- Issued shares of common stock. Stock has par value of per share and was issued at $ per share. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial A P.I, E, V CO.R. Y K. Q. M,F S, W, G, Z D. T. L. U N. B, J, X, H # of shares issued Par value 5,000 $ 15,000 S 45,500 S 65,000 $ 80,000 S 100,000 S Issue Price 0.01 $ 0.10 $ 0.30 $ 0.40 S 0.50 S 0.60 S 30.00 30.00 30.00 30.00 30.00 30.00 · Issued exchange for legal services. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) shares of preferred stock at par value as payment in Sumame Initial # of shares issued AP. I E. V 2.000

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.1DC
icon
Related questions
Question
My initial is D. Please use D.
2. The company is desirous of comparing serval financial transactions and
possible outcomes to assist in guiding its decision-making process. It is
assumed that the company will be formed on January 1, 2021 and registered
as Osbourne Corporation. The company's charter will authorize 1,000,000
shares of common stock and 400,000, $100 par value, 5% cumulative
preferred stock. They have asked each student from your accounting course
to prepare the company's journal entries and statement of owner's equity
based on the following information which is grouped according to your
surname name initial. (Hint!!!! Example surname Manuel will use the
initial M and that person should only use the info presented in line with
the heading with their surname initial. You are not allowed to use info
associated other initials other than that of your own as this will result
in the forfeiture of the grade.) (Please to rules above on double-barrel
surnames)
• Issued
shares of common stock. Stock has par value of
per share. (please refer to table
per share and was issued at $
below and use only the info in line with your surname initial in the
blank/underlined space)
Surname Initial # of shares issued Par value
A P.I, E, V
CO.R, Y
K, Q, M, F
S, W, G, Z
D. T. L, U
N. B, J, X, H
5,000 $
15.000 $
45,500 $
65,000 $
80,000 $
100,000 $
Issue Price
0.01 S
0.10$
0.30 S
0.40 |S
0.50 | $
0.60 S
30.00
30.00
30.00
30.00
30.00
30.00
· Issued
shares of preferred stock at par value as payment in
exchange for legal services. (please refer to table below and use only
the info in line with your surname initial in the blank/underlined
space)
Sumame Initial # of shares issued
A P. I, E. V
C, O. R. Y
K, Q, M, F
S, W. G, Z
D. T. L U
N, B, J, X, H
2,000
5.000
8,000
10,000
12,000
14,000
· Exchanged
value of $
(please refer to table below and use only the info in line with your
surname initial in the blank/underlined space)
shares of common stock for land with an appraised
and a building with an appraised value of $
A, P. I, E, V
C.O.R, Y
K, Q, M.
S, W, G, Z
D. T. L. U
N, B, J, X, H
Surname Initial # of shares issued Value of land Value of Building
100,000 $ 250,000.00 s
120,000 $ 300,000.00 S
160,000 $ 400,000.00
200,000 $ 500,000.00 s
220,000 $ 600,000.00 S
260,000 $ 650,000.00 $
450,000.00
500,000.00
650,000.00
700,000.00
350,000.00
500,000.00
·Earned Net income $_
only the info in line with your surname initial
blank/underlined space)
(please refer to table below and use
in the
Sumame Initial Net Income
A P, I, E, V
C.O.R Y
K, Q, M, F
S, W. G, Z
D. T. L. U
N, B, J, X, H
500,000.00
600,000.00
650,000.00
750,000.00
820,000.00
900,000.00
•Paid dividends to preferred shareholders as well as $2 per share to
common stockholders.
Using the info above and as a guide:
A. Prepare the journal entries with narrations to record the following:
· The issuances of stock.
• Close out net income to retained earnings.
· Dividend paid.
· Close out dividend to retained earnings
Transcribed Image Text:2. The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company's charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company's journal entries and statement of owner's equity based on the following information which is grouped according to your surname name initial. (Hint!!!! Example surname Manuel will use the initial M and that person should only use the info presented in line with the heading with their surname initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade.) (Please to rules above on double-barrel surnames) • Issued shares of common stock. Stock has par value of per share. (please refer to table per share and was issued at $ below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial # of shares issued Par value A P.I, E, V CO.R, Y K, Q, M, F S, W, G, Z D. T. L, U N. B, J, X, H 5,000 $ 15.000 $ 45,500 $ 65,000 $ 80,000 $ 100,000 $ Issue Price 0.01 S 0.10$ 0.30 S 0.40 |S 0.50 | $ 0.60 S 30.00 30.00 30.00 30.00 30.00 30.00 · Issued shares of preferred stock at par value as payment in exchange for legal services. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Sumame Initial # of shares issued A P. I, E. V C, O. R. Y K, Q, M, F S, W. G, Z D. T. L U N, B, J, X, H 2,000 5.000 8,000 10,000 12,000 14,000 · Exchanged value of $ (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) shares of common stock for land with an appraised and a building with an appraised value of $ A, P. I, E, V C.O.R, Y K, Q, M. S, W, G, Z D. T. L. U N, B, J, X, H Surname Initial # of shares issued Value of land Value of Building 100,000 $ 250,000.00 s 120,000 $ 300,000.00 S 160,000 $ 400,000.00 200,000 $ 500,000.00 s 220,000 $ 600,000.00 S 260,000 $ 650,000.00 $ 450,000.00 500,000.00 650,000.00 700,000.00 350,000.00 500,000.00 ·Earned Net income $_ only the info in line with your surname initial blank/underlined space) (please refer to table below and use in the Sumame Initial Net Income A P, I, E, V C.O.R Y K, Q, M, F S, W. G, Z D. T. L. U N, B, J, X, H 500,000.00 600,000.00 650,000.00 750,000.00 820,000.00 900,000.00 •Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: A. Prepare the journal entries with narrations to record the following: · The issuances of stock. • Close out net income to retained earnings. · Dividend paid. · Close out dividend to retained earnings
B. Prepare Osbourne Corporation Stockholders equity section of the balance
sheet at December 31, 2021. (Hint!!!!!!!) The following information must be
clearly stated/shown:
• information on par values,
• the number of shares authorized and issued where necessary.
• the sub total for the total paid in capital.
· Retained earnings.
• total stockholders' equity.
Transcribed Image Text:B. Prepare Osbourne Corporation Stockholders equity section of the balance sheet at December 31, 2021. (Hint!!!!!!!) The following information must be clearly stated/shown: • information on par values, • the number of shares authorized and issued where necessary. • the sub total for the total paid in capital. · Retained earnings. • total stockholders' equity.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Rules, Regulations and Schedules
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage