[The following information applies to the questions displayed below.] The charter of Vista West Corporation specifies that it is authorized to issue 217,000 shares of common stock. Since the company was incorporated, it has sold a total of 150,000 shares (at $16 per share) to the public. It has bought back a total of 16,000. The par value of the stock is $6. When the stock was bought back from the public, the market price was $20. 2. Determine the issued shares. Issued shares
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- Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% 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: Journalize the transactions.
- 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: Journalize the transactions.Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares. In its seventh year, the corporation has the following transactions: Journalize these transactions.[The following information applies to the questions displayed below.] The charter of Vista West Corporation specifies that it is authorized to issue 217,000 shares of common stock. Since the company was incorporated, it has sold a total of 150,000 shares (at $16 per share) to the public. It has bought back a total of 16,000. The par value of the stock is $6. When the stock was bought back from the public, the market price was $20.
- The charter of Vista West Corporation specifies that it is authorized to issue 204, 000 shares of common stock. Since the company was incorporated, it has sold a total of 146, 000 shares (at $16 per share) to the public. It has bought back a total of 15,000. The par value of the stock is $4. When the stock was bought back from the public, the market price was $25. 3. Determine the outstanding shares.The state charter of Vest Corporation authorizes the corporation to sell 500,000 shares. Vest has issued 425,000 shares of stock. There are 15,000 shares of treasury stock. The number of outstanding shares is: Group of answer choices A)15,000 shares. B)410,000 shares. C)425,000 shares. D)500,000 shares. E)None of the above2) The corporate charter of Martin Corporation allows the issuance of a maximum of 4,000,000 shares of $1 par value common stock. During its first three years of operation, Martin issued 3,200,000 shares at $15 per share. It later acquired 30,000 of these shares as treasury stock for $25 per share. Instructions Based on this information, answer the following questions: (a) How many shares were authorized? _______________________ (b) How many shares were issued? __________________________ (c) How many shares are outstanding?________________________ (d) What is the balance of the Common Stock account? ______________________ (e) What is the balance of the Treasury Stock account? ______________________ 3) 3) The following information is available for Evans Corporation: 2021 2020 Average common stockholders' equity…
- During its first year of operations, LEBANON COMPANY entered into the following transactions relating toshareholders' equity. Lebanon's articles of incorporation authorized the issue of 2,400,000 ordinary shares, P10 parper share, and 300,000 preference shares, P50 par per share.Mar. 14 Sold 500,000 ordinary shares for P100 per share. 15 Issued 20,000 ordinary shares to attorneys in exchange for legal services. 15 Sold 35,000 of its ordinary shares and 10,000 preference shares for P6,000,000.Nov. 20 Issued 1,900 of its ordinary shares in exchange for equipment for which the cash price was known to be P185,000. Based on the preceding information, determine the correct balance of each of the following accounts.1. Ordinary share capital a. P5,569,000 c. P5,550,000 b. P5,219,000 d. P6,069,0002. Share premium - ordinary shares a. P46,800,000 c. P52,116,000b. P49,950,000 d. P50,116,0003. Preference share capital a. P2,000,000 c. P500,000 b. P0 d. P2,500,0004. Share premium - preference…The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corporation issued 25,000 shares. Required: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: 1. The shares have a P5 par value and were sold for P20 per share. 2. The shares are no-par but have a stated value of P10. The total issue price was P850,000. 3. The shares are no-par and have no stated value. They were issued at P25 per share.The corporate charter of Reilly Corporation allows the issuance of a maximum of 10,000,000 shares of $2 par value common stock. During its first three years of operation, Torres issued 7,080,000 shares at $20 per share. It later acquired 100,000 of these shares as treasury stock for $40 per share. What is the balance of the Common shares in ttotal?