Acquisition of Asset 5 Equipment Common Stock Paid-in Capital in Excess of Par - Common Stock (To record acquisition of Office Equipment) Buildings Cash Interest Payable 3500 [II 2600 900
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- Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a. Purchased equipment costing 50,000. b. Sold equipment costing 60,000, with a book value of 25,000, for 40,000. c. Retired preferred stock at a cost of 110,000. (The premium is debited to Retained Earnings.) d. Issued 10,000 shares of common stock (par value, 4) for 10 per share. e. Reported a loss of 15,000 for the year. f. Purchased land for 50,000. Required: Prepare a statement of cash flows using the worksheet approach. Use the indirect method to prepare the statement.Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a. Purchased equipment costing 50,000. b. Sold equipment costing 60,000, with a book value of 25,000, for 40,000. c. Retired preferred stock at a cost of 110,000. (The premium is debited to Retained Earnings.) d. Issued 10,000 shares of common stock (par value, 4) for 10 per share. e. Reported a loss of 15,000 for the year. f. Purchased land for 50,000. Required: Prepare a statement of cash flows using the indirect method.A comapny started its operations with $25,700 in cash with the issue of common stock dated Jan 1, Year 1. The proceeds was used to purchase equipment for $25,700 and had a salvage value of $4,500 with 4 years life. In the beginning of 5th year, equipment was being sold for $4,980 for cash (SLM depreciation) Revenue: ($) Year1=7,480 Year2=7,980 Year3=8,180 Year4=6,980 Year5=0 A.Income Statement B.Statement of changes in Stockholder’s equity for each of the five years
- Legan Inc. started its operations with $25,700 in cash with the issue of common stock dated Jan 1, Year 1. The proceeds was used to purchase equipment for $25,700 and had a salvage value of $4,500 with 4 years life. In the beginning of 5th year, equipment was being sold for $4,980 for cash (SLM depreciation) Revenue: ($) Year1=7,480 Year2=7,980 Year3=8,180 Year4=6,980 Year5=0 Required. Income Statement for each of the five years.Company charter authorizes 1,000,000 shares of common stock. They purchased a piece of land and in payment fo the land, issues 400,000 shares of common stock with a $1.00 par value. The land has been appraised at a market value of $1,480,000. Journalize the entryKY Jewellers purchased a piece of land from the original owner. In payment for the land, KY Jewellers issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of 1200,000 1.The company sold 120,000 shares of common stock with $1 par value. 2. Issued 25,500shares of $20 par value preferred stock. Shares were issued at par. 3. Earned net income of $764,000 4. Dividend declared and paid - $0.15 per share on common stock 5. Dividend declared and paid - $5 per share on preferred stock Question Prepare the closingj journal entries for the following tracnsactions listed above
- A company issued 14,000 ordinary shares ( $50 par) with a market value of $60 per share (based on a recent sale of 100 shares ) for the land. The land was recently appraised at $800,000 by independent and competent appraisers. How much is the cost of land acquired?Assume the following independent cases: (a) At the beginning of the year, a check was issued for P400,000 as payment for a piece of land and the buyer assumed the liability for unpaid taxes in arrears for the previous year, P10,000 and those assessed for the current year, P9,000.(b) A company issued 14,000 ordinary shares (P50 par) with a market value of P60 per share (based upon a recent sale of 100 shares) for the land. The land was recently appraised at P800,000 by independent and professional appraisers.(c) A company rejected an offer to purchase the land for P8,000,000 cash two years ago. Instead, the company issued 100,000 ordinary shares for the land (market value of the ordinary share, P78 each based on several recent large transactions and normal weekly stock trading volume).How much is the cost of land acquired in (a), (b), and (c), respectively? a. 419,000; 800,000; 7,800,000 b. 410,000; 800,000; 7,800,000 c. 410,000; 840,000; 7,800,000 d. 419,000; 840,000;…Assume the following independent cases:A. At the beginning of the year, a check was issued for P400,000 as payment for a piece of land, and the buyer assumed the liability for the unpaid taxes at the end of the year, P10,000 and those assessed for the current year at P9,000.B. A company issued 14,000 ordinary shares (P10 par) with a market value of P60 per share (based upon a recent sale of 100 shares) for the land. The land was recently appraised at P800,000 by independent and competent appraisers.C. A company rejected an offer to purchase the land for P8,000,000 cash two years ago. Instead, the company issued 100,000 ordinary shares for the land (market value of the ordinary share, P78 each based on several recent large transactions and normal weekly stock trading volume).D. A company purchased land by signing a note with the seller, requiring P100,000 down payment, payment of P120,000 one year from purchase, and P80,000 three years from purchase. The note is non-interest bearing,…
- Presented below is information related to Tamarisk Company.1. On July 6, Tamarisk Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $300,000 Buildings 900,000 Equipment 600,000 Total $1,800,000 Tamarisk Company gave 12,300 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property.2. Tamarisk Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. (Prepare consolidated entry for all transactions below.) Repairs to building $178,500 Construction of bases for equipment to be installed later 229,500 Driveways and parking lots 207,400 Remodeling of office space in building, including new partitions and walls 273,700 Special assessment by city on land 30,600 3. On December 20, the company paid cash…Presented below is information related to Cullumber Company.1. On July 6, Cullumber Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land $200,000 Buildings 600,000 Equipment 400,000 Total $1,200,000 Cullumber Company gave 12,000 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property.2. Cullumber Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. (Prepare consolidated entry for all transactions below.) Repairs to building $168,000 Construction of bases for equipment to be installed later 216,000 Driveways and parking lots 195,200 Remodeling of office space in building, including new partitions and walls 257,600 Special assessment by city on land 28,800 3. On December 20, the company paid cash…The company's chater authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: 1) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a marked value of $1,200,000. 2) The company sold 120,000 shares of common stock with $1 par value. 3) Issued 25,500 shares of $20 par value preferred stock. Shares were issued at par 4) Earned net income of $764,000 5) Dividend declared and paid -$0.15 per share on common stock 6) Dividend declared and paid -$5 per share on preferred stock A) Prepare Journal entries for the above B) Prepare closing entries for the above
