Question

Prepare the journal entry to record Autumn Company’s issuance of 63,000 shares of no-par value common...

Prepare the journal entry to record Autumn Company’s issuance of 63,000 shares of no-par value common stock assuming the shares:

  1. Sell for $29 cash per share.
  2. Are exchanged for land valued at $1,827,000.
  • 1. Record the issuance of 63,000 shares of no-par value common stock assuming the shares sell for $29 cash per share.

  • 2. Record the issuance of 63,000 shares of no-par value common stock assuming the shares are exchanged for land valued at $1,827,000.

Homework Answers

Answer #1
Transaction Account Titles and Explanataions Debit (in $) Credit (in $)
a. Cash
(63,000 shares x $29)
$1,827,000
          Common stock - No Par $1,827,000
(To record the Issue of Shares )
b. Land $1,827,000
          Common stock - No Par $1,827,000
(To record the Issue of Shares in exchange of land)
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
QS 11-4 Issuance of no-par common stock LO P1 Prepare the journal entry to record Autumn...
QS 11-4 Issuance of no-par common stock LO P1 Prepare the journal entry to record Autumn Company’s issuance of 60,000 shares of no-par value common stock assuming the shares: Sell for $23 cash per share. Are exchanged for land valued at $1,380,000. QS 11-4 Issuance of no-par common stock LO P1 Prepare the journal entry to record Autumn Company’s issuance of 60,000 shares of no-par value common stock assuming the shares: Sell for $23 cash per share. Are exchanged for...
Prepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock...
Prepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock assuming the shares have a: $2 par value and sell for $18 cash per share. $2 stated value and sell for $18 cash per share.
Prepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock...
Prepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock assuming the shares have a: $2 par value and sell for $18 cash per share. $2 stated value and sell for $18 cash per share.
4) What is the journal entry to record the issuance of 14,000 shares of $7 par...
4) What is the journal entry to record the issuance of 14,000 shares of $7 par value common stock at $21 per share for cash? ()
The entry to record the issuance of 700 shares of $11 par-value common stock for $12...
The entry to record the issuance of 700 shares of $11 par-value common stock for $12 a share consists of a debit to Cash for $8,400 and a credit to Common Stock for
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event,...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 Record the issuance of 58,000 shares of common stock with a par value $10 for a price of $12 per share. 2 Record the purchase of 1,800 shares of previously issued common stock for a price of $15 per share. 3 Record the re-issuance of 900 shares of treasury stock previously purchased for...
Sudoku Company issues 19,000 shares of $7 par value common stock in exchange for land and...
Sudoku Company issues 19,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $240,000 and the building at $371,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.
Ryuji Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2020,...
Ryuji Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2020, Blue took part in the following selected transactions. 1. Issued 5,100 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $6,800. 2. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. 3. Purchased 480 shares...
Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2017,...
Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2017, Overland Corporation took part in the following selected transactions. ? Issued 55,000 shares of stock at $76 per share, less costs related to the issuance of the stock totaling $27,000. ? Issued 10,000 shares of stock for land appraised at $815,000. The stock was actively traded on a national stock exchange at approximately $78 per share on the date of issuance. ? Purchased 6,000...
Assume that 2,000 shares of common stock with a par value of $12 and a market...
Assume that 2,000 shares of common stock with a par value of $12 and a market price of $16 per share are issued in exchange for land with a fair market value of $32,000. a. Prepare the journal entry to record the transaction. b. If the land's appraised fair market value were $33,000, what would be the correct entry to record the transaction? c. Prepare the necessary journal entry, assuming the same facts as in (b), except that the stock...