Bramble Corp. issues 670 shares of $2 par value common stock and 280 shares of $100 par value preferred stock for a lump sum of $121,900. (a)   Partially correct answer iconYour answer is partially correct. Prepare the journal entry for the issuance when the market price of the common shares is $130 each and market price of the preferred is $160 each

Q: Oregon Outfitters issues 1,700 shares of $1 par value common stock at $19 per share. Later in the…

A: The extra cash received is credited to the Paid-in capital in excess of par Account.

Q: On June 1, Riverbed Inc. issues 3,250 shares of no-par common stock at a cash price of $10 per…

A: Date Accounts Title and explanation Debit Credit June 1 Cash (3250*10) $32,500           Common…

Q: Riverbed Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Journal entries refer to the process of systematic documentation of the financial transactions of a…

Q: On February 22, Brett Corporation acquired 180 shares of its $3 par value common stock for $26 each.…

A: The accounting entry on purchase of treasury share at 26 was Debit Treasury stock 4680 and credit…

Q: Stellar Corporation issued 354 shares of $10 par value common stock and 143 shares of $50 par value…

A: A journal entry records a business transaction in the accounting system for an organization. Journal…

Q: Denison Corporation is authorized to issue 10,000, no par value $10 convertible preferred shares and…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Nexis Corp. issues 1,970 shares of $9 par value common stock at $17 per share. When the transaction…

A: The journal entry to record the issue of  shares as follows:

Q: Alma Corp. issues 1,000 shares of $10 par common stock at $14 per share. When the transaction is…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On December 2, Coley Corp. acquired 1,400 shares of its $5 par value common stock for $20 each. On…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Rodriguez Corporation issues 15,000 shares of its common stock for $209,500 cash on February 20.…

A: If shares were issued at a premium then the difference between issue price and par value is…

Q: Bloosom Corporation has issued 2,000 ordinary shares and 400 preference shares for à luE Required:…

A: The different shares issued for lump sum payment are allocated the money on the basis of ratio of…

Q: Black Diamond Inc. issues 2,500 shares of $1 par valuecommon stock and 1,000 shares of $50 par value…

A: a. Prepare journal entries for issuance of common shares and preferred shares when market value of…

Q: Gallery Leather has 100,000 of $5.00 Par authorized common stock and 20,000 shares issued and…

A: Total proceeds from issue of common stock = No. of common stock issued x Issue price per share =…

Q: Retro Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000…

A: Preferred Stock = No. of shares x Par value per share = 7,000 shares x $100 = $700,000

Q: Nash SE issues 500 shares of €10 par value ordinary shares and 100 shares of €100 par value…

A: 1. Workings

Q: Sneed Corporation issues 11,600 shares of $45 par preferred stock for cash at $67 per share. The…

A: Total par value of preferred stock issued = No. of shares issued x par value per share = 11,600…

Q: Alma Corp. issues 2,150 shares of $9 par common stock at $15 per share. When the transaction is…

A: When the share is issued at an excess price than a par value of a share, it is recorded to the…

Q: On June 1, Noonan Inc. issues 3,550 shares of no-par common stock at a cash price of $9 per share.…

A: All the transactions of an entity are properly accounted by making corresponding journal entries in…

Q: Rodriguez Corporation issues 17,000 shares of its common stock for $265,500 cash on February 20.…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: Elmer's Incorporated has the following stock outstanding on Dec. 31, 2013: Ordinary Shares, P100…

A: The company can issue shares by 3 ways. 1. Sale of Stock for Cash 2. Sale of Stock on Account 3.…

Q: 3. ABC Corporation is authorized to issue 80,000 ordinary shares. During the current year, the…

A: (a) Paid in capital in excess of par per share = 20 - 5 = 15 per shares

Q: Ivanhoe Corporation issued 341 shares of $10 par value common stock and 145 shares of $50 par value…

A: Journal entry to record the issuance:: Cash account Dr::$19188...      To Common stock…

