Question

Coronado Inc. has outstanding 15,000 shares of $10 par value common stock. On July 1, 2017,...

Coronado Inc. has outstanding 15,000 shares of $10 par value common stock. On July 1, 2017, Coronado reacquired 108 shares at $87 per share. On September 1, Coronado reissued 63 shares at $91 per share. On November 1, Coronado reissued 45 shares at $84 per share. Prepare Coronado’s journal entries to record these transactions using the cost method.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Date Accounts title Debit Credit
01-Jul-17 Treasury Stock $9,396 [108 shares x $ 87]
   Cash $9,396 [108 shares x $ 87]
(to re purchase stock)
01-Sep Cash $5,733 [63 shares x $ 91]
   Treasury Stock $5,481 [63 shares x $ 87]
   Paid in capital from treasury Stock $252 [63 shares x $ 4]
(to re issue the stock)
01-Nov Cash $3,780 [45 shares x $ 84]
   Paid in capital from treasury Stock $135 [45 shares x $ 3]
   Treasury Stock $3,915 [45 shares x $ 87]
(to re issue the stock)
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
Coronado Inc. has outstanding 14,000 shares of $10 par value common stock. On July 1, 2020,...
Coronado Inc. has outstanding 14,000 shares of $10 par value common stock. On July 1, 2020, Coronado reacquired 109 shares at $87 per share. On September 1, Coronado reissued 62 shares at $92 per share. On November 1, Coronado reissued 47 shares at $85 per share. Prepare Coronado’s journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Culver Inc. has outstanding 12,000 shares of $10 par value common stock. On July 1, 2017,...
Culver Inc. has outstanding 12,000 shares of $10 par value common stock. On July 1, 2017, Culver reacquired 114 shares at $89 per share. On September 1, Culver reissued 63 shares at $93 per share. On November 1, Culver reissued 51 shares at $85 per share. Prepare Culver’s journal entries to record these transactions using the cost method.  
Metlock Inc. has outstanding 12,800 shares of $10 par value common stock. On July 1, 2017,...
Metlock Inc. has outstanding 12,800 shares of $10 par value common stock. On July 1, 2017, Metlock reacquired 100 shares at $86 per share. On September 1, Metlock reissued 61 shares at $94 per share. On November 1, Metlock reissued 39 shares at $83 per share. Prepare Metlock’s journal entries to record these transactions using the cost method.
On 1/1/2017, AB Company has 20000 shares of $5 par value common stock outstanding at an...
On 1/1/2017, AB Company has 20000 shares of $5 par value common stock outstanding at an average issue price of $41 per share. On June 1, the company acquired 1700 shares of its own outstanding common stock for $40 per share. The company uses the "cost method" to account for transactions involving the acquisition of its own shares and reissuance of such shares. On July 1, AB Company reissued 700 treasury shares for $43 per share. On November 1, AB...
Coronado Industries was organized on January 2, 2021, with 507000 authorized shares of $10 par value...
Coronado Industries was organized on January 2, 2021, with 507000 authorized shares of $10 par value common stock. During 2021, Coronado had the following capital transactions: January 5—issued 380250 shares at $16 per share. July 27—purchased 25350 shares at $13 per share. November 25—sold 15210 shares of treasury stock at $15 per share. Coronado used the cost method to record the purchase of the treasury shares. What would be the balance in the Paid-in Capital from Treasury Stock account at...
Smith has 300,000 shares of common stock outstanding with a par value of $3 per share....
Smith has 300,000 shares of common stock outstanding with a par value of $3 per share. Smith authorized a 10% stock dividend when the market value was $8 per share. A journal entry for the stock dividend would require: 5. Gaines originally issued 15,000 shares of $10 par value common stock at $15 per share. During the current year, 1,000 of these shares were reacquired for $20 each. The proper entry to record the reacquisition includes:
On January 1, Coronado Corporation had 76000 shares of $10 par value common stock outstanding. On...
On January 1, Coronado Corporation had 76000 shares of $10 par value common stock outstanding. On June 17, the company declared a 10% stock dividend to stockholders of record on June 20. Market value of the stock was $15 on June 17. The entry to record the transaction of June 17 would include a
Weighted-Average Shares Outstanding On January 1, 2020, Lincoln Company had 600,000 shares of $10 par common...
Weighted-Average Shares Outstanding On January 1, 2020, Lincoln Company had 600,000 shares of $10 par common stock outstanding. During 2020, Lincoln had the following transactions that affected the common stock account. March 1 Issued 100,000 shares May 1 Issued a 20% stock dividend July 1 Acquired 60,000 shares of treasury stock September 1 Reissued 40,000 shares of treasury stock November 1 Issued a 2-for1 stock split Instructions: Compute the weighted-average number of common stock shares outstanding as of December 31,...
On January 1, 2017, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2017, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) $500,000 Paid-in Capital in Excess of Par—Common Stock 493,000 Retained Earnings 616,000 During 2017, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. May 15 Reacquired 1,800 common shares at a...
1. On January 1, 2017, Buffalo Corporation granted 1,900 shares of restricted $5 par value common...
1. On January 1, 2017, Buffalo Corporation granted 1,900 shares of restricted $5 par value common stock to executives. The market price (fair value) of the stock is $65 per share on the date of grant. The period of benefit is 2 years. Prepare Buffalo’s journal entries for January 1, 2017, and December 31, 2017 and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT