The Rogers Company is authorized to issue 50 000 ordinary shares of P30 par value. Record the following transactions in Journal entry form. (a) Issued 10 000 shares at par value, received cash. (b) Issued 250 shares to attorney's for services in securing the corporate charter and for preliminary legal costs of organizing the corporation. The value of the services was P 9 000. (c) Received subscriptions for 300 shares at P4O. (d) Collected the above ordinary shares subscriptions and issued stock Certificate. (e) issued 8 500 shares of stock in exchange for buildings valued at P 175 000 and land valued P 80 000 (f) Received cash for 6 500 shares of stock sold at P38 per share. (g) issued 4 000 shares at P45; received cash.

Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2021, its first year of operation, the company has the following stock transactions. Jan. 1. Paid the state $5,000 for incorporation fees  Jan. 15  Issued 500,000 shares of stock at $6 per share. Jan. 30   Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000. July 2.  Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share. Sept. 5   Purchased 15,000 shares of common stock for the treasury at $8 per share. Dec. 6.  Sold 11,000 shares of the treasury stock at $11 per share. Journalize the transactions for Halpern Corporation. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount…

A corporation issued 180 shares of its $5 par value common stock in payment of a $2,600 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Multiple Choice A $2,600 debit to Common Stock. A $2,600 credit to Cash. A $900 debit to Organization Expenses. A $1,700 credit to Paid - in Capital in Excess of Par Value, Common Stock. A $ 2,600 credit to Common Stock.

Alanae Inc issues 500 common shares to the organizers of its corporation to pay for their services valued at $5,000. What is included in the journal entry to record this transaction? O a. O b. C. O d. A debit to an asset account A credit to an expense account A credit to a liability account A credit to an equity account

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.

The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $31, ($19), and $21 in 2024, 2023, and 2022, respectively Other Total comprehensive income ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2023 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: Accumulated other comprehensive income, 2024 2024 $395 9,383 8,463 138 $ 18,379 ($ in millions) Years Ended December 31 2023 2024 2022 $818 $ 673 $988 44 (2) $ 1,030 2023 (27) (3) $788 $395 9,383 7,907 96 $ 17,781 Required: 3. From the information provided, determine how Kaufman calculated the $138 million accumulated other comprehensive income in 2024.…

A corporation purchases 1,000 shares of its own common stock for $4,000 on February 13. On April 13, half of the treasury stock was sold for $3,000. On April 26, the other half of the treasury stock was sold for $1,800. The entry to record the April 26 sale would include a a.credit to Cash for $1,800. b.debit to Paid-In Capital from Sale of Treasury Stock for $200. c.debit to Treasury Stock for $2,000. d.credit to Paid-In Capital from Sale of Treasury Stock for $1,200.

When Wisconsin Corporation was formed on January 1, the corporate charter provided for 86,000 shares of $8 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 6,710 shares of stock at a price of $21 per share. The entry to record the above transaction would include a a.debit to Common Stock for $86,000 b.credit to Common Stock for $140,910 c.debit to Cash for $53,680 d.credit to Paid-in Capital in Excess of Par for $87,230

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Early in the year Bill Sharnes and several friends organized a corporation called Sharnes communications inc. The coorporation was authorized to issue 50,000 shares of $100 par value, 10% cumulative preferred stock, and 400,000 shares of $2 par value common stock. The follwoing transactions occured during the year: Jan 6  Issued for cash 20,000 shares of common stock at $14/share. Shares were issued to Sharnes and 10 other investors. Jan 7  Issued and additional 500 shares of common stock to Sharnes in exchange for his services in organizing the corporation, The stockholders agrees these services were worth $7,000 Jan 12  issued 2500 shares of preferred stock for cash of $250,000 June 4  Acquired land as a building site in exchange for 15,000 shares of common stock. In view of the appraised value of the land and the progress of the company, the directors agreed that the commonstock was to be valued for the purpose of this transaction at $15/share Nov 15  The first annual dividend of…