Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 13, Problem 5E
Stock issuance for noncash assets
Sudoku Company issues 7,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $45,000 and the building at $85,000. Prepare the
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Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at
$227,000 and the building at $365,000. Prepare the journal entry to record issuance of the stock in exchange for the land and
building.
View transaction list
Journal entry worksheet
A
Record the issue of 18,000 shares of $8 par value common stock in exchange
for land valued at $227,000 and a building valued at $365,000.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1
Sudoku Company issues 30,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at
$236,000 and the building at $364,000. Prepare the journal entry to record issuance of the stock in exchange for the land and
building.
No
A
Transaction
1
Answer is complete but not entirely correct.
General Journal
Land
Building
Common stock, $7 par value
Paid-in capital in excess of par value, common stock
✓
Debit
236,000✔
364,000
Credit
210,000
210,000 x
Sudoku Company issues 22,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at
$242,000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and
building.
View transaction list
Journal entry worksheet
レ
A
Record the issue of 22,000 shares of $9 par value common stock in exchange
for land valued at $242,000 and a building valued at $368,000.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Chapter 13 Solutions
Principles of Financial Accounting.
Ch. 13 - A corporation issues 6,000 shares of 5 par value...Ch. 13 - A company reports net income of 75,000. Its...Ch. 13 - A company has 5,000 shares of 100 par preferred...Ch. 13 - A company paid cash dividends of 0.81 per share....Ch. 13 - Prob. 5MCQCh. 13 - What are organization expenses? Provide examples.Ch. 13 - How are organization expenses reported?Ch. 13 - Prob. 3DQCh. 13 - What is the difference between authorized shares...Ch. 13 - Prob. 5DQ
Ch. 13 - List the general rights of common stockholders.Ch. 13 - What is the difference between the market value...Ch. 13 - Identify and explain the importance of the three...Ch. 13 - Prob. 9DQCh. 13 - How does declaring a stock dividend affect the...Ch. 13 - What is the difference between a stock dividend...Ch. 13 - Prob. 12DQCh. 13 - Prob. 13DQCh. 13 - How is book value per share computed for a...Ch. 13 - Prob. 15DQCh. 13 - Prob. 16DQCh. 13 - Prob. 17DQCh. 13 - Prob. 1QSCh. 13 - Issuance of common stock Prepare the journal entry...Ch. 13 - Issuance of par and stated value common stock...Ch. 13 - Issuance of no-par common stock Prepare the...Ch. 13 - Prob. 5QSCh. 13 - Accounting for cash dividends Prepare journal...Ch. 13 - Prob. 7QSCh. 13 - Accounting for small stock dividend The...Ch. 13 - Prob. 9QSCh. 13 - Accounting for dividends For each of the following...Ch. 13 - Preferred stock issuance and dividends 1. Prepare...Ch. 13 - Dividend allocation between classes of...Ch. 13 - Prob. 13QSCh. 13 - Prob. 14QSCh. 13 - Purchase and sale of treasury stock On May 3,...Ch. 13 - Prob. 16QSCh. 13 - Prob. 17QSCh. 13 - For each situation, identify whether it is treated...Ch. 13 - Prob. 19QSCh. 13 - Basic earnings per share Murray Company reports...Ch. 13 - Epic Company earned net income of 900,000 this...Ch. 13 - Price-earnings ratio Compute Topp Companys...Ch. 13 - Prob. 23QSCh. 13 - Book value per common share The stockholders...Ch. 13 - Prob. 1ECh. 13 - Prob. 2ECh. 13 - Accounting for par, stated, and no-par stock...Ch. 13 - Recording stock issuances Prepare journal entries...Ch. 13 - Stock issuance for noncash assets Sudoku Company...Ch. 13 - On June 30, Sharper Corporations stockholders...Ch. 13 - Prob. 7ECh. 13 - The stockholders equity section of TVX Company on...Ch. 13 - Prob. 9ECh. 13 - Yorks outstanding stock consists of 80,000 shares...Ch. 13 - Prob. 11ECh. 13 - Prob. 12ECh. 13 - In Draco Corporations first year of business, the...Ch. 13 - Prob. 14ECh. 13 - Prob. 15ECh. 13 - Prob. 16ECh. 13 - Prob. 17ECh. 13 - Price-earnings ratio computation and...Ch. 13 - Prob. 19ECh. 13 - The equity section of Cyril Corporations balance...Ch. 13 - Prob. 21ECh. 13 - Stockholders equity transactions and analysis...Ch. 13 - Prob. 2APCh. 13 - Prob. 3APCh. 13 - The equity sections for Atticus Group at the...Ch. 13 - Prob. 5APCh. 13 - Stockholders equity transactions and analysis...Ch. 13 - Balthus Corp. reports the following components of...Ch. 13 - Prob. 3BPCh. 13 - Prob. 4BPCh. 13 - Prob. 5BPCh. 13 - Santana Rey created Business Solutions on October...Ch. 13 - Prob. 1AACh. 13 - Use the following comparative figures for Apple...Ch. 13 - Prob. 3AACh. 13 - Prob. 1BTNCh. 13 - Access the March 1, 2017, fi ling of the 2016...Ch. 13 - Prob. 5BTN
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- Sudoku Company issues 21,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $377,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.arrow_forwardSudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $379,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building View transaction list Journal entry worksheet Record the issue of 25,000 shares of $7 par value common stock in exchange for land valued at $238,000 and a building valued at $379,000. Note: Enter debits before credits Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardSudoku Company issues 28,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $237,000 and the building at $379,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. Sudoku Company issues 28,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $237,000 and the building at $379,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction Est View journal entry worksheet Transaction 1 g No A General Journal Land Building Common stock, 39 par value Paid in capital in excess of par value, common stock Debit 237.000 379,000 Creditarrow_forward
- Loretta Inc. issues 2,000 shares of preferred stock in exchange for land and building that have a fair value of $50,000 and $80,000 respectively. What is included in the journal entry to record this transaction? a. A debit to Land and Building for $130,000 b. A debit to Land for $80,000 c. A credit to Preferred Stock for $130,000 d. A credit to Preferred Stock for $2,000arrow_forwardBridgeport Inc.’s $9 par value common stock is actively traded at a market price of $15 per share. Bridgeport issues 4,800 shares to purchase land advertised for sale at $71,500.Journalize the issuance of the stock in acquiring the land. What is the date? What is credit or debit? What is the title or explanation?arrow_forwardSudoku Company issues 32,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $233,000 and the building at $377,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. Record the issue of 32,000 shares of $8 par value common stock in exchange for land valued at $233,000 and a building valued at $377,000.arrow_forward
- Land appraised at $65,600 is purchased by issuing 820 shares of $20 par value common stock. The market price of the shares at the time of the exchange, based on active trading in the securities market, is $95 per share. Should the land be recorded at $16,400, $65,600, or $77,900? The land should be recorded at $ Karrow_forward1. Record, in journal entry form, the following transactions, assuming the company plans on holding the investments for trading purposes: April 16 - Purchased 300 shares of Ameco for $25 per share. • May 2 - Purchased 1,000 shares of Rattle Inc. for $12.50 per share. • June 19 - Sold 100 Ameco shares for $32.75 per share. • October 7 - Purchased 550 shares of BMC for $27.80 per share. • November 30 - Received a dividend of $0.25 per share from Rattle. • December 12 - Sold half the shares in BMC for $21.00 per share. 2. Record any required journal entries on December 31, the company's year-end.arrow_forwardPrepare the journal entry to record Autumn Company’s issuance of 63,000 shares of no-par value common stock assuming the shares a. Sell for $29 cash per share. b. Are exchanged for land valued at $1,827,000.arrow_forward
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