The company repurchased 10,000 shares of $1 par common stock for a total of $300,000. None of the shares were retired. A month later, the company sold 4,000 of these shares for $144,000. The shares were initially issued for $20 per share. Make the necessary journal entries to record the repurchase of the 10,000 shares and the subsequent sale of the 4,000 shares

Use the following information to answer the question below. 33 The following transactions involving Lupine Corporation occurred during the year: lot et cell Apr. 1 Purchased 2,000 shares of its own preferred stock for $20, the current market price. This is the first transaction involving its own stock engaged in by the company. May 3 Sold 400 of the shares purchased on April 1 for $25 per share. June 5 Retired 600 of the shares purchased on April 1. The original issue price was $10. The par value of the stock is $5. The entry to record the May 3 transaction is A) Preferred Stock $ 3,000 Additional Paid in Capital, Preferred $ 3,000 Treasury Stock, Preferred vode $ to a 6,000 $ to als 6,0000 yns srl 25 B) Treasury Stock, Preferred Cash $50 6,000 C) Cash 10,000 $ obo12 nomme Treasury Stock $ 8,000 Additional Paid in Capital, Treasury Stocks $ 2,000 D) Preferred Stock $ Treasury Stock, Preferred 12,000 2012 Additional Paid in Capital, Preferred Retained Earnings E) none of the above 3,000…

On March 5, Jerald Corporation purchased 7,000 shares of its own common stock for $56,000. On July 17, Jerald Corporation reissued 900 shares of this treasury stock for $6,300. Prepare the March 5 journal entry and the July 17 entry to record the purchase and reissuance of Jerald's treasury stock. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial 10pt V Ix % 0 as d

On January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145 brokerage commission. On April 12, a $0.30-per-share dividend was received on the Tolle Company stock. On June 10, 6,200 shares of the Tolle Company stock were sold for $34 per share less a $130 brokerage commission. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.

Concord Corporation purchased 360 shares of Sherman Inc. common stock for $11,900 (Concord does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. At year-end, Sherman stock was selling for $37.50 per share. Prepare Concord' journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (List all debit entries before credit entries. 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.) No. Account Titles and Explanation Debit Credit (a) (b) (c)

On May 3, Zirbal Corporation purchased 6,000 shares of its own stock for $66,000 cash. On November 4, Zirbal reissued 950 shares of this treasury stock for $11,400. Prepare the May 3 and November 4 journal entries to record Zirbal's purchase and reissuance of treasury stock. Record the purchase of 6,000 shares of its own stock for $66,000 cash. Record the reissue of 950 shares of this treasury stock for $11,400.

Indigo Corporation purchased 370 shares of Sherman Inc. common stock for $13,100 (Indigo does not have significant influence). During the year, Sherman paid a cash dividend of $3.00 per share. At year-end, Sherman stock was selling for $37.50 per share. Assume the stock is nonmarketable. Prepare Indigo's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (List all debit entries before credit entries. 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.)

Warhol Company has 2,000 shares of $0.50 par value common shares authorized. On March 1, Warhol sold 1,550 shares for $10 per share. On May 1 of the same year, Warhol reacquired 550 of those shares for $11 each. Over the next several months, the market price of the shares increased and Warhol Company reissued 150 shares at $15 per shares. By December 1, the company reissued the remaining 400 shares. At that time, the market price of the shares had fallen to $9 per share. What is the entry the company would make on December 1st to record the reissue of 400 shares of treasury stock?     Responses Cash                                                                         3,600 Capital in Excess of Cost - Treasury Stock           400 Retained Earnings                                                     400              Treasury Stock                                                                4,400   Cash…

On January 1, Year 9, the first day of its fiscal year, Noel Company purchased 2,000 shares of available-for-sale securities at a price of $10 per share. These securities had a fair value of $24,000 and $30,000 on December 31, Year 9, and December 31, Year 10, respectively. No dividends were paid, and all of the securities were sold on December 31, Year 10. Noel recognizes all holding gains and losses on available-for-sale securities before recognizing realized gain. Prepare the journal entries, if any, necessary for December 31, Year 9, and December 31, Year 10, that relate to these available-for-sale securities. Also prepare the journal entry to record the sale of the securities on December 31, Year 10. Ignore income tax effects. To prepare the entries, in the Account column, select the appropriate account from the list provided. Then enter the correct amounts in the Debit or Credit columns. Each choice may be used once, more than once, or not at all. Credit Choices Account December…

On January 1, Big Company acquires all of the common stock of Little Company by issuing 400,000 shares of $1 par value stock with a market value of $12 per share. Little reports earnings of $864,000 and pays dividends of $240,000 in the year of acquisition. The amortization of allocations related to the investment was $48,000. Big’s net income, not including the investment, was $6,360,000, and it paid dividends of $400,000. What is the amount of consolidated net income?