Novak Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $125,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $181 each and market price of the preferred is $226 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $220 per share.
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- Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.Assume that Lily Corporation has outstanding 1,500 shares of 150 par callable preferred stock that were issued at 175 per share, and that no dividends are in arrears. If the call price is 185 per share, what journal entry will Lily make to record the recall of these shares?Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000. Instructions a. Prepare the journal entry for the issuance when the market price of the common shares is $165 each and market price of the preferred is $230 each. (Round to nearest dollar.) b. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $170 per share.
- Swifty Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000 Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each b. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $176 per share a. (Lista debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, eg 1.225. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) No. Account Titles and Explanation Debit CreditVaughn Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $115,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $174 each and market price of the preferred is $218 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $200 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) No. Account Titles and Explanation a. Debit CreditWindsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $108,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $186 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation a. Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Preferred Stock Paid-in Capital in Excess of Par - Preferred Stock Debit 108000 Credit 5000 84000 10000 11000
- Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $108,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $186 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation a. Cash Debit 108000 CreditNash Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $102,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $174 each and market price of the preferred is $218 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $174 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 1,225. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit a.Riverbed Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $112,000. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. (a) (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $194 per share. (Round answers to O decimal places, eg. $1,225. Credit account titles are automaticall indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b)
- Bashir Inc. issues 2,500 shares of $1 par value common stock and 1,000 shares of $50 par value preferred stock for a lump sum of $275,000. Instructions (a). Prepare the journal entry for the issuance when the market value of the common shares is $95 each and market value of the preferred is $60 each. (b). Prepare the journal entry for the issuance when only the market value of the common stock is known and it is $90 per share.SHATT ALAREB CO. issues 1000 shares of $5 par value commonstock and 500 shares of $50 par value preferred stock for a lump sum of$50,000.Instructionsa. Prepare the journal entry for the issuance when the market price of thecommon shares is $65 each and market price of the preferred is $120each. (Round to nearest dollar.)b. Prepare the journal entry for the issuance when only the market price ofthe common stock is known and it is $85 per share.Shamrock Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $114,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $176 each and market price of the preferred is $220 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $198 per share.