The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2023 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,100. Feb. 21 13,000 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $108,600. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $311,000, $416,000, and $108,000, respectively. Only typing answer Please explain step by step

The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2023 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,100. Feb. 21 13,000 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $108,600. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $311,000, $416,000, and $108,000, respectively. Only typing answer Please explain step by step

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
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.
Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $83,800. 15 Received $21 cash per share for the issuance of 68,000 common shares. 16 Issued 10,000 preferred shares for cash of $32 per share. 17 8,000 common shares were issued to a creditor who was owed $123,000. 18 The board of directors declared a cash dividend of $18,800 on the preferred shares and $4,300 on the common shares to shareholders of record on June 20, payable July 1. 30 143,000 common shares were issued in exchange for machinery with a fair market value of $2,345,000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction list Journal entry worksheet…
The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2020 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $32,000. Feb. 21 17,500 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $113,100. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $320,000, $425,000, and $117,000, respectively. Required:Prepare journal entries.
VIP Corporation's first year of operations had the following transactions: 2020 Jan. 15 Issued 2,000 common shares to the corporation's promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,000. Feb. 21 12,500 common shares were issued for cash of $14 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $108,100. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $310,000, $415,000, and $107,000, respectively. Required: Prepare journal entries. View transaction list 1 2 3 4 Record the issue of common shares to promoters. Record the issue of common shares for cash. Record the issue of preferred shares for cash. Record the issue of common shares in exchange for land, building, and equipment. EX Credit
The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2020 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,400. Feb. 21 14,500 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $110,100. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $314,000, $419,000, and $111,000, respectively. Required:Prepare journal entries. 1 Record the issue of common shares to promoters. 2 Record the issue of common shares for cash. 3 Record the issue of preferred shares for cash. 4 Record the issue of common shares in exchange for land, building, and equipment.
Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84, 400. 15 Received $21 cash per share for the issuance of 74,000 common shares. 16 Issued 10,000 preferred shares for cash of $38 per share. 17 8,000 common shares were issued to a creditor who was owed $129,000. 18 The board of directors declared a cash dividend of $19,400 on the preferred shares and $ 4,900 on the common shares to shareholders of record on June 20, payable July 1. 30 149,000 common shares were issued in exchange for machinery with a fair market value of $2,435,000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.
Sarasota Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. 5 Issued 58,000 common shares for $2.50 per share. Jan. 20 Issued 3,000 common shares to settle legal expenses. The value of the legal expenses was $9,940. Feb. 10 Issued 15,000 preferred shares for $35.00 per share. Aug. 12 Repurchased 17,400 common shares for $2.40 per share. Oct. 1 Issued 4,100 common shares for $2.25 per share. Dec. 15 Repurchased 21,000 common shares for $2.72 per share. Record the above transactions. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, e.g. 5.75 and final answers to 0 decimal places, e.g. 5,275.) Date Jan, 5 Jan 20 # Account…