Rogrer Company received a machine with a fair value of $130,000 and a building with a fair value of $200,000 in exchange for 6,000 shares of $45 par value common stock and $50,000 cash. The entry to record this transaction would include: Select one: a. Credit to Common Stock for $280,000 b. Credit to Additional Paid in Capital for $10,000 c. Credit to Retained earnings for $10,000 d. Credit to Additional Paid in Capital for $280,000

Rogrer Company received a machine with a fair value of $130,000 and a building with a fair value of $200,000 in exchange for 6,000 shares of $45 par value common stock and $50,000 cash. The entry to record this transaction would include: Select one: a. Credit to Common Stock for $280,000 b. Credit to Additional Paid in Capital for $10,000 c. Credit to Retained earnings for $10,000 d. Credit to Additional Paid in Capital for $280,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Studypug.com Received $45,000 cash from Alex Xu as an additional investment in exchange for common stock. Which of the following is the journal entry the company should record? a. Cash 45,000 Common Stock 45,000 b. Common Stock 45,000 Cash 45,000 c. Cash 45,000 Dividends 45,000 d. Common Stock 45,000 Sales Revenue 45,000
Smith Company exchanges assets to acquire a building. The market price of the Smith stock on the exchange date was $37 per share and the building's book value on the books of the seller was $210,000. Which of the following is correct for Smith Company when Smith Issues 10,000 shares of $10 par value common stock and pays $21,000 cash in exchange for the building? Multiple Choice Stockholders' equity increases $210,000. O Total assets increase $349,000. Total assets increase $370,000. Stockholders' equity increases $349,000.
Presented below is information related to Concord Company 1. On July 6, Concord Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total Concord Company gave 12.500 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property 2. Concord Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. Repairs to building Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building including new partitions and walls Special assessment by city on land 3. On December 20, the company paid cash for equipment, $234.000, subject to a 2% cash discount, and freight on equipment of $9.450. Prepare entries on the books of Concord Company for these transactions. (Do not round intermediate…
12) JAE Corp.'s transactions for the year ended December 31, 20X8 included the following: Purchased real estate for $1,250,000 cash. Sold available-for-sale securities for $1,000,000. Paid dividends of $1,200,000. Issued 500 shares of common stock for $500,000. Purchased machinery and equipment for $250,000 cash. Received a $250,000 cash dividend from an equity investment. Paid $900,000 toward a bank loan. Reduced accounts receivable by $200,000. Increased accounts payable $400,000. JAE Corp's net cash used in INVESTING activities for 20X8 was: a) $250,000. b) $500,000. c) $750,000. d) $1,500,000.
Make a calculation comparing the consideration given against the book value of the consideration acquired. Assume that 100% stake in the XYZ co.s equity is to be paid in cash.
Starlight Co. provided the following information on selected transactions during 20X1: Purchase of land $600,000 Proceeds from issuing bonds 2,000,000 Purchase of inventory 1,800,000 Purchase of treasury stock 400,000 Dividends paid to shareholders 300,000 Proceeds from issuing preferred stock 500,000 Proceeds from sale of equipment 400,000 The net cash provided (used) by investing activities during 20X1 is Question 10 options: $(200,000). $1,300,000. $(700,000). $0.
board emaining Time: 1 hour, 12 minutes, 24 seconds. uestion Completion Status: OD.Does not affect total equity, but transfer amounts between the components of equity. QUESTION 4 What is the total amount of cash and other assets the corporation receives from its stockholders in exchange for its stock? O A. It always equal the stated value. O B. It always equal the par value. O C. It is referred to as paid-in capital. D. It is always below the stated value. QUESTION 5 Use the following company information to calculate net cash provided or used by investing activities: (1) Equipment with a book value of $131.250 and an original cost of $225,000 was sold at a loss of $12.750. (2) Paid $46,500 cash for a new truck. (3) Sold land costing $24,000 for $27.000 cash, realizing a $3,000 gain. LA Dchsend troseuncctock for SA5 750ench Click Save and Submit to save and submit. Click Save All Answers to save all answers. hp
Please andwer in good accounting form
Stellar Mining Company declared, on April 20 , a dividend of $490,000 payable on June 1 . Of this amount, $146,000 is a return of capital. Prepare the April 20 and June 1 entries for Stellar.
Fool's Paradise Ltd had cash and cash equivalents at 1 January 2019 of $400,000. The transactions o Fool's Paradise Ltd for the year to 31 December 2019 are as follows: Borrowed $850,000 with a 9-month loan payable Received $6,340,000 cash for customer accounts Sold for $360,000 cash a plant asset with a carrying amount of $180,000 Issued ordinary shares for $480,000 cash Purchased a plant asset for $650,000; $237,500 in cash and $412,500 in loan Exchanged 60,000 shares for land with a fair value of $1,000,000 Received a $350,000 dividend in cash Received $25,000 interest from term deposit Invested $500,000 cash on the short-term money market Paid fixed-term loan principal of $900,000 and interest of $90,000 Cash payments for supplier's accounts $6,300,000 Dividend paid during the period $200,000 Wages expense shown in the income statement is $75,000. At the end of the year the balano sheet shows prepaid Wages expense of $65,000. There was a prepaid Wages expense of $35,00 at the…
7
Received $45,000 cash from Alex Xu as an additional investment in exchange for common stock. Which of the following is the journal entry the company should record?