Accounting The shareholders' equity section of Sweet Acacia Corporation at January 1, 2024, included the following: Share capital: $1.25 preferred shares, 258,000 shares authorized, 51,600 shares issued Common shares, unlimited number of shares authorized 105,000 shares issued Total share capital Retained earnings Total shareholders' equity (a) 1. 2. 3. $928,800 Record the journal entries required for the transactions of Sweet Acacia Corporation for the fiscal year ended December 31. 2024. (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 O for the amounts. List all debit entries before credit entries.) 4. 840,000 1,768,800 505,000 $2,273,800 Paid $5,700 cash and issued 1,500 common shares to the company's lawyers for legal services rendered valued at $29,000. Sold an additional 1,500 shares of $1.25 preferred shares for cash of $19 per share. Exchanged an additional 7,500 shares of $1.25 preferred shares for land. The asking price for the land was $134,000 and the fair market value of the land at the date of the exchange was $127,000. Issued 1,000 common shares in exchange for a patent that had a fair market value of $15,000 and a useful life of 5 years.
Accounting The shareholders' equity section of Sweet Acacia Corporation at January 1, 2024, included the following: Share capital: $1.25 preferred shares, 258,000 shares authorized, 51,600 shares issued Common shares, unlimited number of shares authorized 105,000 shares issued Total share capital Retained earnings Total shareholders' equity (a) 1. 2. 3. $928,800 Record the journal entries required for the transactions of Sweet Acacia Corporation for the fiscal year ended December 31. 2024. (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 O for the amounts. List all debit entries before credit entries.) 4. 840,000 1,768,800 505,000 $2,273,800 Paid $5,700 cash and issued 1,500 common shares to the company's lawyers for legal services rendered valued at $29,000. Sold an additional 1,500 shares of $1.25 preferred shares for cash of $19 per share. Exchanged an additional 7,500 shares of $1.25 preferred shares for land. The asking price for the land was $134,000 and the fair market value of the land at the date of the exchange was $127,000. Issued 1,000 common shares in exchange for a patent that had a fair market value of $15,000 and a useful life of 5 years.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...
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Transcribed Image Text:Accounting
The shareholders' equity section of Sweet Acacia Corporation at January 1, 2024, included the following:
Share capital:
$1.25 preferred shares, 258,000 shares authorized, 51,600 shares issued
Common shares, unlimited number of shares authorized 105,000 shares issued
Total share capital
Retained earnings
Total shareholders' equity
(a)
1.
2.
3.
$928,800
840,000
Record the journal entries required for the transactions of Sweet Acacia Corporation for the fiscal year ended December 31,
2024. (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 O for the amounts. List all debit entries before credit entries.)
4.
1,768,800
505,000
$2,273,800
Paid $5,700 cash and issued 1,500 common shares to the company's lawyers for legal services rendered valued at
$29,000.
Sold an additional 1,500 shares of $1.25 preferred shares for cash of $19 per share.
Exchanged an additional 7,500 shares of $1.25 preferred shares for land. The asking price for the land was $134,000 and
the fair market value of the land at the date of the exchange was $127,000.
Issued 1,000 common shares in exchange for a patent that had a fair market value of $15,000 and a useful life of 5 years.
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