St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. 31 Issued 136,000 common shares at $12 share. Jun. 10 Issued 164,000 preferred shares in exchange for land with a clearly determined value of $870,000. Aug. 3 Issued 9,000 shares of common stock for $8 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

ABC Corporation's charter authorized 120,000 shares of common stock, par $10. During the first year, 25,000 shares were sold and issued at $18 per share; in addition, 800 shares were subscribed for at the same price. One half of the subscription price was collected during the year. At the end of the first year, reported net income was $22,000 and cash dividends of $6,000 were declared and paid. At year-end, liabilities amounted to $25,000. On the last day of the year, 100 shares of stock were purchased from a disgruntled stockholder at $22 per share (assume the cost method). At year end, what is the total amount of the company's total stockholders' equity? 480,400 478,200 455.400 472,200

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…

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.

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Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the above transactions.

King Corporation began operations in January, year 1. The charter authorized the following share capital: Preferred shares: 7 percent, $25 par value, authorized 49,000 shares. Common shares: no par value, authorized 179,500 shares. During year 1, the following transactions occurred in the order given: a. Sold and issued 24,500 common shares to each of the three organizers. Collected $10 cash per share from two of the organizers, and received a plot of land with a small building on it in full payment for the shares of the third organizer and issued the shares immediately. Assume that 35 percent of the non-cash payment received applies to the building. b. Sold and issued 6,900 preferred shares at $25 per share. Collected the cash and issued the shares immediately. c. Sold and issued 2,900 preferred shares at $25 and 2,900 common shares at $13 per share. Collected the cash and issued the shares immediately. d. The operating results at the end of year 11 were as follows: Revenues Expenses,…

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

Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 430,000 shares of $11 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: a. Issued 17,000 shares of common stock for $16 per share. b. Issued 10,000 shares of the class A preferred stock for $30 per share. c. Issued 54,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity

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 $450,000 of net income, declared no dividends, and the following selected transactions occurred in the order given:   Issued 120,000 shares of the common stock at $60 cash per share. Reacquired 30,000 shares at $55 cash per share. Reissued 12,500 shares from treasury for $56 per share. Reissued 12,500 shares from treasury for $54 per share.   PA11-1 Part 2 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.)             Next Visit question map Question 12 linked to 13of18Total12 1