engageNOWv2|Online teachir X☆ 区Paused/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%3&inprogress%=falseECalculatorE Print ItemEllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of S50 par value 6% preferred stock. It is also authorized to issue 1,750,000shares of $1 par value common stock. In its fifth year, the corporation has the following transactions:Mar. 1Purchased 2,500 shares of its own common stock at $18 per share.Apr. 10 Reissued 1,250 shares of its common stock held in the treasury for $22 per share.Jun. 12 Reissued 1,250 shares of common stock at $16 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Mar. 1Treasury Stock45,000 VCashApr. 10 Cash v27,500 VTreasury Stock /Additional Paid-in Capital from Treasury StockJun. 12 Cash /20,000Additional Paid-in Capital from Treasury StockTreasury Stock /Y Check My WorkWhen buying and selling treasury shares, the price paid to acquire the shares becomes the 'cost basis' used when the shares are reissued later. If the shares are sold******匡 LCheck My WorkPrevious000000 00

Name: engageNOWv2|Online teachir X☆ 区Paused/takeAssignment/takeAssignmentMa
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: engageNOWv2|Online teachir X☆ 区Paused/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%3&inprogress%=falseECalculatorE Print ItemEllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 sha

Meaning of Treasury stock Treasury stock is also known as reacquired stock or treasury shares. The…

Answered: Prepare the journal entries to record…

Business

Accounting

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Treasury Stock Mac 1 A5000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 17E

See similar textbooks

Similar questions

NEED ASAP. Solve correctly and show your computations. NXP Corporation issues P15 par value ordinary shares during 2021. The company received subscription from Mr. Navarro for 25,000 shares at P18 per share receiving 45% of the subscription price. On due date, Mr. Navarro failed to pay the balance of the subscription. The shares were subsequently declared delinquent and were advertised for sale at a public auction incurring P4,000 for advertising the sale. At the public auction, the company received bids from Mr. Pineda for 10,000 shares, Mr. De Torres for 9,000 shares, and Mr. Belen for 12,000 shares. The balance of the subscription price was outstanding for two months and was subject to 12% interest. How much cash was collected from the highest bidder?
Hello please help me answer this problem. With a clear proper format. Thank youuu! On January 1, 2021, Trade Company purchased 40,000 shares at P 100 per share to be held for trading . Brokerage fees amounted to P 120,000. No other transactions occurred in 2021 affecting the investment.What is the initial measurement of the investment? a. P 4,120,000 b. P 4,000,000 c. P 3,920,000 d. P 3,800,000
Provide solutions in good accounting form. Thank you! On October 17, 2021, LILAC Corporation exchanged 20,000 shares of its ₱200 par value stock for land. A few months ago, the land was appraised by an independent appraiser at ₱5,000,000. The land had an initial cost of ₱4,500,000. LILAC is currently trading at the stock exchange at ₱300. How much should be credited to Share Premium upon the issuance of the shares? a. ₱ 500,000 b. ₱ 2,000,000 c. ₱ - 0 - d. ₱ 1,000,000
which one is correct answer please confirm? Q18: WPI Inc. has the following current equity accounts on its balance sheet: Common stock ($2.50 par, 500,000 shares) $ 1,250,000 Contributed capital in excess of par $10,000,000 Retained earnings $15,540,000 Total $26,790,000 If WPI earned $3.20 per share this year, what is the maximum dividend per share that WPI may pay if the state capital impairment provisions are limited to the par value and the contributed capital in excess of par accounts? a. $34.28 b. $15.54 c. $31.08 d. $3.20
Please answer letter D and please confirm that I have B correct. It was answered a few minutes ago, but I'm not sure I understood the wording the tutor put in my answer. A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: D. Sold 500 shares of treasury stock at $11. If an amount box does not require an entry, leave it blank. fill in the blank 080e17ff700707d_2 fill in the blank 080e17ff700707d_3 fill in the blank 080e17ff700707d_5 fill in the blank 080e17ff700707d_6 fill in the blank 080e17ff700707d_8 fill in the blank 080e17ff700707d_9 B. Sold 500 shares of treasury stock at $15. If an amount box does not require an entry, leave it blank. Cash 7500 Paid-In Capital from Sale of Treasury Stock 6000 Paid-In Capital in Excess of Par-Common Stock 1500
a corporation purchases 17000 shares of its own $20 par common stock for $25 per share, recording it at cost. What will be the effect on total stockholders' equity? A.) Increase by $425000 B.) Decrease by $425000 C.) Decrease by $85000 D.) Decrease by $340000 Please explain other options why these are incorrect dont use ai boats thank you
Provide solutions and explanation. Thank you. On March 31, 20x1, Budoy Co. received 10,000 stock rights from its investment in equitysecurities to subscribe to new shares at ₱60 per share for every 4 rights held. Prior toissuance of stock rights, the shares were selling at ₱80 per share. How much is the initialcarrying amount of the stock rights?a. 20,000b. 40,000c. 50,000d. cannot be determined
FINE AN VERSES DE THE WESTINENS My coulses oucklink Question 16 Not yet answered Marked out of 1.00 P Bag question In 2021 the first year of business, Banton Company had the following transactions: Time left 0:36:26 Issued 30,000 shares of common stock. Stock had par value of $1.00 per share and was issued at $14.00 per share. Issued 1,000 shares of $100 par value preferred stock. Shares were issued at par. Earned net income of $35,000. Paid no dividends. At the end of 2021, what is the total amount of Paid in capital? • а. $380,000 b. $520,000 • с. $420,000 • d. $415,000 Clear my choice Quiz Finisl
Studio444 recently went public. Studio444 received $20 a share on the entire offer of 25,000 shares. Hill & Co. served as the underwriter and sold 23,700 shares to the public at a price of $22 a share. What type of underwriting was this? a) best efforts b) shelf c) firm commitment. d) private placement
(Multiple Choice) Farouk Inc. issues 10 preferred shares in exchange for consulting services valued at $3500. Farouk Inc. does not have shares that are trading on the stock market, and has never issued shares (the shares are all owned by the initial shareholders). In the journal entry to record issuing the shares, Farouk Inc. should 1. More information is required to answer this question 2. Debit Consulting Expense $3500 and Credit Contributed Capital $3500 3. Debit Consulting Expense $3500 and Credit Preferred Shares $3500 4. None of the answers are correct 5. Debit Preferred Shares $3500 and Credit Consulting Expense $3500
please dont provide answer in image format thank you National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders’ equity during 2024, National League’s first year of operations: February 2 Issue 1.5 million shares of common stock for $35 per share. February 4 Issue 600,000 shares of preferred stock for $23 per share. June 15 Purchase 150,000 shares of its own common stock for $30 per share. August 15 Resell 112,500 shares of treasury stock for $45 per share. November 1 Declare a cash dividend on its common stock of $1.50 per share and a $480,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.) November 30 Pay the dividends declared on November 1. 2. Prepare the stockholders’ equity section of the balance sheet as of December 31, 2024. Net income for the year was…
PQR SAOG has issued and paid up capital of OMR 2 million OMR 1 par value common stock. The current market price of each share is OMR 3. The company board decided a 4 for 1 stock split. The Market capitalization value of share after stock split should be a. 8,000,000 b. 2,000,000 c. 6,000,000 d. 4,000,000