Q: Watson Corporation is authorized to issue 7,500 shares of $100 par value, 6%, cumulative preferred…

A: Dividend is the part or share of profits being distributed to the shareholders. It is being paid to…

Q: Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Requirement a:   Pass necessary journal entry to record the issuance of common stock and preferred…

Q: Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Sheridan Corporation issued 335 shares of $10 par value common stock and 103 shares of $50 par value…

A: Given information is: Common stock shares = 335 shares  Preferred Stock shares = 103 shares

Q: Next Level Morgan Corporation issues 500 “packages” of securities for $180 per package on December…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Patience Co. was authorized to issue 400,000 ordinary shares with a stated value of P20.   The…

A: Share capital is considered as the portion of capital that is arisen from the investors. When an…

Q: Sunland Company has issued 1,900 shares of common stock and 380 shares of preferred stock for a lump…

A: Stocks are issued at fair value. But, they should record as “par value for share capital” and…

Q: Swifty Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred…

A: Capital Stock = Common Stock + Preferred Stock

Q: Bashir Inc. issues 2,500 shares of $1 par value common stock and 1,000 shares of $50 par value…

A: Total market value of common stock = No. of common stock x market price per share = 2500 shares x…

Q: SHATT ALAREB CO. issues 1000 shares of $5 par value common stock and 500 shares of $50 par value…

A: Journal entry is record of financial transaction in the books of accounts maintained by an…

Q: Shamrock Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value…

A: Journal entry: The record of business transactions in a chronological order with equal amounts of…

Q: Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12…

A: Given that issued common stock = 2300 shares stated value = $12 per share

Q: Sunland Corporation was organized on January 1, 2022. It is authorized to issue 9,600 shares of 8%,…

A: The journal keeps the record for day to day transactions of the business on regular basis.

Q: The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share.…

A: Definition: Preferred stock: The stock that provides a fixed amount of return (dividend) to its…

Q: Rodriguez Corporation issues 6,000 shares of its common stock for $95.300 cash on February 20.…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Sage Corporation issued 392 shares of $10 par value common stock and 128 shares of $50 par value…

A: Under proportionate method, the lump sum amount has to be allocated between common stock and…

Q: Bashir Inc. issues 2,500 shares of $1 par value common stock and 1,000 shares of $50 par value…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Wildhorse Co. issues 36000 shares of $50 par value preferred stock for cash at $75 per share. In the…

A: Preferred Stock Capital will be increased by = No. of shares issued x Par value per share = 36000…

Q: Sheffield Corp. issues 8,500 shares of $100 par value preferred stock for cash at $106 per share.…

A: Additional paid in capital = (Issue price per share - face value per share)*No. of shares issued =…

Q: Nebraska Inc. issues 3,000 shares of common stock for $45,000. The stock has a stated value of $10…

A: When shares has no face value but are having a stated value then common stock account should be…

Q: Ahrens Industries is authorized to issue 250,000 shares of no-par common stock with a $6 stated…

A: Formula:  Additional paid-in capital = Number of common shares x ( Issue price - stated price )

Q: hester Inc. issued shares of its $6.60 par value common stock for $17.00 per share. In recording the…

A: SOLUTION- SHARES MEANS A COMPANY'S CAPITAL IS DIVIDED IN TO SMALL UNITS OF A FINITE NUMBER .EACH…

Q: Sneed Corporation issues 11,700 shares of $55 par preferred stock for cash at $60 per share. The…

A: Stocks: Stocks are shares in the ownership of the company. It represents the capital raised by a…

Q: The Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share. The…

A: Cash received = 10,000 x $75 = $750,000 Preferred stock = 10,000 x $50 = $500,000 Excess = 10,000 x…

Q: On Jan 1, Niumbus ent. issues 4,550 shares of no-par common stock at a cash price of P9 per share.…

A: Journal entries is an process of recording accounting transactions in the books of an enterprise and…

Q: Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par…

A: Total market value of Common Stock = No. of shares x Market value per share  = 300 shares x $20 per…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.