Mikeco wants to prevent an un-friendly take over and on 3/15/18 purchase 1,500,000 shares of its'...

Mikeco wants to prevent an un-friendly take over and on 3/15/18 purchase 1,500,000 shares of its' common stock on the NYSE for $25 per share. The take over failed and on 8/23/18 Mikeco sold 1,000,000 shares of the stock it purchased on 3/15/18 for 32 per shear. On 12/28/18 Mikeco sold and additional 200,000 shears of its' Treasury Stock for 22 per share.

a. Required: Make all the required entries to record the information given above.

On 8/1/18 Allico Inc.s' board of directors declared a .20 cash dividend on all of its common stock. The ex-dividend date was 8/27/18 and the date of record was 8/31/18. The date of payment was 9/15/18. On 8/1/18, Allico Inc. had 16,000,000 shares of common stock authorized with 7,000,000 issued and 500,000 shares held as treasurary stock.

b. Required: Make all the required entries to record the information given above.

On 3/15/18 DomCo Inc. issued 500,000 shares of $8.00 par value preferred stock. The company received $20 per share for the stock. On 3/31/18 company issued 1,000,000 shares of no par value common stock for $35 per share.

c. Required: Make the required Journal entries for both 3/15/18 and 3/31/18 for the issuance of both preferred and common stock.

DATE	ACCOUNT	DR	CR

Expert Solution

ekkarill92 answered 3 months ago

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