Cheetah Corporation’s charter authorized issuance of 500,000 shares
of
$1 par value common stock and 250,000...
Cheetah Corporation’s charter authorized issuance of 500,000 shares
of
$1 par value common stock and 250,000 shares of $100 preferred
stock. The following transactions involving the issuance of
shares of stock were completed. Each transaction is independent of
the others.
1. Issued a $100,000 8% bond payable at
par and gave as a bonus ten shares of preferred stock, which at
that time was selling
for $102 a share.
2. Issued 7,500 shares of common stock
for land. The land...
Santana Company exchanged equipment used in its manufacturing
operations plus $2,000 in cash for similar equipment...
Santana Company exchanged equipment used in its manufacturing
operations plus $2,000 in cash for similar equipment used in the
operations of Delaware Company. The following information pertains
to the exchange.
Santana Co.
Delaware Co.
Equipment (cost)
$28,000
$18,000
Accumulated depreciation
19,000
10,000
Fair value of equipment
13,000
15,000
Cash given up
2,000
Prepare the journal entries to record the exchange on the book
of Delaware Co. Assume that the
exchange lacks commercial substance.
Prepare the journal entries to record the exchange...
4) A corporation issued 6,000 shares of its $2 par value common
stock in exchange for...
4) A corporation issued 6,000 shares of its $2 par value common
stock in exchange for land that has a market value of $84,000. The
entry to record this transaction would include: A) A debit to
Common Stock for $12,000. B) A debit to Land for $12,000. C) A
credit to Land for $12,000. D) A credit to Additional Paid-in
Capital, Common Stock for $72,000. E) A credit to Common Stock for
$84,000.
5) Refer to the fact pattern in...
On February 12, 2021, Diego Inc. issued 330,000 of its common
shares in exchange for equipment...
On February 12, 2021, Diego Inc. issued 330,000 of its common
shares in exchange for equipment for which the cash price was known
to be $790,000. The articles of incorporation authorized the issue
of 4 million common shares, $1 par per share. The most recent
issuance of common shares prior to the acquisition of the equipment
was back on May, 1, 2020 for a cash price of $3 per share.
What in the following would NOT be included in the...
Duple Company Ltd., reported the following stockholders’ equity
on its balance sheet at Dec 31, 2017:...
Duple Company Ltd., reported the following stockholders’ equity
on its balance sheet at Dec 31, 2017:
Duple Company Ltd.
Stockholders’ Equity
Dec 31,2017
Paid in Capital
Preferred stock, 10%, ? par, 1,000,000 shares authorized,
100,000 shares issued
$ 2,000,000
Common stock, par value $? per share, 10,000,000 shares
authorized, 2,000,000 shares issued and outstanding
4,000,000
Paid-in Capital excess of par - common
20,000,000
Total paid-in capital
26,000,000
Retained earnings
10,600,000
Total stockholder's equity
$36,600,000
Requirements:
1. What is the par...
Supper Company Ltd., reported the following stockholders’ equity
on its balance sheet at Dec 31, 2017:...
Supper Company Ltd., reported the following stockholders’ equity
on its balance sheet at Dec 31, 2017: Supper Company Ltd.
Stockholders’ Equity Dec 31,2017 Paid-in Capital Preferred stock,
10%, ? par, 1,000,000 shares authorized, 100,000 shares issued $
2,000,000 Common stock, par value $? per share, 10,000,000 shares
authorized, 2,000,000 shares issued and outstanding 4,000,000
Paid-in capital in excess of par—common 20,000,000 Total paid-in
capital 26,000,000 Retained earnings 10,600,000 Total Stockholders’
equity $36,600,000 Requirements: 1. What is the par value per...
Crane Corporation’s charter authorized issuance of 96,000 shares
of $10 par value common stock and 50,400...
Crane Corporation’s charter authorized issuance of 96,000 shares
of $10 par value common stock and 50,400 shares of $50 preferred
stock. The following transactions involving the issuance of shares
of stock were completed. Each transaction is independent of the
others. 1. Issued a $9,100, 10% bond payable at par and gave as a
bonus one share of preferred stock, which at that time was selling
for $103 a share. 2. Issued 510 shares of common stock for
equipment. The equipment...
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...
Cedric Company recently traded in an older model of equipment
for a new model. The old...
Cedric Company recently traded in an older model of equipment
for a new model. The old model’s book value was $301,000 (original
cost of $631,000 less $330,000 in accumulated depreciation) and its
fair value of the old equipment is $280,000. Cedric paid $71,000 to
complete the exchange which has commercial substance.
Required:
Prepare the journal entry to record the exchange. (If no
entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
Part A
In late 2015, the Nicklaus Corporation was formed. The corporate
charter authorizes the issuance...
Part A
In late 2015, the Nicklaus Corporation was formed. The corporate
charter authorizes the issuance of 6,000,000 shares of common stock
carrying a $1 par value, and 2,000,000 shares of $5 par value,
noncumulative, nonparticipating preferred stock. On January 2,
2016, 4,000,000 shares of the common stock are issued in exchange
for cash at an average price of $15 per share. Also on January 2,
all 2,000,000 shares of preferred stock are issued at $20 per
share.
Required:
1....