Question

In: Accounting

On January 1, 2020, Bramble Corp. had 85,000 shares of $1 par value common stock issued...

On January 1, 2020, Bramble Corp. had 85,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar. 1 Issued 99,000 shares of common stock for $660,000.
June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
June 30 Paid the $2.00 cash dividend.
Dec. 1 Purchased 8,000 shares of common stock for the treasury for $18 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31.


Net income for 2020 amounted to $989,000.

Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Solutions

Expert Solution

ekkarill92 answered 3 months ago
Next > < Previous

Related Solutions

On January 1, Novak Corp. had 99,000 shares of no-par common stock issued and outstanding. The...
On January 1, Novak Corp. had 99,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. Apr. 1 Issued 25,500 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 3,000 additional shares of common stock for $19 per...
On January 1, Blue Spruce Corp. had 63,300 shares of no-par common stock issued and outstanding....
On January 1, Blue Spruce Corp. had 63,300 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 19,800 additional shares of common stock for $13 per share. June 15 Declared a cash dividend of $1.65 per share to stockholders of record on June 30. July 10 Paid the $1.65 cash dividend. Dec. 1 Issued 8,800 additional shares of common stock for...
On January 1, 2020, Castaway Corp. issued 5,000 shares of preferred stock ($15 par value) at...
On January 1, 2020, Castaway Corp. issued 5,000 shares of preferred stock ($15 par value) at $45 per share. Each share of preferred stock is redeemable at the option of the stockholder at $45 per share. On September 1, 2020, preferred shareholders holding 1,000 shares of preferred stock redeemed their stock. The entry recorded by Castaway Corp. on January 1, 2020, would not include the following: A. Credit to preferred stock at par value. B. Credit to additional paid-in capital...
On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and...
On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued and outstanding. During the year, the following transactions occurred. Apr. 1 Issued 8,000 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. July 10 Paid the $1.50 cash dividend. Dec. 1 Issued 4,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend...
On January 1, 2020, the stockholders’ equity section of Bramble Corp. shows common stock ($6 par...
On January 1, 2020, the stockholders’ equity section of Bramble Corp. shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,100,000; and retained earnings $1,170,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 52,000 shares for cash at $15 per share. July 1 Sold 12,000 treasury shares for cash at $17 per share. Sept.   1 Sold 10,000 treasury shares for cash at $14 per share. (a) Your Answer Correct Answer (Used) Journalize...
On January 1, 2019, Jonathan Corporation had 75,000 shares of $1 par value common stock issued...
On January 1, 2019, Jonathan Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1: Issued 30,000 shares, not previously issued of common stock for $575,000 June 1: Declared a cash dividend of $1.00 per share to stockholders of record on June 15 June 30: Paid the $1.00 cash dividend July 1: Declared and issued a 10% stock dividend Dec 1: Purchased 5,000 shares of common stock for...
On January 1, 2019, Jonathan Corporation had 75,000 shares of $1 par value common stock issued...
On January 1, 2019, Jonathan Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1: Issued 30,000 shares, not previously issued of common stock for $575,000 June 1: Declared a cash dividend of $1.00 per share to stockholders of record on June 15 June 30: Paid the $1.00 cash dividend July 1: Declared and issued a 10% stock dividend Dec 1: Purchased 5,000 shares of common stock for...
Bramble Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par...
Bramble Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par value, 21,100 shares issued $105,500 Paid-in capital in excess of par—common stock 304,000 Retained earnings 317,000    Total stockholders’ equity $726,500 During 2020, the following transactions occurred. Feb. 1 Bramble repurchased 2,020 shares of treasury stock at a price of $21 per share. Mar. 1 740 shares of treasury stock repurchased above were reissued at $19 per share. Mar. 18 520 shares of treasury stock...
On January 1 Windsor, Inc. had 74,000 shares of no-par common stock issued and outstanding. The...
On January 1 Windsor, Inc. had 74,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred: Apr. 1 Issued 11,000 additional shares of common stock for $10 per share. June 15 Declared a cash dividend of $1.00 per share to stockholders of record on June 30. July 10 Paid the $1.00 cash dividend. Dec. 1 Issued 6,000 additional shares of common stock for $14...
Marigold Corp. had 1540000 shares of common stock issued and outstanding at December 31, 2020. On...
Marigold Corp. had 1540000 shares of common stock issued and outstanding at December 31, 2020. On July 1, 2021 an additional 1255000 shares were issued for cash. Marigold also had stock options outstanding at the beginning and end of 2021 which allow the holders to purchase 370000 shares of common stock at $20 per share. The average market price of Marigold's common stock was $25 during 2021. What is the number of shares that should be used in computing diluted...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT