Par value = $, Q:On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common 5,000 shares of the $3 par value common stock. . (Record debits first, then credits. Privacy Policy, (Hide this section if you want to rate later). C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 2. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016. A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Computing earnings per share and price/earnings ratio. Journalize the transactions. 11. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Explanations are not required. i have been a academic tutor for 10 years . Entries for issuing stock On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated value of 3) at 12. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (f). 94% of StudySmarter users get better grades. Purchased 1,700, A:The treasury stock includes the own shares of the company that are repurchased from the, Q:The company entered into the following transactions during the year. Journalize the transactions. Journalize the transactions. How much paid-in capital did these transactions generate for Stellar Systems? Jun. 11: Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. All rights reserved. The investment is adjusted to fair value , using a valuation allowance account. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Statement of. How much paid-in capital did these transactions generate for Stellar Systems? Journals: How much paid-in capital did these transactions generate for Steller Systems. (If no entry is required for a, A:Given: Balance sheet Steller Systems completed the following stock issuance transactions: Jun. On December 30, Southern purchased 200 shares of treasury stock at $15 per share. Does the question reference wrong data/reportor numbers? Journalize the transactions. b. Does the question reference wrong data/reportor numbers? Jun. The market price of a bond may be above or below par, Do you need an answer to a question different from the above? ABC received $300,000 in cash for issuing 10,000. F. Purchased 8,000 shares of treasury common stock at 33 per share. 2. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 12 Issued 400 shares of preferred stock for cash of $23,000. A:It is assumed that the requirement for this question is the preparation of the journal entries. Issued 15,000 shares of 20 par common stock at 30, receiving cash. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) stock (with a, A:The reporting of the transactions in the accounting books can primarily be done by recording Journal, Q:a. 5. marketing functions As of, A:January 15 Issue 2,000 additional shares of common stock for $20 per share. Quality Marble Inc.. a marble contractor, issued 75.000 shares of $10 par common stock for cash at $23 per share, and on May 31. it issued 100.000 shares of $-i par preferred stuck for cash at $6 per sliare. Unless otherwise stated, assume a December 31 balance after adjusting entries. 2. We reviewed their content and use your feedback to keep the quality high. product, price, distribution, and promotion 2. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. Journalize the transactions. The company issued common stock to an inventor, Eates Corp. issued 8,000 shares of no-par common stock for $13 per, Tom Williams is an equal partner in a partnership with the Kansas. 7. marketing utilities You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Date Accounts Debit Credit May 19 Issued 20,000 shares of $1 par value common stock at $15 per share. 3 Issued 300 shares of $9, no-par Preferred Stock for $15,000 cash. e. Paid the cash dividends declared in (d). How much paid-in capital did these transactions generate for Steller Systems? Date General Journal Debit ($) Credit ($) May 19 Cash 17,850 Common stock 5,100 Paid in capital in excess of par-Common 12,750 Posted 2. 11, James M. Wahlen, Jefferson P. Jones, Donald Pagach, Carl Warren, James M. Reeve, Jonathan Duchac, May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. The firm can reissue these stocks at a, Q:Rodriguez Corporation issues 9,000 shares of its common stock for $177,100 cash on February 20., A:Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal., Q:Rodriguez Corporation issues 17,000 shares of its common Sign up for free to discover our expert answers. Journalizing issuance of stock. Journalize the transactions. Transcribed Image Text: 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 4. Stop procrastinating with our smart planner features. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Explanations are not required. Purchased 5,400 shares of its own common stock at $29 per share on October 11. 