Question

Part II Maria Limited is authorized to sell 1,000,000 its $10 par value ordinary shares. As...

Part II Maria Limited is authorized to sell 1,000,000 its $10 par value ordinary shares. As at the end of the current year, the company has actually sold 500,000 ordinary shares at $15 per share. In addition, of the 500,000 ordinary shares that have been sold, 40,000 shares have been repurchased at $80 per share to be used to meet the future requirements of a share option plan that the company intends to implement.

Required: Prepare the general journal entries required to record all the above transactions. Except for the workings of calculations, no explanation or date is required when preparing the journal entries.

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
Part II Maria Limited is authorized to sell 1,000,000 its $10 par value ordinary shares. As...
Part II Maria Limited is authorized to sell 1,000,000 its $10 par value ordinary shares. As at the end of the current year, the company has actually sold 500,000 ordinary shares at $15 per share. In addition, of the 500,000 ordinary shares that have been sold, 40,000 shares have been repurchased at $80 per share to be used to meet the future requirements of a share option plan that the company intends to implement. Required: Prepare the general journal entries...
Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of...
Slaneders & Sons Company has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2012, there were 500,000 shares issued and outstanding. On June 30, 2012, the board of directors declared a $0.30 per share cash dividend to be paid on August 1, 2012. Instructions Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record and (c) payment date.
Berlin Corporation was organized on January 1, 2020, with 400,000 no par value common shares authorized....
Berlin Corporation was organized on January 1, 2020, with 400,000 no par value common shares authorized. During 2020, the corporation had the following share transactions:            Jan 5             Issued 150,000 shares at $ 10 per share            Apr 6             Issued 50,000 shares at $ 12 per share            Jun 8            Issued 50,000 shares at $ 14 per share            Jul 28 Repurchased 20,000 shares at $ 11 per share and cancelled them    Dec 31 Issued 20,000 shares at $ 18...
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...
Sally Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015,...
Sally 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 $5000 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 value...
5. Common stock, $2 par value, 1,000,000 shares issued, 500,000 shares outstanding, 3,000,000 shares authorized. a....
5. Common stock, $2 par value, 1,000,000 shares issued, 500,000 shares outstanding, 3,000,000 shares authorized. a. Calculate the dollar amount that will be presented opposite this caption on the balance sheet. b. Calculate the total amount of a cash dividend of $0.50 per share. c. Calculate the number of shares of treasury stock.
A company is authorized to issue 10,000 shares of $150 par value, 9%, cumulative, fully participating...
A company is authorized to issue 10,000 shares of $150 par value, 9%, cumulative, fully participating preferred stock and 500,000 shares of $10 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year of operations: (10 Points) March 15 Exchanged 750 shares of preferred stock for land with a market value of $125,000. August 2 Sold 250 shares of preferred stock for $150 cash per share. November 12 Sold 1,000...
   Treasury stock. In 2010, Mordica Co. issued 200,000 of its 500,000 authorized shares of $10...
   Treasury stock. In 2010, Mordica Co. issued 200,000 of its 500,000 authorized shares of $10 par value common stock at $35 per share. In January 2011, Mordica repurchased 15,000 shares at $30 per share. Assume these are the only stock transactions the company has ever had. Instructions What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method. 5,000 shares of treasury stock are reissued...
Domaine Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2018,...
Domaine Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2018, the company has the following stock transactions. Jan. 15 Issued 500,000 shares of stock at $7 per share. Sept. 5 Purchased 30,000 shares of common stock for the treasury at $9 per share. Journalize the transactions for Domaine Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT