On April 10, a company acquired land in exchange for 1,500 shares of $21 par common stock with a current market price of $72. Journalize this transaction. If an amount box does not require an entry, leave it blank. Apr. 10   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9

Q: On January 6, Year 1, Bulldog Co. purchased 29% of the outstanding stock of Gator Co. for $179,000.…

A: Journal entry refers to a process of recording/ classifying business transactions initially into…

Q: Sunland Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 800…

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Q: Putt Company issues 500 shares of $100 preferred stock to Drive Corporation in exchange for land on…

A: Preferred stock holder means those stock holder who will be getting dividend before the common…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

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

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: On January 1, Oetry Corporation purchased a 35% equity in Selig Company for $190,000. At December…

A: An equity investment is the situation when an entity purchased some share of equity of the other…

Q: The following transactions are for the Sun’s Corporation, December, 2018.   12 Jan. Sun’s…

A: Sun's Corporation…

Q: ssuing Stock for Assets Other Than Cash On November 23, Elder Lift Corporation, a wholesaler of…

A: Issuing common shares in the exchange purchase of fixed assets is also one of way using by entities…

Q: On April 10, a company acquired land in exchange for 3,000 shares of $24 par common stock with a…

A: The journal entry is the record of various economic or non-economic business transactions. Every…

Q: ssuing Stock for Assets Other Than Cash On April 5, Fenning Corporation, a wholesaler of hydraulic…

A: Journal entry is a primary entry that records the financial transactions initially. The recorded…

Q: On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000.…

A: The journal entries are the basic method for recording transactions. The portion of shares acquired…

Q: Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake…

A: The companies issue the securities to receive capital for the company. The securities can be common…

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

A: Total value of land = No. of commmon stock x Issue price per stock = 26,000 shares x $29 = $754,000

Q: On May 1, Splish Brothers Corporation purchased 2,700 shares of its $10 par value common stock at a…

A: journal entry of above transaction are as follows

Q: Journalize the transactions of May 27, August 3, and November 14.

A: Here are the journal entries in the books of Buzz Off Inc

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: Treasury stocks are the stocks which the organization has bought back from the shareholders  Under…

Q: On May 27, Buzz Off Inc. reacquired 4,600 shares of its common stock at $19 per share. On August 3,…

A: This question provides that acquire of shares and sold of share. we have to journalize the…

Q: On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a…

A: Valuation of land = Common Shares x Market price per share Valuation of land = 1,000 x $73…

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: Whispering Winds Corp. was organized on January 1, 2020. It is authorized to issue 14,000 shares of…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240…

A: At the time of purchase of investment, the brokerage on purchase becomes the cost of investment and…

Q: a company authorizes 1,000,000.00 of common stock but only issued 300,000.00 of that common stock…

A: Value of land = $1,200,000

Q: that date, the fair value of the 25% noncontrolling interest was $35,000. During year 1, XYZ had net…

A: a. Dividend paid = Cash dividend paid by ABC + Cash dividend paid by XYZ – ABC’s Share in XYZ cash…

Q: Company charter authorizes 1,000,000 shares of common stock.  They purchased a piece of land and in…

A: Total par value of common stock = No. of common stock x Par value per share = 400,000 shares x $1 =…

Q: On August 1, Cullumber Company buys 1,0000 shares of Estrada common stock for $37,000 cash. On…

A: date account title and explanation Debit Credit Aug 1 Investment in Estrada 37000     Cash…

Q: On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a…

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

Q: On January 1 Kwun Corporation purchased a 20% equity in Connors Corporation for $180,000. At…

A:

Q: Lava Lake Inc. bottles and distributes spring water. On February 11 of the current year, Lava Lake…

A: JOURNAL ENTRIES : DATE PARTICULARS DEBIT CREDIT         FEB 11 TREASURY STOCK  $321,900…

Q: Bloom Company obtained land by issuing 2,110 shares of its $19 par value common stock. The land was…

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

Q: On January 2, Dundar Mifflin acquired 30% of the outstanding stock of Steve & Company for $105,000.…

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

Q: On February 1. Mini Company purchased 1000 shares (2% ownership) of Win Company common stock for $30…

A: Journal entry shows the recording of the transactions during an accounting year and every…

Q: On February 1, Windsor Company purchased 1,300 shares (2% 8whership) March 20, Windsor Company sold…

A: The journal entries are prepared to record day to day transactions of the business on regular basis.…

Q: On May 27, Kick Off Inc. reacquired 3,000 shares of its common stock at $54 per share. On August 3,…

A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…

Q: Forte Inc. produces and sells theater set designs and costumes. The company began operations on…

A: 1. Record journal entries for the transactions as shown below:

Q: or Head is a privately-owned company. On October 1, Gator exchanged 3,000 shares of its private…

A: As per rules of accounting, If assets come in, then it should be debited but if assets go out then…

Q: On February 1 of the current year, Motor, Inc., issued 600 shares of $3 par common stock to an…

A: Additional  paid in capital- Common stock = 8700-1800 =$6900

Q: Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January…

A: Number of stock outstanding of Helsi Co. 160000 Shares Number of shares purchase 56000 Shares %…

Q: Use this problem to answer the next three questions: On January 2, year 1, ABC Company purchased 75%…

A: Dividend that should be reported in consolidated financial statement: = Cash dividend paid by ABC +…

Q: On January 2, Dundar Mifflin acquired 30% of the outstanding stock of Steve & Company for $105,000.…

A: share of outstanding stock of steve and company from Dundar mifflin  : 30% Income of steve and…

Q: Required information [The following information applies to the questions displayed below.) a. On…

A: Since,  Basic accounting equation  is Total assets  = Total liabilities  + owners equity

Q: On March 1, Year 1, Chase Inc. purchases 35% of the outstanding shares of Glory Corporation stock…

A: Given: Chase Inc purchased 35% of Glory Corporation for $325,000 Net income = $162,000 Dividend =…

Q: On January 1 Criquet Co. acquired an interest in the Tamlee Co. for $500,000.  At December 31,…

A: The question is based on the concept of Journal Entries.

Q: Issuing Stock for Assets Other Than Cash On November 23, Elder Lift Corporation, a wholesaler of…

A: Stock may be issued for assets other than cash, such as services rendered, land, equipment,…

Q: Susan Company experienced the following transactions during the current year: 1.Purchased machinery…

A: Transaction Accounts Debit Credit 1 Machinery P 500,000             Cash   P 500,000…

Q: On January 6, 20Y8, Bulldog Co. purchased 28% of the outstanding common stock of Gator Co. for…

A: Equity method of valuing investment means to record the investment as per initial cost of investment…

Q: utstanding stock of Marco Company on January 1. Marco reported net income of $76,000 and declared…

A: The equity method of accounting is used to account for one organization's investment in another (the…

Q: On January 2, Yorkshire Company acquired 31% of the outstanding stock of Fain Company for $280,000.…

A:

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is