Tamarisk Corporation has outstanding 18,000 shares of $5 par value common stock. On August 1, 2025, Tamarisk reacquired 220 shares at $82 per share. On November 1, Tamarisk reissued the150 shares at $72 per share. Tamarisk had no previous treasury stock transactions. Prepare the entry to retire the treasury shares remaining following the November 1, 2025, reissuance. The shareswere initially issued for $50 per share.

The journal entries are prepared to record the transactions on regular basis. The treasury stock…

Answered: Tamarisk Corporation has outstanding…

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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Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to record the following transactions:a. On July 1, 2020, Bonneau reacquired 2,000 shares of treasury stock at $15. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares.b. On July 20, Bonneau reissued 300 shares of treasury stock at $20.c. On August 15, Bonneau reissued 500 shares of treasury stock at $11.
Kelbrooklimited provided the following information.1.The issue share capital consists of 180000 ordinary shares of $0.50 each2. On 1 jan 2019: general reserve is $ 4,000. Retained earnings is $ 5,5003. The profit for the year ended 31 December 2019 was $ 9,000. $ 2000 of this was transferred to the general reserve .4. An interim dividend of $4,500 was paid during the year. No dividends were proposed at the end of the Required Prepare Statement of changes and Equity Account
In 2021, XCF Co. issued 8,513,000 shares of $50 par value, convertible preferred stock for $54. Each share can be converted to 5 shares of XCF Co.'s $8 par value common stock. In July of 2022, all of the preferred stock was converted to common stock. The market value of the shares on the day of conversion was $11. How much should XCF Co. record to additional paid in capital - common stock from the conversion? (13) $340,520,000 $119,182,000 $85,130,000 $17,026,000
At December 31, 2018, Western Corporation had 40,000 shares outstanding of $90 par value common stock. The shares were originally issued for $252 per share. On January 1, 2019, Pacific split its common stock 3 for 1 with a corresponding reduction in the stock's par value. After the split, the balance of the common stock paid-in-capital account is: 1. $18,000,000 2. $10,080,000 3. $10,800,000 4. $ 3,600,000
In 2021, Southwestern Corporation completed the treasury stock transactions listed below. February 2: Reacquired 74,000 shares at $12.40. March 17: Sold 24,000 shares at $14.20. May 17: Sold 29,000 shares at $8.20. Southwestern had issued 100,000 shares of its $1 par common stock for $10 several months ago.Required:Prepare the journal entries to record the above transactions, using the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Butler, Inc. had the following treasury stock transactions in 2024: July 8 Purchased 1,000 shares of the company's $5 par value common stock as treasury stock, paying cash of $12 per share. Sold 400 shares of the treasury stock for cash of $18 per share. Sold 100 shares of the treasury stock for cash at $10 per share. July 12 July 20 Journalize these transactions. Include the date. Explanations are required.
Marigold Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Marigold reacquired 105 shares at $87 per share. On September 1, Marigold reissued 62 shares at $91 per share. On November 1, Marigold reissued 43 shares at $84 per share. Prepare Marigold's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 11/1/20
Prior to May 1, Fortune Company has never had any treasury stock transactions. The company repurchased 230 shares of its common stock on May 1 for $11,500. On July 1, it reissued 115 of these shares at $53 per share. On August 1, it reissued the remaining treasury shares at $48 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? Multiple Choice O O $11,615. $6,095. $15,410. $115. $0.
Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2020, Overland Corporation took part in the following selected transactions. Prepare journal entry(entries) for following independent event. a. Purchased 6,000 shares of treasury stock at $70 per share. The treksury shares purchased were issued in 2018 at $46 per share. Assuming Overland uses the retirement method to prepare entry and before this transaction the company had $100,000 credit balance of Paid-in capital- shares repurchase and $800,000 retained earnings b. The board votes a 4-for-1 stock split. At the date, the market value is $80 c. The board votes a 150% stock dividend. At the date, the market value is $80, assuming the company treats the distribution as "large" stock dividends effected in the form of a stock dividend and before this transaction the company has 54,000 shares of common stock
Ivanhoe Inc. has outstanding 11,500 shares of $10 par value common stock. On July 1, 2020, Ivanhoe reacquired 111 shares at $87 per share. On September 1, Ivanhoe reissued 60 shares at $95 per share. On November 1, Ivanhoe reissued 51 shares at $85 per share.Prepare Ivanhoe’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Marigold Corp. had 307000 shares of common stock issued and outstanding at December 31, 2020. During 2021, no additional common stock was issued. On January 1, 2021, Marigold issued 395000 shares of nonconvertible preferred stock. During 2021, Marigold declared and paid $174000 cash dividends on the common stock and $154000 on the nonconvertible preferred stock. Net income for the year ended December 31, 2021, was $959000. What should be Marigold's 2021 earnings per common share, rounded to the nearest penny? $2.62 $3.12 $1.07 $2.06

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