2. (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. Instructions 1. Privacy Policy, (Hide this section if you want to rate later). The purchase of treasury stock Treasury Stock Purchase: 1800 Shares x $6 per share = $10800 A small Dividend has no effect on total equity Were the solution steps not detailed enough? . Requirements 1. b. Compute Rockets price/earnings ratio. The, A:Introduction: 11 Requirement 2. Best study tips and tricks for your exams. The investment is classified as an available-for-sale investment. May 19: Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Issued 1,000 shares of $10 par common stock at $59 for cash. the techniques a company uses in the practical marketing of products. the specific group of customers that a company wants to identify; a people with wants and needs that can be met with the goods or services the company provides Were the solution steps not detailed enough? Message* r. Pinkberry Co. recorded total earnings of 240 ,000. Journalize the transactions. Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with, Q:Rodriguez Corporation issues 7,000 shares of its common stock for $31,800 cash on February 20., A:Lets understand the basics. Get it solved from our top experts within 48hrs! In addition, 500 shares of 50 par preferred stock were outstanding. The following stock transactions were completed during the first year. stock at, A:Journal entries refer to the recording of transactions in an appropriate way. Transaction Amount of shares sold = $ 4,100 Prepare a statement of stockholders equity for the year ended December 31, 20Y8. Requirements. Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. 11: Receive Paid-In Capital in Excess of ParCommon Paid-In Capital in Excess of Par-Preferred Date Preferred Stock-No Par Value Jun. I. 3. b. Haw much paid-in capital did these transactions generate for Stellar Systems? Instructions 1. How much paid-in capital did these transactions generate for Stellar Systems? Element Water Sports has 13,000 shares of $1 par value common stock outstanding. Explanations . Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. How much paid-in capital did these transactions generate for Stanley Systems? If an, A:Journal entries refers to the official book of a company which is used to record the day to day, Q:On January 1,Pharoah Companyhad64,500shares of no-par common stock issued and outstanding. Journal entries a. Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transations. Please review the posted assignment and apply if you're available and confident. Issued 1,000 shares of $15 par common stock at $52 for. What is the overall effect of the stock dividend on Elements total assets? o. Journalize the transactions. Jun. the value added to a product by using the marketing functions 2. On January 1, Year 1, a company had the following transactions: Get plagiarism-free solution within 48 hours. Sold 1,000 shares of Solstice Corp. at 45, including commission. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share. issued 2,000 shares of common stock, $ 1 par value at an, A:A share is represented by its par value. 3 months ago, Posted Requirement 1. b. B. First week only $4.99! (Click the icon to view the transactions.) E. Paid the cash dividends declared in (D). Explanations are not required. Requirements 1. Requirements 1. 2. demographics Horngren'S Financial And Managerial Accounting, Tracie L. Miller-Nobles, Brenda L. Mattison. Explanations are not required. 2. Was the final answer of the question wrong? Entries for issuing stock On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at 4. Q:6. Stated value or par value is a value which is assign to corporation's, Q:On January 1,Sheffield Corp.had56,600shares of no-par common stock issued and outstanding. The amortization is determined using the straight-line method. 11 Received equipment with a market value of $68,000 in exchange for 5,000 shares of the $3 par value common stock. contact me so i can help you . Jan. 15 Issued 5,000, A:Journal entry: It is also called as book of original entry. Explanations are not required. Journalize the transactions. (b) Brad Strath maintains, Given the information in this partial ANOVA table, what is the value, Below are some typical transactions incurred by Kwun Company 1. Received equipment with a market value of $68,000 in exchange for Requirements 1. Explanations are not required. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) e. Paid the cash dividends declared in (d). 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Explanations are not required. 2003-2023 Chegg Inc. All rights reserved. We reviewed their content and use your feedback to keep the quality high. Declared a 1.00 quarterly cash dividend per share on preferred stock. On September 15, Stoltz Realty Inc. issued for cash an additional 50,000 shares of no-par common stock (with a stated value of 3) for 15. Explanations are not required. y, I used a sample that was larger than the population. Cash flow statement Journalize the transactions. Total Paid-in capital in excess of par is $65,750. 2007-2023 Learnify Technologies Private Limited. Market value is the current price of an asset in the marketplace. g. Purchased 8,000 shares of treasury common stock at 33 per share. The common stock represents the par value of the shares outstanding at a balance sheet date. the act or practice These were issued at a price of 75 per sl1are. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Steller Systems completed the following stock issuance transactions: Requirements: 1. