at $16 per share. Required:   Record the sale of the common stock, given the following independent assumptions: 2. The stock is no-par stock, but the board of directors has assigned a stated value of $8 per share.

Blue Corporation issues 200 “packages” of securities for $80 per package, or a total of $16,000 on December 31. Each package includes 4 shares of $5 par common stock and one share of $30 par preferred stock. Required:   If the separate market values are $20 per share for the common stock and $70 per share for the preferred stock, what journal entry will Blue make to record this transaction?

On March 5, Jerald Corporation purchased 7,000 shares of its own common stock for $56,000. On July 17, Jerald Corporation reissued 900 shares of this treasury stock for $6,300. Prepare the March 5 journal entry and the July 17 entry to record the purchase and reissuance of Jerald's treasury stock. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial 10pt V Ix % 0 as d