B&J Corporation was established in 2016. B&J has
authorized 50,000 shares of common stock, par value...
B&J Corporation was established in 2016. B&J has
authorized 50,000 shares of common stock, par value $2 per share,
and 10,000 authorized shares of 6% preferred stock, par value $10
per share. Net Income for 2016 was $210,000. The following
transactions took place during 2016:
January 1
Issued 30,000 shares of common stock for cash at $20 per
share.
February 1
Issued 8,000 shares of preferred stock for cash of $50 per
share.
June 1
Repurchased 4,000 shares of L&D...
On April 7, 2018, Sanders, Inc. exchanged 4,000 shares of its
$25 par value treasury common...
On April 7, 2018, Sanders, Inc. exchanged 4,000 shares of its
$25 par value treasury common stock for a patent owned by Masset
Co. The treasury shares were acquired in 2017 for $90,000. At April
7, 2018, Sanders, Inc.'s common stock was quoted at $36 per share,
and the patent had a carrying value of $115,000 on Masset's books.
Sanders Inc. should record the patent at
On January 1, Flounder Corp. had 61,500 shares of no-par common
stock issued and outstanding. The...
On January 1, Flounder Corp. had 61,500 shares of no-par common
stock issued and outstanding. The stock has a stated value of $4
per share. During the year, the following transactions
occurred.
Apr. 1
Issued 11,700 additional shares of common stock for $12 per
share.
June 15
Declared a cash dividend of $1.90 per share to stockholders of
record on June 30.
July 10
Paid the $1.90 cash dividend.
Dec. 1
Issued 5,200 additional shares of common stock for $13...
1,400,000 shares of no-par common stock were authorized;
327,000 shares were issued on January 1, 2016,...
1,400,000 shares of no-par common stock were authorized;
327,000 shares were issued on January 1, 2016, at $30 per
share.
426,000 shares of $90 par value, 10.00% cumulative, preferred
stock were authorized, and 130,000 shares were issued on January 1,
2016, at $133 per share.
Net income for the years ended December 31, 2016, 2017, and
2018, was $4,680,000, $7,040,000, and $9,160,000,
respectively.
No dividends were declared or paid during 2016 or 2017.
However, on December 17, 2018, the board...
On January 1, Ayayai Corp. had 61,000 shares of no-par common
stock issued and outstanding. The...
On January 1, Ayayai Corp. had 61,000 shares of no-par common
stock issued and outstanding. The stock has a stated value of $4
per share. During the year, the following transactions
occurred.
Apr. 1
Issued 9,450 additional shares of common stock for $11 per
share.
June 15
Declared a cash dividend of $1.50 per share to stockholders of
record on June 30.
July 10
Paid the $1.50 cash dividend.
Dec. 1
Issued 4,200 additional shares of common stock for $11...
On December 31, 2020, Ainsworth, Inc., had 540 million shares of
common stock outstanding. Twenty four...
On December 31, 2020, Ainsworth, Inc., had 540 million shares of
common stock outstanding. Twenty four million shares of 5%, $100
par value cumulative, nonconvertible preferred stock were sold on
January 2, 2021. On April 30, 2021, Ainsworth purchased 30 million
shares of its common stock as treasury stock. Twelve million
treasury shares were sold on August 31. Ainsworth issued a 5%
common stock dividend on June 12, 2021. No cash dividends were
declared in 2021. For the year ended...
On January 1, 2015, KMA Corp. paid $400,000 cash to acquire 40%
of the common shares...
On January 1, 2015, KMA Corp. paid $400,000 cash to acquire 40%
of the common shares of JDL Corp. At the time of acquisition, the
carrying value of JDL’s common shares was $250,000, and its
retained earnings were $400,000. The fair values of the INA
approximated their carrying values except for equipment whose fair
value was $15,000 higher than its carrying value. The equipment has
a six-year remaining useful life, and straight-line depreciation is
used. The investment was found to...
At December 31, 2016, Morrison Company had 700 shares of common
stock outstanding. On September 1,...
At December 31, 2016, Morrison Company had 700 shares of common
stock outstanding. On September 1, 2017, an additional 300 shares
of common stock were issued. In addition, Morrison had $20,000 of 8
percent convertible bonds outstanding at December 31, 2016, which
are convertible into 400 shares of common stock. No bonds were
converted into common stock in 2017. Net income for the year ended
December 31, 2017, was $6,000. Assuming an income tax rate of 50
percent what would...
On February 15, Jewel Company buys 7,200 shares of Marcelo Corp.
common stock at $28.55 per...
On February 15, Jewel Company buys 7,200 shares of Marcelo Corp.
common stock at $28.55 per share plus a brokerage fee of $410. The
stock is classified as available-for-sale securities. On March 15,
Marcelo Corp. declares a dividend of $1.17 per share payable to
stockholders of record on April 15. Jewel Company received the
dividend on April 15 and ultimately sells half of the Marcelo Corp.
stock on November 17 of the current year for $29.32 per share less
a...
On December 31, 2015, Dow Steel Corporation had 650,000 shares
of common stock and 35,000 shares...
On December 31, 2015, Dow Steel Corporation had 650,000 shares
of common stock and 35,000 shares of 9%, noncumulative,
nonconvertible preferred stock issued and outstanding. Dow issued a
5% common stock dividend on May 15 and paid cash dividends of
$450,000 and $74,000 to common and preferred shareholders,
respectively, on December 15, 2016.
On February 28, 2016, Dow sold 64,000 common shares. Also, as a
part of a 2015 agreement for the acquisition of Merrill Cable
Company, another 26,000 shares...