NOWV2 | Online teachin x+ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseеВookE CalculatorSelected stock transactionsInstructionsChart of AccountsJournalInstructionswith the organization of the corporation and issued 42,500 shares of stock at par to Michele Kirby forcash. (record as two separate transactions.)8Purchased land and a building from Gretchen Northway in exchange for stock issued at par. Thebuilding is mortgaged for $177,100 for 20 years at 6%, and there is accrued interest of $4,700 on themortgage note at the time of the purchase. It is agreed that the land is to be priced at $57,800 and thebuilding at $228,500 and that Gretchen Northway's equity will be exchanged for stock at par. Thecorporation agreed to assume responsibility for paying the mortgage note and the accrued interest.Required:Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do notuse lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a creditentry when a credit amount is entered.Check My WorkPreviousNeALTEL ment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3DfalseЗookCalculatorSelected stock transactionsChart of AccountsJournalInstructionsAlpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 1,100,000 sharesof common stock with a par of $1.The following transactions affecting stockholders' equity were completed during the first year of operations:Jan.Issued 102,000 shares of stock at par to Paul Glenn for cash.Issued 3,600 shares of stock at par to Michele Kirby for promotional services provided in connectionwith the organization of the corporation and issued 42,500 shares of stock at par to Michele Kirby forcash. (record as two separate transactions.)8Purchased land and a building from Gretchen Northway in exchange for stock issued at par. Thebuilding is mortgaged for $177,100 for 20 years at 6%, and there is accrued interest of $4,700 on themortgage note at the time of the purchase. It is agreed that the land is to be priced at $57,800 and thebuildina at S228 500 and that Grotehon Morthunule oauituilL.ho.oxchanaod for etock at nar TheCheck My WorkPreviousNextALTECinsertprt sc+ backspYUGJ K

Introduction: Journal entry is an accounting entry to record every transaction takes place in an…

Journalize the entries to record the transactions Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Journalize the entries to record the transactions Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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Hello, How do I solve this stock problem for corporate fiance? Without using excel. Information: ABC company has EBITDA of $125 million, EPS of $2, debt of $315 million, and $0 cash. ABC company has 60 million shares outstanding. 9.1 is the industry average P/E ratio. Question: Using EPS, estimate the price of its stock.
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usiness AccountingQ&A LibraryWeisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2020. Instructions Answer the questions in each of the following independent situations. a. If the preference shares are cumulative and dividends were last paid on the preference shares on December 31, 2017, what are the dividends in arrears that should be reported on the December 31, 2020, statement of financial position? How should these dividends be reported? b. If the preference shares are convertible into seven shares of $10 par value ordinary shares and 3,000 shares are converted, what entry is required for the conversion, assuming the preference shares were issued at par value? c. If the preference shares were issued at $107 per share, how should the preference shares be reported in the equity section? Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares…
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To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Required: 1-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance. 1-b. Prepare the journal entry for the stock issuance. 2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. 2-b. Prepare the journal entry for the stock issuance, if the par value were $2 per share.
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