Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $379,000 Prepare the journal entry to record issuance of the stock in exchange for the land and building View transaction list Journal entry worksheet < Record the issue of 25,000 shares of $7 par value common stock in exchange for land valued at $238,000 and a building valued at $379,000. Note: Enter debits before credits Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $379,000 Prepare the journal entry to record issuance of the stock in exchange for the land and building View transaction list Journal entry worksheet < Record the issue of 25,000 shares of $7 par value common stock in exchange for land valued at $238,000 and a building valued at $379,000. Note: Enter debits before credits Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

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

As of December 31, 2014, Kaman Corp. held two Equity Securities. Information regarding these securities is as follows: Secuirty Date Acquired Acquisition Cost Market Value (12/31/14) A $35,000 $88,000 B Based on the information given, create the journal entry that would be recorded on 12/31/14. For each line item of the journal entry write whether it is a Dr. or Cr., the account name, and amount. 1/16/14 2/22/14 $36,000 $79,000
how do i journal entry this transaction - common stock has a par $1 Purchased land and a building from Gretchen Northway in exchange for stock issued at par. The building is mortgaged for $180,000 for 20 years at 6%, and there is accrued interest of $5,200 on the mortgage note at the time of the purchase. The corporation agreed to assume responsibility for paying the mortgage note and accrued interest. It is agreed that the land is to be valued at $60,000 and the building at $225,000 and that Gretchen Northway will be issued stock at par.
Straw Hat Corporation issued 10,000 shares of its P10.00 par value ordinary 1 point shares for a building. The building has a fair value of P 400,000. Peter's ordinary share is currently selling for P50 per share. A Corp. should record the building at * 100,000 400,000 500,000 On December 1, 2016, Buggy 1 point Corporation received a donation of 2,000 shares of its P50 par value ordinary shares from a shareholder. On that date, the share's market value was P350 per share. The stock was originally issued for P250 per share. By what amount would this donation cause the total shareholders' equity to decrease? * O P 700,000 P 500,000 P 200,000 ASL Corporation holds 5,00O shares of 1 point its P10 par value ordinary shares as treasury stock reacquired last month for P80,000. On December 2016, F reissued all 5,000 shares for P120,000. Under the cost method of accounting for treasury stock, the reissuance resulted in a credit to Gain on sale of investments of P70,000 Ordinary shares of…
Zinc Inc, has 36000 shares of $2 par value common stock authorized, with 8993, 250 shares outstanding in 2022. make the necessary journal entries to record the following transactions 6/21/22 collected 5036,000 in rent 6/23/22 paid 755000 in legal fees 6/24/22 received 3777000 from lawsuit against contractor, an unusual result 6/24/22 purchased a new building for 4155000 6/30.22 collected 2518000 in rent revenue. Create a trial balance using the balances from the ledger or t accounts. Only accounts with balances should be included. The accounts should be in order. Then make the following adjusting entries No depreciation has been recorded on the company's Land or new PPE. Zions, Inc.'s accounting staff believes that the Land has a useful life of 30 years with a $6,043,464 salvage value. They also believe that the new PPE has a remaining useful life of 19 years with a $5,650,639 salvage value. When calculating depreciation, keep in mind that Zions, Inc. does not use partial year…
Sudoku Company issues 30,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $235,000 and the building at $376,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet < A Record the issue of 30,000 shares of $6 par value common stock in exchange for land valued at $235,000 and a building valued at $376,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
Black Bulls Corp. Issued 10,000 shares of its P10 par value shares for a building. The building has a fair value of P500,000 and a book value of P400,000. Black Bulls’ ordinary share is currently selling for P45 per share. Black Bulls Corporation should record the building at a) P100,000 b) P450,000 c) P500,000 d) P400,000