Stockholders' equity Total stockholders' equity
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A: b) Stockholders' Equity Preferred stock (5000*$30) $ 150,000 Common stock…
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A: Bonus preferred stock is a discount offered on the issue of a bond.
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A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
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Q: January 5: Issued 300,000 of its common shares for $8 per share and 3,000 preferred shares at…
A: Any cash received in excess of par value of the share goes to Paid-in capital - excess of par.
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A: Journal is the book where transactions are originally recorded. Journal entry: A journal entry is…
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A: STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also Known as Changes in…
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A: Answer - Working Note :
Q: Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 300,000 shares of…
A: The treasury stock includes the own shares of the company repurchased from the shareholders. The…
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A: The journal keeps the record for day to day transactions of the business on regular basis.
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A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 shares of $11 par common stock and 40,000 shares of 4 percent cumulative class A
- Issued 21,000 shares of common stock for $16 per share.
- Issued 7,000 shares of the class A preferred stock for $30 per share.
- Issued 59,000 shares of common stock for $19 per share.
b. Prepare the
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- MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: May 1 Issued 3,000 shares of preferred stock for cash at $750 per share May 23 Issued 6,000 shares of common stock at $12.50 per share Jun. 10 Issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share Journalize the transactions.On January 1, Vermont Corporation had 46,400 shares of $9 par value common stock issued and outstanding. All 46,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,010 shares of treasury stock for $24 per share and later sold the treasury shares for $22 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include aEastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $9 par common stock and 60,000 shares of 4 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: Issued 25,000 shares of common stock for $14 per share. Issued 14,000 shares of the class A preferred stock for $30 per share. Issued 49,000 shares of common stock for $17 per share. Requireda. Prepare general journal entries for these transactions.b. Prepare the stockholders’ equity section of the balance sheet immediately after these transactions.
- The corporate charter of Blossom Corporation allows the issuance of a maximum of 4,260,000 shares of $1 par value common stock. During its first three years of operation, Blossom issued 2,215,200 shares at $15 per share. It later acquired 85,200 of these shares as treasury stock for $25 per share. Based on the above information, answer the following questions: (a) How many shares were authorized? Authorized shares i sharesMoon Corporation received a charter that authorized the issuance of 119,000 shares of $7 par common stock and 19,000 shares of $75 par, 8 percent cumulative preferred stock. Moon Corporation completed the following transactions during its first two years of operation. Year 1 January 5 Sold 17,850 shares of the $7 par common stock for $9 per share. January 12 Sold 1,900 shares of the 8 percent preferred stock for $85 per share. April 5 Sold 23,800 shares of the $7 par common stock for $11 per share. December 31 During the year, earned $302,000 in cash revenue and paid $240,100 for cash operating expenses. December 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. December 31 Closed the revenue, expense, and dividend accounts to the retained earnings account. Year 2 February 15 Paid the cash dividend declared on December 31, Year 1. March 3…Blossom Corporation's charter authorized issuance of 105,000 shares of $10 par value common stock and 49,600 shares of $50 par value preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others. 1. 2. 3. 4. Issued a $10,900, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was selling for $101 a share. Issued 510 shares of common stock for equipment. The equipment had been appraised at $7,300; the seller's book value was $6,100. The most recent market price of the common stock is $17 a share. Issued 252 shares of common and 126 shares of preferred for a lump sum amounting to $10,400. The common had been selling at $15 and the preferred at $70. Issued 180 shares of common and 53 shares of preferred for equipment. The common had a fair value of $17 per share: the equipment has a fair value of $6,600. Record the transactions listed above in journal entry form.…
- Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Issued 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22.000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. May 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Aug. 1 Sept. 1 Nov. 1 Issued 11.000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 1,000 shares of preferred stock for cash at $113 per share.Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 490,000 shares of $9 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Eastport Incorporated : 1. Issued 24,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $35 per share. 3. Issued 55,000 shares of common stock for $17 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Stockholders' Equity Common stock Preferred stock Paid-in capital in excess of par-common stock Paid-in capital in excess of stated value-preferred stock Total Paid-In Capital EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Total stockholders' equity $ 711,000 330,000 0 $ 1,041,000 $ 1,041,000North Wind Aviation received its charter during January authorizing the following capital stock:Preferred stock: 8 percent, par $10, authorized 20,000 shares.Common stock: par $1, authorized 50,000 shares. The following transactions occurred during the first year of operations in the order given: Issued a total of 41,000 shares of the common stock for $16 per share. Issued 11,000 shares of the preferred stock at $17 per share. Issued 3,100 shares of the common stock at $21 per share and 1,100 shares of the preferred stock at $17. Net income for the first year was $49,000, but no dividends were declared. Required: Prepare the stockholders’ equity section of the balance sheet at December 31. please avoid solutions in image format thank you
- Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Mar. 1 Issued 20,000 shares of preferred stock at $115 per share. Mar. 2 Issued 150,000 shares of common stock at $13 per share. Apr. 10 Issued 15,000 shares of common stock for equipment valued at $198,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment. Jun. 12 Issued 12,000 shares of common stock at $15 per share. Aug. 5 Issued 1,000 shares of preferred stock at $112 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Mar.…Sun Corporation received a charter that authorized the issuance of 88,000 shares of $5 par common stock and 20,000 shares of $100 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Year 1 Jan. 5 Sold 13,200 shares of the $5 par common stock for $7 per share. 12 Sold 2,000 shares of the 6 percent preferred stock for $110 per share. Apr. 5 Sold 17,600 shares of the $5 par common stock for $9 per share. Dec. 31 During the year, earned $316,300 in cash revenue and paid $237,300 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record on January 10, Year 2. Year 2 Feb. 15 Paid the cash dividend declared on December 31, Year 1. Mar. 3 Sold 3,000 shares of the $100 par preferred stock for $120 per share. May 5 Purchased 400 shares of the…
