Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)
2nd Edition
ISBN: 9780134833118
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 15, Problem 15.6BE
To determine
To prepare: The
Given information:
Par value of shares is $3.
Issue rate is $16.
2% of the total amount of issue is given to the underwriter.
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Bridgeport Inc.’s $9 par value common stock is actively traded at a market price of $15 per share. Bridgeport issues 4,800 shares to purchase land advertised for sale at $71,500.Journalize the issuance of the stock in acquiring the land.
What is the date?
What is credit or debit?
What is the title or explanation?
The market price of a share of common stock at the time of issuance was $19.50, while the market price of a preferred share of stock
at the time of issuance was $29.00. The company paid $14.00 per share for its treasury stock.
Required:
Determine the missing amount in the stockholders' equity section of the balance sheet set forth below. (Input all amounts as positive
values.)
Stockholders' Equity
Contributed Capital:
Preferred Stock, $2 par value, authorized 1,000,000 shares; issued 675,000 shares
Additional Paid-in Capital - Preferred Stock
Common Stock, $3 par value, authorized 40,000,000 shares; issued 19,000,000 shares
Additional Paid-in Capital - Common Stock
Total Contributed Capital
Retained Earnings
Treasury Stock, at Cost (10,000 shares)
Total Stockholders' Equity
207,483,000
The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $646,800. What credit or credits will the entry consist of?
Select the correct answer.
-Preferred Stock for $509,600 and Retained Earnings for $137,200.
-Paid-in Capital from Preferred Stock for $646,800.
-Preferred Stock for $646,800.
-Preferred stock for $509,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $137,200.
Chapter 15 Solutions
Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)
Ch. 15 - Prob. 15.1QCh. 15 - What are the retained earnings of a firm?Ch. 15 - Prob. 15.3QCh. 15 - Prob. 15.4QCh. 15 - Does an entity have to legally dissolve treasury...Ch. 15 - Prob. 15.6QCh. 15 - Prob. 15.7QCh. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Prob. 15.10Q
Ch. 15 - Prob. 15.11QCh. 15 - Do firms often use stock dividends to avoid...Ch. 15 - Prob. 15.13QCh. 15 - What is included in other comprehensive income?Ch. 15 - Is a specific format required for reporting...Ch. 15 - Prob. 15.16QCh. 15 - Boone Corporations outstanding capital stock on...Ch. 15 - Prob. 15.2MCCh. 15 - Prob. 15.3MCCh. 15 - Prob. 15.4MCCh. 15 - Prob. 15.5MCCh. 15 - Prob. 15.6MCCh. 15 - Prob. 15.7MCCh. 15 - Prob. 15.1BECh. 15 - Stockholders Equity Terminology, U.S. GAAP, IFRS....Ch. 15 - Common Stock Issuance, No Par Value. Perdido...Ch. 15 - Prob. 15.4BECh. 15 - Prob. 15.5BECh. 15 - Prob. 15.6BECh. 15 - Prob. 15.7BECh. 15 - Prob. 15.8BECh. 15 - Treasury Stock Transactions. Ginger Spice...Ch. 15 - Treasury Stock Transactions. On March 15, Chief...Ch. 15 - Treasury Stock Transactions, Retirement. Using the...Ch. 15 - Prob. 15.12BECh. 15 - Prob. 15.13BECh. 15 - Prob. 15.14BECh. 15 - Common Stock Issuance, Stated Value, Issue Costs....Ch. 15 - Common Stock Issuance. Par Value, Issue Costs,...Ch. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Prob. 15.5ECh. 15 - Treasury Stock Transactions, Retirement,...Ch. 15 - Treasury Stock Transactions, Disclosure. The...Ch. 15 - Treasury Stock Transactions. Several years ago,...Ch. 15 - Prob. 15.9ECh. 15 - Prob. 15.10ECh. 15 - Prob. 15.11ECh. 15 - Prob. 15.12ECh. 15 - Preferred Stock Issuance Dividends, Disclosure....Ch. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - Prob. 15.20ECh. 15 - Prob. 15.21ECh. 15 - Prob. 15.22ECh. 15 - Prob. 15.1PCh. 15 - Prob. 15.2PCh. 15 - Prob. 15.3PCh. 15 - Prob. 15.4PCh. 15 - Prob. 15.5PCh. 15 - Common Stock Issuance, Treasury Stock, Dividends,...Ch. 15 - Prob. 15.7PCh. 15 - Prob. 15.8PCh. 15 - Prob. 15.9PCh. 15 - Prob. 1JCCh. 15 - Judgment Case 2: Impact of Judgment in Accounting...Ch. 15 - Surfing the Standards Cases Surfing the Standards...Ch. 15 - Prob. 1BCCCh. 15 - Prob. 2BCC
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- To expand operations, Aragon Consulting issued 1,550 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Required: 1-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance. 1-b. Prepare the journal entry for the stock issuance. 2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. 2-b. Prepare the journal entry for the stock issuance, if the par value were $2 per share.arrow_forwardM11-4 Analyzing and Recording the Issuance of Common Stock To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Analyze the accounting equation effects and record the journal entry for the stock issuance. Would your answer be different if the par value were $2 per share? If so, analyze the accounting equation effects and record the journal entry for the stock issuance with a par value of $2. bar 24 sicles) M11-5 Analyzing and Recording the Issuance of No-Par Value Common Stock mosch to the issued stock has HO DIE ling equation effects total assets, total list total stockholders equity differ from the LO 11-2arrow_forwardVaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the sale will include a O credit to Treasury Stock for $21450. O credit to Paid-in Capital from Treasury Stock for $3900. O debit to Paid-in Capital in Excess of Par for $3900. O credit to Gain on Sale of Treasury Stock for $17550.arrow_forward
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