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Directions: Make the following journal entries/calculations as required. IF NO JOUNRAL ENTRY IS REQUIRED, WRITE “NO...

Directions: Make the following journal entries/calculations as required. IF NO JOUNRAL ENTRY IS REQUIRED, WRITE “NO JOURNAL ENTRY REQUIRED” IN THE SPACE BELOW.

USE THE FOLLOWING INFORMATION FOR THE FOUR PARTS ON THE HOMEWORK.

On May 1, 2019, X-oft Corporation (a new corporation) issued 100,000 shares of its common stock for $15 per share. The stock had a par value of $2 per share.

a. What is the journal entry to record the issuance of this stock?

b)  What is the journal entry to record the issuance of this stock if it were no par common stock?

c) On October 11, 2019, X-oft Corporation purchased 10,000 shares of its own stock from existing shareholders for $12 per share. What is the entry to record the purchase of this stock?

d) On October 30, 2019, the Board of Directors for X-oft Corporation declared a $.25 per share dividend to be paid December 15, 2019, to all shareholders of record on November 30, 2019. What is the journal entry (if any) to record this event on October 30?

Business   Accounting   
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Homework Answers

Answer #1
Date Account title Debit credit
a)May 1 2019 cash (100000*15) 1500000
common stock (100000*2) 200000
pqaid in capital in excess of par -common stock 1300000
b)May 1 2019 cash (100000*15) 1500000
common stock 1500000
c)Oct 11 2019 Treasury stock (10000*12) 120000
cash` 120000
d)Oct 30 2019 Cash dividend /Retained earning 22500
dividend payable (90000*.25) 22500

#number of shares outstanding on date of declaration : 100000-10000 repurchased =90000

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