A corporation issued 6,000 shares of $30 par value common stock for $216,000 cash. A corporation...

A corporation issued 6,000 shares of $30 par value common stock for $216,000 cash.

A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,500. The stock has a $1 per share stated value.

A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,500. The stock has no stated value.

A corporation issued 1,500 shares of $50 par value preferred stock for $105,500 cash.

Expert Solution

	Particulars	Debit	Credit
1	Cash	$ 216,000.00
	Common stock, $30 par value		$ 180,000.00
	Paid in capital in excess of $30 par value, common stock		$ 36,000.00
	(issued 6,000 shares of $30 par value common stock for $216,000 cash)

2	Organization expense	$ 30,500.00
	Common stock, $1 stated value		$ 3,000.00
	Paid in capital in excess of $1 stated value		$ 27,500.00
	(issued 3,000 shares of $1 stated value common stock to promoters in exchange for their efforts, estimated to be worth $30,500)

3	Organization expense	$ 30,500.00
	Common stock, no par value		$ 30,500.00
	(issued 3,000 shares of no-par common stock to promoters in exchange for their efforts, estimated to be worth $30,500)

4	Cash	$ 105,500.00
	Prefered Stock		$ 75,000.00
	Paid in capital in excess of $50 par value preffered stock		$ 30,500.00
	(issued 1,500 shares of $50 par value preferred stock for $105,500 cash)

ekkarill92 answered 2 years ago

Pomona Corporation issued 60,000 shares of $3 par value common stock at $21 per share and 9,000 shares of $30 par value

Treasury Stock Pomona Corporation issued 60,000 shares of $3 par value common stock at $21 per share and 9,000 shares of $30 par value, ten percent preferred stock at $85 per share. Later, the company purchased 2,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Pomona sold 1,500 shares of the treasury stock at $30 per share. Prepare the general journal...

1.Boris Corporation issued 25,000 shares of $10 par value common stock at $30 per share. As...

1.Boris Corporation issued 25,000 shares of $10 par value common stock at $30 per share. As a result of this transaction, Boris Corporation’s: A. Paid in Capital in Excess of Par Value increased by $250,000 B. Paid in Capital in Excess of Par Value increased by $750,000 C. Common Stock increased by $250,000 D. Common Stock increased by $750,000 2.Karin, Inc. has 5,000 shares of 6%, $200 par value, cumulative preferred stock and 100,000 shares of $2 par value common...

Pronghorn Corporation issued 392 shares of $10 par value common stock and 128 shares of $50...

Pronghorn Corporation issued 392 shares of $10 par value common stock and 128 shares of $50 par value preferred stock for a lump sum of $17,424. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance.

On January 22, Shamrock Corporation issued for cash 15,000 shares of no-par common stock at $15....

On January 22, Shamrock Corporation issued for cash 15,000 shares of no-par common stock at $15. On February 14, Shamrock issued at par value 2,000 shares of preferred 6% stock, $60 par for cash. On August 30, Shamrock issued for cash 25,000 shares of preferred 6% stock, $60 par at $67. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Feb....

Wilson Corporation issued and has outstanding 134,400 shares of $10 par-value common stock and 2,800 shares...

Wilson Corporation issued and has outstanding 134,400 shares of $10 par-value common stock and 2,800 shares of $70 par-value 20 percent preferred stock. The board of directors votes to distribute $4,200 as dividends in 2016, $7,000 in 2017, and $308,000 in 2018. Compute the total dividend and the dividend for each share paid to preferred stockholders and common stockholders each year under the following assumed situations. Case A: The preferred stock is nonparticipating and noncumulative. (Round your per share...

Treasury Stock Coastal Corporation issued 25,000 shares of $14 par value common stock at $26 per...

Treasury Stock Coastal Corporation issued 25,000 shares of $14 par value common stock at $26 per share and 6,000 shares of $59 par value, eight percent preferred stock at $85 per share. Later, the company purchased 3,000 shares of its own common stock at $29 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $33 per share. Prepare...

Treasury Stock Coastal Corporation issued 25,000 shares of $7 par value common stock at $19 per...

Treasury Stock Coastal Corporation issued 25,000 shares of $7 par value common stock at $19 per share and 6,000 shares of $52 par value, eight percent preferred stock at $80 per share. Later, the company purchased 3,000 shares of its own common stock at $22 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares. b. Assume that Coastal sold 2,000 shares of the treasury stock at $26 per share. Prepare...

On July 15th, 50,000 shares of no par common stock were issued at $30, and on...

On July 15th, 50,000 shares of no par common stock were issued at $30, and on July 17th, 25,000 shares of $75 par preferred stock were issued at $90. Journalize the entries for July 15 and July 17. (Enter all numbers as whole numbers, WITH COMMAS, but no decimals or dollar signs!) Date Account Name Debit Credit Jul 5 Jul 17 Assets: Liabilities: 110 Cash 210 Accounts Payable 120 Accounts Receivable 220 Notes Payable 125 Notes Receivable 225 Interest Payable...

EverBlue Company issued 30,000 shares of common stock in 2018. The par value of the common...

EverBlue Company issued 30,000 shares of common stock in 2018. The par value of the common stock is $1 per share. The selling price is $20 per share. Which of the following is true? Group of answer choices Stockholders’ equity increases by $600,000. Stockholders’ equity increases by $30,000. Stockholders’ equity decreases by $30,000. Stockholders’ equity decreases by $600,000.

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...

Question