On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 30,000 shares of $80 par common stock valued at $112 per share. Journalize the entry to record the transaction.
Q: Prepare general journal entries for the following transactions, identifying each transaction by…
A: The treasury stock includes the own shares purchased from the shareholders by the company. The…
Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…
A: a. Journalize the transactions of May 14, September 6, and November 30: Date Accounts title…
Q: Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January…
A: Following are the stock investment transaction, equity method and available-for-sale securities:
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: Sept. 1 The Corporation issued 20,000 shares of capital stock to Elizabeth Carver in exchange for…
A: Debit what comes in , and Credit what goes out. Debit all expenses, and credit all income Debit the…
Q: On April 10, a company acquired land in exchange for 1,500 shares of $21 par common stock with a…
A: If a share is issued at a higher price than the par value, any excess amount goes to Paid-in Capital…
Q: At what amount should the Land be recorded in the books of Orange?
A: Given information is: On October 17, ORANGE Company issued 15,000 shares of its ₱100 par ordinary…
Q: Forte Inc. produces and sells theater set designs and costumes. The company began operations on…
A: Equity Method: Equity method is applied in accounting to record the treatment of investments in…
Q: Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: Treasury stock means where the own stock has been repurchased by company from open market and can be…
Q: On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000.…
A: Given information is: Todd Company acquired 40% of the outstanding stock of McGuire Company for…
Q: Sudoku Company issues 17,000 shares of $7 par value common stock in exchange for land and a…
A: A journal entry is a core and foremost record that a transaction has taken place in the business.…
Q: On April 2, 20x5, Jedi Nights, Inc., a hotel under the management of Skywalker Enterprises purchased…
A: Treasury stock means the stock in which the company purchases its own stock from the market. The…
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 February 22, Stewart Corporation acquired 2,400 shares of the 85,000 outstanding shares of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of…
A: Under cost method, Investment is recorded along inclusive of any expenses incurred to acquire.…
Q: Farmers Incorporated issued 6,000 shares of its $10 par value common stock in exchange for land that…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
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 February 22, Stewart Corporation acquired 3,300 shares of the 115,000 outstanding shares of…
A: Equity share capital refers to the capital raised by a company by offering shares. The investors who…
Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…
A: a.
Q: Journalize this transaction
A: When common stock is issued in exchange of asset, journal entry will comprise of the following…
Q: Record in the general journal, including explanations for Flower Incorporation from the following…
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…
Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…
A:
Q: On February 22, Stewart Corporation acquired 7,200 shares of the 200,000 outstanding shares of…
A: Costing method highlights Under the Costing method cost of the investment in securities is recorded…
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: On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in ex- change…
A: Issue of common stock for non-cash assets or services: Corporations often issue common stock for the…
Q: Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January…
A: There are three classifications of securities—available-for-sale, held-for-trading, and…
Q: Lawn Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a…
A: Journal Entries in the Books Of Sudoku Company as under.
Q: Sudoku Company issues 7,000 shares of $7 par value common stock in exchange for land and a building.…
A: Paid in capital in excess of Par value, Common Stock = Land + Building - Par value of Common stock =…
Q: KY Jewellers purchased a piece of land from the original owner. In payment for the land, KY…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Smith Company exchanges assets to acquire a building. The market price of the Smith stock on the…
A: Total cost of building to be recorded = (11,100*$20) + $21,100 Total cost of building to be recorded…
Q: Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
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 April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a…
A: Organizations that desire to conserve money or have limited cash on hand can enter into exchange…
Q: Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year,…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: Yard Spray Inc. develops and produces spraying equipment for lawn maintenance and industrial uses.…
A: Treasury Stock are the stock which are issued earlier to the public but now bought back by the…
Q: Sudoku Company issues 19,000 shares of $6 par value common stock in exchange for land and a…
A: If value of land and building value is greater than the par value of common stock then the excess…
Q: On January 2, Yorkshire Company acquired 38% of the outstanding stock of Fain Company for $380,000.…
A: Journal entries means the book of prime entry including debit and credit item. When share has been…
On April 5, Fenning Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 30,000 shares of $80 par common stock valued at $112 per share.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Prepare general journal entries for the following transactions, identifying each transaction by letter: (a) Gnu Company issued 5,000 shares of 1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed to accept 10,000 cash and the shares of common stock in full settlement of its bill for 55,000. (b) Gnu issued 50,000 shares of 1 par common stock in exchange for a parcel of land for building a shopping plaza. (The list price for the land was 400,000; a similar parcel in the same area sold last week for 380,000. During the past month, the price at which Gnus common stock has traded on the open market has ranged from 5 to 12 per share. Two trades occurred yesterday at 7 and 10 per share.) (c) Gnu purchased 10,000 shares of 1 par value common treasury stock for 70,000. (This is the only treasury stock that Gnu holds.) (d) Gnu sold 4,000 shares of common treasury stock for 32,000. (e) Gnu sold 5,000 shares of common treasury stock for 30,000.On April 10 a company acquired land in exchange for 2,500 shares of $23 per common stock with a current market price of $74. Journalize this transaction.Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $240,000 and the building at $376,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.
