McVie Corporation’s stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 350,000 shares at $6 share. Jun. 7 Issued 94,000 shares in exchange for equipment with a clearly determined value of $209,000. Sep. 19 Purchased 2,500 shares of treasury stock at $8 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

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Q: Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred…

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

Q: Whispering Winds Corporation began operations on April 1 by issuing 59,500 shares of $5 par value…

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

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A: During the year number of shares outstanding are not same. Due to purchase or sale of shares. To…

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A: The stockholder's equity is a major section in the balance sheet which reports the company's…

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A: The difference between total deductions (including deductions directly related to carrying on any…

Q: Pronghorn Corp. is authorized to issue both preferred and common stock. The par value of the…

A: Company can issue two types of stock in the business. One is common stock and other is Preference…

Q: Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

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A: Preferred stock: These are the shares which has a preference over common stock holders in the…

Q: During its first year of operations, Culver Corporation had these transactions pertaining to its…

A:

Q: On May 10, a company issued for cash 1,000 shares of no-par common stock (with a stated value of $5)…

A: Amount credited to common stock = 1,000*$5 Amount credited to common stock = $5,000   Amount…

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

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par…

A: a.

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A: Definition:   Earnings per share (EPS): The amount of net income available to each shareholder per…

Q: In its first year of operations, Martinez Corporation had the following transactions pertaining to…

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Q: Junkyard Arts, Inc., had earnings of $543,200 for the year. The company had 48,000 shares of common…

A: Basic earnings per share = Net income available to common stockholders/Number of common stock…

Q: On April 1, Blue Devil Inc. has 300,000 shares of $20 par value common stock that are issued and…

A: a. Shares of common stock are issued and outstanding immediately following the stock split: = Common…

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Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 320,000 shares of no-par…

A:

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A: Total amount received from issue of common stock = No. of common shares issued x Issue price per…

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A: Definition:   Earnings per share (EPS): The amount of net income available to each shareholder per…

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