geNOWv2 |Online teachin XeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseCalculatorE Print ItemFortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions:Jan. 31Issued 38,000 shares at $9 share.Jun. 10 Issued 120,000 shares in exchange for land with a clearly determined value of $820,000.Aug. 3Purchased 11,000 shares of treasury stock at $8 per share.A. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Jan. 31CashCommon StockAdditional Paid-in Capital from Common StockVபபா. 10Land yCommon StockAdditional Paid-in Capital from Common StockAug. 3Treasury Stock /CashFaedbackTCheck My WorkA. Remember that amounts issued above the par value of the stock would represent extra amounts of capital received by the corporation. Assets purchause the more clearly determinable amount (typically the fair market value of the asset received, if available).Check My Work

Common Stock: Common stock is a security that represents ownership in a corporation. In a…

A Calculator E Print Item Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 38,000 shares at $9 share. Jun. 10 Issued 120,000 shares in exchange for land with a dearly determined value of $820,000. Aug. 3 Purchased 11,000 shares of treasury stock at $8 per share.

A Calculator E Print Item Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Jan. 31 Issued 38,000 shares at $9 share. Jun. 10 Issued 120,000 shares in exchange for land with a dearly determined value of $820,000. Aug. 3 Purchased 11,000 shares of treasury stock at $8 per share.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
1UWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1Unit # 7 WorksheetCorporationsQuestion 1M & C Corporation charter authorizes 1,000,000 shares of common stock and 100,000shares of preferred stock and the company had the following transactions in 2014, itsfirst year of operations.• Issued 2,000 shares of common stock. Stock has par value of $1.00 pershare and was issued for cash at $50.00 per share.• Issued 100 shares of $100 par value preferred stock. Shares were issuedfor cash at par.• Earned net income of $95,000.• Dividends of $5,000 declared and paid in cash.Required:1. Journalize the above transactions in the books of M&C Corporation.2. Prepare the stockholders' equity section of the balance sheet at December 31,2014.Question 2Bagman Corporation was organized early in 2014. The articles of incorporationauthorize 30,000 shares of $100 par value, 10% cumulative preferred stock and600,000 shares of $5 par value common stock. The following transactions…
Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000 shares of $10 par common stock. Journalize the following transactions. a. On January 2, Wonder Sales issues 5,000 shares of preferred stock for $110 per share and 65,000 shares of common stock at $10 per share. If an amount box does not require an entry, leave it blank. Jan. 2 fill in the blank c25b51ff0fcd003_2 fill in the blank c25b51ff0fcd003_3 fill in the blank c25b51ff0fcd003_5 fill in the blank c25b51ff0fcd003_6 fill in the blank c25b51ff0fcd003_8 fill in the blank c25b51ff0fcd003_9 fill in the blank c25b51ff0fcd003_11 fill in the blank c25b51ff0fcd003_12 b. On January 25, Wonder Sales issued 250 shares of preferred stock to a Morton Law Firm for settlement of a $36,000 invoice for incorporation services. If an amount box does not require an entry, leave it blank. Jan. 25 fill in the blank 169bf80a303401d_2 fill in the blank…
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