Question

Taino Corporation issued 5,000 shares of stock. Instructions Prepare the entry for the issuance under the...

Taino Corporation issued 5,000 shares of stock.

Instructions Prepare the entry for the issuance under the following assumptions.

(a) The stock had a par value of $7.50 per share and was issued for a total of $80,000.

(b) The stock had a stated value of $7.50 per share and was issued for a total of $95,000.

(c) The stock had no par or stated value and was issued for a total of $60,000.

(d) The stock had a par value of $7.50 per share and was issued to attorneys for services during incorporation valued at $40,000.

(e) The stock had a par value of $7.50 per share and was issued for land worth $65,000.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Pronghorn Corporation issued 4,250 shares of stock. Prepare the entry for the issuance under the following...
Pronghorn Corporation issued 4,250 shares of stock. Prepare the entry for the issuance under the following assumptions. The stock had a par value of $10 per share and was issued for a total of $47,500. The stock had a stated value of $10 per share and was issued for a total of $47,500. The stock had no par OR stated value and was issued for a total of $47,500. The stock had a par value of $10 per share and...
Swifty Corporation issued 1,000 shares of common stock. Prepare the entry for the issuance under the...
Swifty Corporation issued 1,000 shares of common stock. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The stock had a par value of $4.25 per share and was issued for a total of $50,500. (b) The stock...
#3 Quay Co. had the following transactions during the current period. Mar. 2 Issued 5,000 shares...
#3 Quay Co. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate. June 12 Issued 60,000 shares of $5 par value common stock for cash of $375,000. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Nov. 28 Purchased 2,000 shares of treasury stock...
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 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: Sell for $29 cash per share. 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.
Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015,...
Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015, its first year of operation, the company has the following stock transactions. Jan.     1     Paid the state $5,000 for incorporation fees. Jan.     15        Issued 500,000 shares of stock at $6 per share. Jan.     30        Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a...
Finney Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2005,...
Finney Corporation is authorized to issue 1,000,000 shares of $2 par value common stock. During 2005, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $2,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $7 per share. Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value...
Orange Office Supply Corporation completed the following stock issuance transactions: January 2, 2018 Issued 5,000 shares...
Orange Office Supply Corporation completed the following stock issuance transactions: January 2, 2018 Issued 5,000 shares of $4 stated value common stock for cash of $20 per share January 31, 2018 Received merchandise inventory with a market value of $46,000 in exchange for 2,000 shares of the $4 stated value common stock when the market price was $22. March 1, 2018 Issued 450 shares of 5%, $20 par value, cumulative, preferred stock for $50 per share July 1, 2019 Board...
PREPARE THE FOLLOWING PAYCHECK ENTRIES: A. Related to the Issuance of Shares: 1.   On May 12,...
PREPARE THE FOLLOWING PAYCHECK ENTRIES: A. Related to the Issuance of Shares: 1.   On May 12, Del Rio Inc. issued for cash 10,000 common shares with par value of $20.00 to $23.00. 2.   On May 12, Del Rio Inc. issued for cash 10,000 common shares with par value of $ 20.00 to $ 20.00. 3.   On August 15, Del Rio Inc. issued for cash 5,000 preferred shares with par value of $50.00 to $53.00. 4.   On September 16, Villanueva, Inc....
Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued...
Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 5,000 shares of $20 par value common stock for $120,000 cash. 2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has a $1 per share stated value. 3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT