On January 1, Ivanhoe Corporation had 62,000 common shares issued. During the year, the followingtransactions occurred.Apr. 1 Issued 8,700 additional common shares for $66 cash per share.June 15July 10Dec. 1Dec. 15Prepare the entries, if any, at each of the above dates. (List all debit entries before credit entries.Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No entry" for the account titles and enter 0 for theamounts. Record journal entries in the order presented in the problem.)DateApr. 1June 15June 30Declared a cash dividend of $1.50 per share to common shareholders of record on June 30,payable on July 10.Paid the $1.50 cash dividend.Issued 4,100 additional common shares for $67 per share.Declared a cash dividend of $1.75 per share to common shareholders of record onDecember 31, payable January 10.July 10Account Titles and ExplanationCashCommon SharesDebit574200

The dividend is declared to the shareholders from the retained earnings of the business. The…

Answered: On January 1, Ivanhoe Corporation had…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During its first year of operations, Vader Corp. issued 15,000 shares of its $1 par common stock for $65,000. In June, Vader issued an additional 5,000 shares of the same $1 par common stock for $8.25 each. During September, Vader repurchased 2,500 shares for $25,000; this left Vader with 17,500 shares outstanding. What is the balance in the Common Stock account as of December 31st? $81.250 O $106,250 O $17,500 O $20,000 O None of the above.
Orlando Corporation incorporated on January 2 of the current year. During the year, Orlando had the following transactions: • issued 90,000 shares of common stock at $35 per share. The par value per share is $1. • purchased 2,000 shares of treasury stock at $24 per share • had net income of $400,000. What is the total amount of stockholders' equity as of December 31 of the current year? O A. $3,150,000 O B. $3,550,000 Oc. $3,502,000 OD. $3,198,000
Concord Co. 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 $30,200 for services performed in helping the company to incorporate. June 12 July 11 Nov. 28 Issued 64,900 shares of $5 par value common stock for cash of $409,200. Date I Issued 1,175 shares of $100 par value preferred stock for cash at $130 per share. Purchased 3,000 shares of treasury stock for $82,500. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Horton Company began business on January 1, 20x1 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $20 per share. On June 30, the Company declared a cash dividend of $1 per share to stockholders of record on July 31. The Company paid the cash dividend on August 30. On November 1, Horton reacquired 200,000 of its own shares of stock for $25 per share. On December 22, the Company resold half of these shares for $30 per share. a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the Stockholders' Equity section of the Balance sheet as of 12/31/20x1 assuming that the Net Income for the year was $3,000,000.
During the year ended December 31, 20--, Choi Company completed the following transactions: Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. Required: Prepare journal entries for the transactions
MH Corp. was organized on January 1, 20X7. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 20X7, MH had the following transactions relating to stockholders' equity: Issued 15,000 shares of common stock at $7 per share. Issued 10,000 shares of common stock at $9 per share. Reported a net income of $270,000. Paid dividends of $60,000. Purchased 3,000 shares of treasury stock at $10 (part of the 10,000 shares issued at $9). What is the total stockholders' equity of MH at the end of 20X7? Select one: a. $355,000 b. $375,000 c. $498,000 d. $378,000 e. $495,000
On January 1, the board of directors of Zion, Inc. declare a 10% stock dividend. On this date, there were 10,000 shares of $1 par value stock issued and outstanding and the market value was $5 per share. On March 15, the date of payment, Zion issued the stock. The entry necessary on March 15 would include a (credit/debit) to Common Stock Dividends distributable for O debit; $5,000 O debit; $1,000 O credit; $5,000 O credit; $1,000
Dwight Corporation in its first year of operations had the following stock transactions. Record each transaction in the journal provided. Mar 3 Issued 10,000 shares of common stock, $1 par value, for cash of $50,000. Apr 12 Issued 500 shares of preferred stock, $10 par value, for cash of $12,500. Jul 8 Issued 2,000 shares of preferred stock, $10 par value, in exchange for land valued at $60,000.
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 41,000 shares at $10 share. Jun. 10 Issued 150,000 shares in exchange for land with a clearly determined value of $850,000. Aug. 3 Purchased 8,000 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 Cash fill in the blank 6111daf96023f8f_2 fill in the blank 6111daf96023f8f_3 Common Stock fill in the blank 6111daf96023f8f_5 fill in the blank 6111daf96023f8f_6 Additional Paid-in Capital from Common Stock fill in the blank 6111daf96023f8f_8 fill in the blank 6111daf96023f8f_9 Jun. 10 Land fill in the blank 6111daf96023f8f_11 fill in the blank 6111daf96023f8f_12 Common Stock fill in the blank 6111daf96023f8f_14 fill in the blank 6111daf96023f8f_15 Additional Paid-in…
On January 1, Oriole Corporation had 61,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Issued 11,250 additional shares of common stock for $11 per share. Declared a cash dividend of $1.90 per share to stockholders of record on June 30. Paid the $1.90 cash dividend. Issued 5,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31. Apr. 1 June 15 July 10 Dec. (a) Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to O decimal places, e.g.…
vi.3
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 95,400 shares of $10 par value common stock. During its first month of operation, the corporation issued 8,990 shares of stock at a price of $21 per share. The journal entry for this transaction would include a a. debit to Common Stock for $95,400 b. debit to Cash for $89,900 c. credit to Paid-In Capital in Excess of Par—Common Stock for $98,890 d. credit to Common Stock for $188,790

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