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- Question 3.) A corporation issues 2,500 shares of common stock for P45,000. The stock has stated value of P10 per share. The journal entry to record the stock issuance would include a credit to Additional Paid in Capital of? A. P45,000 B. P25.000 C. P20,000 D. P5,000Question 4.) A corporation issues 2,500 shares of common stock for P45,000. The stock has stated value of P10 per share . The journal entry to record the stock issuance would include a credit to Share Capital of? A. P20,000 B. P25,000 C. P45,000 D. P5,000AB Co issues 5.000 50c shares for $6.000. Required: What are the amounts for share capital and share premium in the statement of financial position?
- 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 accountClark Corporation purchased 200 shares of its own $1 par value common stock for $20 per share. What journal entry should be made to record this transaction?Nexis Corp. issues 1,900 shares of $12 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made?
- Bridgeport 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?XYZ Company declared a $.50 dividend on common stock. (Pretend there are 1,000 common shares outstanding. Journalize this transaction. DATE Debit Credit X/X XYZ Company paid the dividends declared above. Journalize this transaction. DATE Debit Credit X/XE16.4 Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Instructions: a. Journalize the transactions. b. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.
- m. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (g). Description Debit Credit n. Received interest of $6,000 from the Solstice Corp. investment in (f). Description Debit Credit o. Sold Solstice Corp. bonds with a face value of $40,020 for $45,000, realizing a gain of $4,980. Description Debit Credit p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for 6 months. The amortization is determined using the straight-line method. Description Debit Credit q. Accrued interest for 3 months on the Dream Inc. bonds purchased in (1). Description Debit Credit1. 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.Item No. 9 is based on the following information: A corporation's liability (Notes Payable) in the amount of P 100,000 was paid by issuing its 1,000 no-par value ordinary shares with a stated value of P 90 per share. On the date of payment, the shares were selling at P 95 per share. 9. The journal entry to record the foregoing transaction would be: P 100,000 a. Notes Payable----- P 100,000 Ordinary Share Capital b. Notes Payable---- P 100,000 Ordinary Share Capital P 95,000 Ordinary Share Capital in Excess of Stated Value --- 5,000 c. Notes Payable---- P 100,000 Ordinary Share Capital P 90,000 Ordinary Share Capital in Excess of Stated Value ----- 10,000 d. Notes Payable----- P 100,000 Ordinary Share Capital - Cash P 90,000 10,000
