Refer to the following transactions: 1. Issued 540 shares of $80 par value preferred stock at...

Refer to the following transactions:

1. Issued 540 shares of $80 par value preferred stock at par.

2. Issued 640 shares of $80 par value preferred stock in exchange for land that had an appraised value of $81,600.

3. Issued 19,000 shares of $4 par value common stock for $10 per share.

4. Purchased 4,750 shares of common stock for the treasury at $10 per share.

5. Sold 1,900 shares of the treasury stock purchased in transaction d for $12 per share.

6. Declared a cash dividend of $2.05 per share on the preferred stock outstanding, to be paid early next year.

7. Declared and issued a 4% stock dividend on the common stock when the market price per share of common stock was $17.

Prepare the journal entries to record each of the above transactions.

Solutions

Expert Solution

Let me know in case you face any issue:

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

On June 1, Summit Corporation issued 1,000 shares of $100 par value preferred stock at par...

On June 1, Summit Corporation issued 1,000 shares of $100 par value preferred stock at par value. On June 10, the corporation issued 3,000 shares of $10 par value common stock for $18 per share. On June 15, Summit issued 15,000 shares of common stock in exchange for land with a fair market value of $60,000 and a building with a fair market value of $180,000. Prepare journal entries for the above transactions.

A corporation issued 20,000 shares of $5 par value 6% preferred stock, and 10,000 shares of...

A corporation issued 20,000 shares of $5 par value 6% preferred stock, and 10,000 shares of $10 par value common stock, when the corporation was formed two years ago. No dividend was declared or paid last year. This year the corporation has $50,000 available for dividends. How much should each share of common stock receive? $3.80 $2.80 $4.40 zero The statement of cash flows helps address questions such as How is the increase in investments financed? How much cash is...

On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash...

On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000 per share. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000 per share.

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...

Preferred Stock- 5% $11 Par Value 5,500 shares authorized 4,000 shares issued and outstanding Common Stock...

Preferred Stock- 5% $11 Par Value 5,500 shares authorized 4,000 shares issued and outstanding Common Stock - $.20 Par Value 2,000,000 shares authorized, 1,650,000 shares issued and outstanding Requirement 1. Sapphire declares cash dividends of $28,000 for 2018. How much of the dividends goes to preferred? stockholders? How much goes to common? stockholders? ?(Complete all input boxes. Enter? "0" for any zero? amounts.) Sapphire dividend would be divided between preferred and common stockholders in this? manner: Total Dividend Dividend to...

Share Issuances for Cash Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at...

Share Issuances for Cash Minaret, Inc., issued 10,000 shares of $50 par value preferred stock at $68 per share and 12,000 shares of no-par value common stock at $15 per share. The common stock has no stated value. All issuances were for cash. a. Prepare the journal entries to record the share issuances. b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $4 per share. c. Prepare the journal...

York’s outstanding stock consists of 90,000 shares of 7.0% preferred stock with a $5 par value and also 160,000 shares of common stock with a $1 par value

York’s outstanding stock consists of 90,000 shares of 7.0% preferred stock with a $5 par value and also 160,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: 2015 total cash dividends $ 19,800 2016 total cash dividends 29,500 2017 total cash dividends 285,000 2018 total cash dividends 435,000 rev: 11_29_2018_QC_CS-149901 Exercise 11-9 Dividends on common and cumulative...

Stockholders' Equity Paid-In Capital: Preferred Stock—4%, $12 Par Value; 150,000 shares authorized, 30,000 shares issued and...

Stockholders' Equity Paid-In Capital: Preferred Stock—4%, $12 Par Value; 150,000 shares authorized, 30,000 shares issued and outstanding $360,000 Common Stock—$3 Par Value; 575,000 shares authorized, 330,000 shares issued and outstanding 990,000 Paid-In Capital in Excess of Par—Common 990,000 Total Paid-In Capital 2,340,000 Retained Earnings 140,000 Total Stockholders' Equity $2,480,000 Requirement 1. Assuming the preferred stock is cumulative, compute the amount of dividends to preferred stockholders and to common stockholders for 2018 and 2019 if total dividends are $13,400 in 2018...

Assume CGM Corp has issued and outstanding 22,000 shares of 5%, $25 par value preferred stock...

Assume CGM Corp has issued and outstanding 22,000 shares of 5%, $25 par value preferred stock and issued and outstanding 15,000 shares of $15 stated value common stock. The board of directors declares dividends of $100,000 on December 15, 2020, the preferred stock is cumulative, and dividends paid to the preferred stockholders has been as follows: 2017 - $13,750; 2018 - $13,750; and 2019 - $15,000. What amount is allocated to common stockholders?

#1) A company issues 1.18 million shares of preferred stock with a par value of $11.00...

#1) A company issues 1.18 million shares of preferred stock with a par value of $11.00 at its market price of $35.00 per share. The issuance should be recorded with a debit to Cash for: $28.32 million, a credit to Additional Paid-in Capital for $12.98 million, and a credit to Preferred Stock for $41.30 million. $41.30 million and a credit to Preferred Stock for $41.30 million. $12.98 million and a credit to Preferred Stock for $12.98 million. $41.30 million, a...

Subjects