Question
In: Accounting
January 1, 2018, Apple is authorized to issue 200,000 shares $1.00 par common stock and 5,000...
January 1, 2018, Apple is authorized to issue 200,000 shares $1.00 par common stock and 5,000 shares $200 par 5% cumulative and non-participating preferred stock. The transactions took place in 2018
Jan 14: issue 5,000 shares of common stock at $17 per share
Feb 2: issue 4,000 shares of preferred stock in exchange for building with a fair market value of $800,000
July 6: Re-purchased 2,000 shares of common stock at $18 per share (cost method)
Aug 15: sold 2,000 of the treasury shares at $19 per share
Dec 31: declared preferred dividends and a common stock dividends of $2.00 per share
Dec 31: close the income summary account ($150,000 of net income)
Prepare Journal entries for each transaction and prepare the statement of changes in OE for the 2018 year end.
Solutions
ekkarill92 answered 11 months agoRelated Solutions
January 1, 2018, a company is authorized to issue 200,000 shares $1.00 par common stock and...
January 1, 2018, a company is authorized to issue 200,000 shares
$1.00 par common stock and 5,000 shares $200 par 5% cumulative and
non-participating preferred stock. The transactions took place in
2018
Jan 14: issue 5,000 shares of common stock at $17 per share
Feb 2: issue 4,000 shares of preferred stock in exchange for
building with a fair market value of $800,000
July 6: Re-purchased 2,000 shares of common stock at $18 per
share (cost method)
Aug 15: sold...
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Jan.
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form all adjusting and correcting journal entries
based on the following information. All information was
provided to you as of
12/31/2018. (Round all numbers to the nearest dollar).
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of 12/31/2018. No new shares were issued during 2018.
1. On the
“Adjusting Journal Entries” worksheet, prepare in journal entry
form all adjusting and correcting journal entries
based on the following information. All information was
provided to you as of
12/31/2018. (Round all numbers to the nearest dollar).
Label
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P-...
Edgar Corporation was authorized to issue 100,000 shares of $8 par common stock and 50,000 shares...
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share.
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per share.
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