- Loretta Inc. issues 2,000 shares of preferred stock in exchange for land and building that have a fair value of $50,000 and $80,000 respectively. What is included in the journal entry to record this transaction? a. A debit to Land and Building for $130,000 b. A debit to Land for $80,000 c. A credit to Preferred Stock for $130,000 d. A credit to Preferred Stock for $2,000The company's charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration. i) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 390,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,520,000. ii) The company sold 140,000 shares of common stock with $1 par value. iii) Issued 26,000 shares of $22 par value preferred stock. Shares were issued at par. iv) Earned net income of $950,000 v) Dividend declared and paid-$0.15 per share on common stock. vi) Dividend declared and paid-$5 per share on preferred stock. Required: a) Prepare the Journal entries and closing entries for the above transactionThe company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: i) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 400,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,480,000. ii) The company sold 110,000 shares of common stock with $1 par value. iii) Issued 24,000 shares of $14 par value preferred stock. Shares were issued at par. iv) Earned net income of $1,000,000 v) Dividend declared and paid - $0.15 per share on common stock vi) Dividend declared and paid - $5 per share on preferred stock Using the information above and as guided: Prepare the Journal entries and closing entries for the above transaction Prepare the owner’s equity section of the balance sheet based on the info above.
- The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: i) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 400,000 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,480,000. ii) The company sold 110,000 shares of common stock with $1 par value. iii) Issued 24,000 shares of $14 par value preferred stock. Shares were issued at par. iv) Earned net income of $1,000,000 v) Dividend declared and paid - $0.15 per share on common stock vi) Dividend declared and paid - $5 per share on preferred stock Using the information above and as guided: Prepare the closing entries for the above transactionThe company's chater authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: 1) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a marked value of $1,200,000. 2) The company sold 120,000 shares of common stock with $1 par value. 3) Issued 25,500 shares of $20 par value preferred stock. Shares were issued at par 4) Earned net income of $764,000 5) Dividend declared and paid -$0.15 per share on common stock 6) Dividend declared and paid -$5 per share on preferred stock A) Prepare Journal entries for the above B) Prepare closing entries for the aboveThe company's chater authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: 1) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues 300,000 shares of common stock with $1.00 par value. The land has been appraised at a marked value of $1,200,000. 2) The company sold 120,000 shares of common stock with $1 par value. 3) Issued 25,500 shares of $20 par value preferred stock. Shares were issued at par 4) Earned net income of $764,000 5) Dividend declared and paid -$0.15 per share on common stock 6) Dividend declared and paid -$5 per share on preferred stock A) Prepare the Journal entries and closing entries for the above transaction B) Prepare the owner’s equity section of the balance sheet based on the info above.
- The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: i) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues $350,00 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,350,000. ii) The company sold 110,000 shares of common stock with $1 par value. iii) Issued 22,000 shares of $18 par value preferred stock. Shares were issued at par. iv) Earned net income of $850,000. v) Dividend declared and paid - $0.15 per share on common stock vi) Dividend declared and paid - $5 per share on preferred stock Using the information above and as guided: B. Prepare the owner’s equity section of the balance sheet based on the info above.The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: i) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues $350,00 shares of common stock with $1.00 par value. The land has been appraised at a market value of $1,350,000. ii) The company sold 110,000 shares of common stock with $1 par value. iii) Issued 22,000 shares of $18 par value preferred stock. Shares were issued at par. iv) Earned net income of $850,000. v) Dividend declared and paid - $0.15 per share on common stock vi) Dividend declared and paid - $5 per share on preferred stock Using the information above and as guided: A. Prepare the Journal entries and closing entries for the above transactionFarmers Incorporated issued 6,000 shares of its $10 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: A debit to Common Stock for $60,000 B. A debit to Land for $60,000 A credit to Land for $60,000