On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common...

On April 2 a corporation purchased for cash 7,000 shares of its own $14 par common stock at $29 a share. It sold 4,000 of the treasury shares at $32 a share on June 10. The remaining 3,000 shares were sold on November 10 for $25 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank Apr. 2 Treasury Stock Cash b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank. Jun. 10 Nov. 10

Expert Solution

Date	Accounts Titles & Explanations	Debit ($)	Credit ($)

2-Apr	Treasury Stock [7,000 x $29.00]	203,000
	Cash [7,000 x $29.00]		203,000

10-Jun	Cash [4,000 x $32.00]	128,000
	Treasury Stock [4,000 x $29.00]		116,000
	Paid-in-capital, Treasury stock [$128,000 - $116,000]		12,000

10-Nov	Cash [3,000 x $25.00]	75,000
	Paid-in-capital, Treasury stock [$87,000 - $75,000]	12,000
	Treasury Stock [3,000 x $29.00]		87,000

ekkarill92 answered 3 years ago

On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common...

On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 3,000 shares were sold on November 10 for $23 a share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank b. Journalize the entries to record...

On April 2 a corporation purchased for cash 5,000 shares of its own $12 par common...

On April 2 a corporation purchased for cash 5,000 shares of its own $12 par common stock at $29 per share. It sold 3,000 of the treasury shares at $32 per share on June 10. The remaining 2000 shares were sold on November 10 for $25 per share. a. Journalize the entries to record the purchase (treasury stock is recorded at cost). Apr. 2 b. Journalize the entries to record the sale of the stock. If an amount box does...

On July 1, 2014, Piper Corporation issued 23,000 shares of its own $2 par value common...

On July 1, 2014, Piper Corporation issued 23,000 shares of its own $2 par value common stock for 40,000 shares of the outstanding stock of Sector Inc. in an acquisition. Piper common stock at July 1, 2014 was selling at $16 per share. Just before the business combination, balance sheet information of the two corporations was as follows: Piper Sector Sector Book Book Fair Value Value Value Cash $25,000 $17,000 $17,000 Inventories 55,000 42,000 47,000 Other current assets 110,000 40,000 30,000 Land 100,000 45,000 35,000 Plant and equipment-net 660,000 220,000 280,000 $950,000 $364,000 $409,000 Liabilities $220,000 $70,000 $75,000 Capital stock,...

Rodriguez Corporation issues 7,000 shares of its common stock for $104,900 cash on February 20. Prepare...

Rodriguez Corporation issues 7,000 shares of its common stock for $104,900 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. The stock has a $10 par value. The stock has neither par nor stated value. The stock has a $5 stated value

On April 1, 2018, ABC Corporation exchanged 1,000 shares of its $5 par common stock for...

On April 1, 2018, ABC Corporation exchanged 1,000 shares of its $5 par common stock for equipment. The stock is traded on the NYSE and on the date of the acquisition was trading at $80 per share. The equipment had a book value of $40,000 on the seller's books and a fair value of $85,000. ABC recorded the Equipment at fair value. The equipment has a 5-year life, no salvage and ABC uses the straight-line method to depreciate this class...

8) On April 1, the Prakash Corporation issued 20,000 shares of $2 par value common stock...

8) On April 1, the Prakash Corporation issued 20,000 shares of $2 par value common stock at $23 per share. Please write the journal entry: 9) On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a current fair-market price of $66 per share. Please write the journal entry:

46. A corporation sold 14,000 shares of its $10 par value common stock at a cash...

46. A corporation sold 14,000 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction would include: a credit to Common Stock for $140,000 a debit to Paid-in-Capital in Excess of Par Value, for $42,000 a credit to Common Stock for $182,000 a debit to cash for $140,000 47. An internal control system is designed to ensure reliable accounting all choices are correct promote efficient operations protect assets...

Parvin Corporation issues 40,000 shares of its own $10 par common stock for all the outstanding...

Parvin Corporation issues 40,000 shares of its own $10 par common stock for all the outstanding stock of Sacks Corporation in merger consummated on October 1, 2012 (Sacks Corporation dissolved). On this date, Parvin Corporation paid $10,000 for direct cost, and $3,000 for indirect cost of business combination as well as $5,000 for cost of printing and issuing new shares. Summary balance sheet data for the two companies at October 1, 2012, just before combination, are as follow: Parvin ...

Troutman Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash...

Troutman Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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...

Question