Farmers Incorporated issued 6,000 shares of its $10 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include:  A debit to Common Stock for $60,000 B. A debit to Land for $60,000 A credit to Land for $60,000

Q: Oriole Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump…

A: Common stock and Preference stock are two types of stock or shares that is being issued by the…

Q: Prepare entries to record the transactions for Maine Corp.: (a) Issued 2,000 shares of $10 par…

A: Journal entry refers to recording/classifying business transactions into books of accounts…

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

A: Paid in capital in excess of par = (Issue price per share - Face value per share) x No. of shares =…

Q: Prepare general journal entries for the following transactions, identifying each transaction by…

A: The treasury stock includes the own shares purchased from the shareholders by the company. The…

Q: Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a…

A: Lets understand the basics. Journal entry is required to make to record event and transaction that…

Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for…

A: The company can raise funds in different modes like, by issuing common stock, by issuing preferred…

Q: Sudoku Company issues 17,000 shares of $7 par value common stock in exchange for land and a…

A: A journal entry is a core and foremost record that a transaction has taken place in the business.…

Q: Flint Co. had the following transactions during the current period. Mar. 2 Issued 4,100 shares of $6…

A: Increase in assets should be debited. Increase in expense should be debited. Increase in equity…

Q: Iris Corporation makes an investment in 200 shares of Harolds Company’s common stock. The…

A: If an investment is purchased then there are two methods to record the investments namely, the cost…

Q: St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and…

A: Journal entries: Date Account journal Debit $ Credit $ Jan 31 Cash 1,632,000     Common stock…

Q: tock for 35,000 cash 2. A corporation issued 2,000 shares of par common stock to its promotors in…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share =…

Q: A corporation issues 6,000 shares of $1 par value stock for a parcel of land valued at $12,000.…

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Q: On May 15, the Simple Corporation issued 6,000 common shares of $8.00 par value stock for land…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

Q: On December 12, ABC Company purchased 1,000 shares of its $2 par value common stock for $27 each. On…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: Sudoku Company issues 22,000 shares of $9 par value common stock in exchange for land and a…

A: Face value of common stock issue = No. of common stock issued x Par value per share = 22,000 share x…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: • Whenever Common Stock shares are allotted in cash at an amount above its par value, the additional…

Q: Evon, a limited liability company, issued 1,000,000 ordinary shares of 25 cents each at a price of…

A: We have the following information: Issued 1,000,000 ordinary shares of 25 cents each Issue $1.10…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total amount paid = (No. of shares x Price per share) + Brokerage fee = (6,000 shares  x $22 per…

Q: Refer to the following transactions. a. Issued 400 shares of $100 par value preferred stock at par.…

A: Financial statements includes: Balance sheet Income statement Cash flow statement Statement of…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: A corporation sold 13,500 shares of its $10 par value common stock at a cash price of $14 per share.…

A: Common Stock - Common Stock is the stock issued to the common shareholder's of the company.

Q: Sudoku Company issues 21,000 shares of $7 par value common stock in exchange for land and a…

A: Paid in capital in excess of par = Land + Building - Par value of shares issued =…

Q: eslie company issued 60,000 shares with a par value of 100 in exchange for a land with fair value of…

A: Share premium is the amount of capital which is received over and above from the face value or par…

Q: Land appraised at $80,000 is purchased by issuing 1,000 shares of $20 par value common stock. The…

A: As per the requirements of G.A.A.P i.e. ( Generally Accepted Accounted Principles) the recording of…

Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…

A: Costing method highlights Under the Costing method cost of the investment in securities is recorded…

Q: Sudoku Company issues 21,000 shares of $7 par value common stock in exchange for land and a…

A: Introduction: Sometimes businesses trades common stock for land, building or any other assets. By…

Q: When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

Q: A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share.…

A: >Issuance of common stock is one of the Financing activity from which the corporation gets Cash…

Q: Ehrlich Corporation's common stock had a $10 par value and the preferred stock had a $50 par value.…

A: Answer : Common stock = $10 par value Preferred stock = $50 par value Journalize all above the…

Q: A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a…

A: A journal is a part of the books of accounts, which is used to record all the transactions of the…

Q: Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a…

A: Journal Entries in the Books Of Sudoku Company as under.

Q: Sudoku Company issues 7,000 shares of $7 par value common stock in exchange for land and a building.…

A: Paid in capital in excess of Par value, Common Stock = Land + Building - Par value of Common stock =…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Shares can be referred to as the small denominations of the share capital of a company. The shares…

Q: Prepare entries to record the following: (a) Issued 1,000 shares of $10 par common stock at $59 for…

A: Common Stock purchases  Shares issued in exchange of Equipment Treasury stock purchased Sold above…

Q: MJH Company issued 500 shares of stock with a par value of $10 per share for land valued at $20,000.…

A: Since mjh company issued shares in exchange of land  Paid in capital in excess of par value is  $…

Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: Authorized share capital means the share capital which is the company is legally authorized to…

Q: Present entries to record the following: Issued 1,000 shares of $15 par common stock at $52 for…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: A corporation purchased for cash 5,000 shares of its own $10 par common stock at $25 a share.  In…

A: Companies occasionally buy their own stock from the company's stockholders. Treasury stock refers to…

Q: organized on. nuary 1,. and 533,000 shares of no-par common stock with a stated value of $3 per…

A: A common share is a share that is not a preference share. In other words, it is a share that does…

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Companies which have excess cash or ideal cash can invest in fixed deposit or purchase shares of…

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: Sudoku Company issues 19,000 shares of $6 par value common stock in exchange for land and a…

A: If value of land and building value is greater than the par value of common stock then the excess…

Q: ortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…

A: When shares of the company are issued at a value more than par value, then it means shares are…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.