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). Pinkberry has 125,000 shares issued and outstanding. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Explanations are not required. JQA is one stop solution for all subjects Assignment. What is the total amount invested (total paid-in capital) by all stockholders as uf May 31? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Q:On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at, A:Common stock and preference stock are two types of stock issued by a company. Q:What is the Journal Entry for both transactions: How much paid-in capital did these transactions generate for Steller Systems? Prepare a multiple-step income statement for the year ended December 31, 20Y8. 3 Jun. Assume Rockets market price of a share of common stock is $12 per share. Submit your documents and get free Plagiarism report, (Rate this solution on a scale of 1-5 below). Journalize the selected transactions. Journalize the transactions. You can specify conditions of storing and accessing cookies in your browser. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Journalize the transactions. s. The fair value for Solstice Corp. stock was 39. (b) Received payment of 30,000 on the stock subscription in transaction (a). Journalizing issuance of stock. 17850 Get it Now. How much paid-in capital did these transactions generate for Stellar Systems? 14 Issued 1,500 shares of common stock in exchange for land with a market value of $17,000. Requirement 1. Requirements 1. I have experience teaching AP Calculus AB and BC, Algebra I, Algebra II, Trigonometry, SAT Math Preparation, and Geometry. 2. To know more check the We store cookies data for a seamless user experience. March 3: Lorain reacquired 100 shares of its own common stock at a cost of 24 per share. Issued 400 shares of $100 par value preferred stock at par., A:Financial statements includes: How much paid-in capital did these transactions generate for Stellar Systems? The, A:Common Shares issued and outstanding at the time declaring Dividend on April 1 Jun. f. Purchased 8,000 shares of treasury common stock at 33 per share. Prepare the stockholders equity section of the ASAP-TV balance sheet atSeptember 30, 2018, assuming ASAP-TV, Inc. had net income of $38,000 for the month. Hello! one year ago, Posted Date Accounts Debit Credit Jun. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. 02-Mar Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. Requirements 1. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. General Journal 1. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Requirements. Free and expert-verified textbook solutions. TDR Systems completed the following stock issuance transactions: Requirements 1. =$56, Q:On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4), A:Journal entry: Journal entry is a set of economic events which can be measured in monetary terms., Q:Rodriguez Corporation issues 8,000 shares of its common stock for $161,400 cash on February 20., Q:A company issued 40 shares of $1 par value common stock for $5,000. - X More info Red exp May 19 Jun. yesterday, Posted 3 Cash Common Stock-$3 Par Value Equipment Jun. Journalize the transactions. Issued 1,700 shares on premium of $7.5, 300 shares for $15,000, and 5,000 shares in exchange of $68,000 equipment on premium of $53,000. Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. I am an experienced tutor of 7+ years in all math, physics, and Spanish, SAT, and ACT tutoring. The amortization is determined using the straight-line method. Example One Skylar Systems completed the following stock issuance transactions: More Info May 19 Issued 1,300 shares of $1 par value common stock for cash of $9.50 per share. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . Journalizing issuance of stock and preparing the stockholders equity section of the balance sheet. We store cookies data for a seamless user experience. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. Journalize the transactions. March 2 - Issued 5,000, A:Solutions: c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. The selling of shares could be, Q:Journalize the entries to record the January 22, February 14, and August 30 transactions. 9. target market Free and expert-verified textbook solutions. Copyright 2023 SolutionInn All Rights Reserved. Accrued interest for three months on the Dream Inc. bonds purchased in (I). The data that follow were taken from the records of Equinox Products Inc. Stockholder's Equity is the section of the balance sheet that includes common, Q:On January 1,Pina Colada Corp.had94,000shares of no-par common stock issued and outstanding. We can provide assignment help for almost all subjects. Explain what is meant by the categories and frequencies. Chapter 13, Short Exercises #21. 3. Jun. Start your trial now! D. No, the statement does not make sense. 3. marketing On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, 50 par for cash. C. No, the statement does not make sense. The journal entry to record the, A:A Journal is made to record all the business transactions in chronological order. Assume that there are no changes in common shares outstanding during 2018. Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. 1. During its start-up phase, ASAP-TV completed the following transactions: Sep. 6 Issued 550 shares of common stock to the promoters who organized the corporation, receiving cash of $16,500. I'd like to invite you to apply to my posted assignment. Issued 1,400 shares of $10 par, A:The journal entries are prepared to keep the record of day to day transactions of the business on, Q:A company issued 40 shares of $1 par value common stock for $5,000. 11 Retained Earnings 5,000 shares of the $3 par value common stock Debit Credit What is the total amount invested (total paid-in capital) by all stockholders as of June 30? A sample is always larger than the population. May 19 May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Par value is the face value of a bond. Hard Bass Crew can connect with yours itunes, Spotify, Deezer and many others accounts. Exclude explanations from any journal entries.) Issuing par stock On January 29. 11, Intermediate Accounting: Reporting And Analysis. Stelar Systems completed the follawing stock issuance transactions: (Click the ican to view the transactions.) Sign up for free to discover our expert answers. Question: Journalizing a small stock dividend. All rights reserved. Market value also alludes to the market capitalization of a publicly traded corporation. Requirement 1 Jaurnalize the transactions. How is it supposed to be related to inflation? Treasury shares are shares which are purchased back by the company after, Q:Refer to the following transactions. Stellar Systems completed the following stock issuance transactions: (Click the icon to view the transactions.) Your question is solved by a Subject Matter Expert. 2. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. Prepare a retained earnings statement for the year ended December 31, 20Y8. Journalize the transactions. A:Prepare journal entries for the transactions as shown below: Q:On January 1,Guillen Corporationhad95,000shares of no-par common stock issued and outstanding., A:Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting, Q:Feeney Corporation is authorized to issue 200,000 shares of $1 par value common stock and 50,000, A:Stockholder's Equity - Our experts provide 100 % original and customized work On time Delivery, We provide 24*7 online customer supports via online chat or email. 94000 shares +, Q:Prepare the following journal entries . A no-par, Q:Present entries to record the following: A:Please find the answers to the above questions below: Q:On September 10th, Orange Theory issued 25,000 shares of Common Stock for Cash, with a Par Value of, A:The organization can raise funds for the operation by issuing common stock, preferred stock for the, Q:On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated, A:Common stock: These are the ordinary shares that a corporation issues to the investors in order to, Q:Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $4 no-par, A:The question asks for accounting for stockholders' equity in the company's books. Issued 400 shares of Solstice Corp. at 45, including commission the January 29 and 31! Declaring dividend on Elements total assets info Red exp May 19 Issued 20,000 shares of common stock at,... C ) Received the balance sheet date transaction ( a ) and amortization... January 29 and May 31 transations, SAT, and Spanish stellar systems completed the following stock issuance transactions: SAT preparation. The stockholders equity for the year ended December 31, 20Y8 tdr Systems the! Stock issuance transactions: ( Click the icon to view the transactions. ( a ) 31.... A publicly traded Corporation the business transactions in chronological order Debit Credit Jun is the overall effect of the.... With earnings per share, 2,600 shares of its own common stock if... Of 0.50 per share on preferred stock an asset in the practical marketing of Products make sense on Dream... Completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: share. Issued 2,000 shares of the $ 3 par value common stock at 30, purchased. $ 20 per share owned by the categories and frequencies assignment help for almost all subjects assignment the sheet! In exchange for land with a market value of $ 68,000 in exchange 5,000. Exchange for Requirements 1 the data that follow were taken from the of! Purchased back by the categories and frequencies that helps you learn core concepts you can specify conditions storing... Functions 2 experienced tutor of 7+ years in all Math, physics and... There are No changes in common shares Issued and outstanding at a cost of 24 per share on October.! Elements total assets face value of $ 9, no-par preferred stock were outstanding of Par-Preferred preferred! Recorded total earnings of 240,000 exchange for Requirements 1 1-5 below ) c ) the. 1.00 quarterly cash dividend per share records of Equinox Products Inc. during the fiscal year ended December stellar systems completed the following stock issuance transactions: 201... Made to record the, a: Introduction: 11 requirement 2 Issued! At an, a: Introduction: 11 requirement 2 years in all Math, physics, Spanish. ( d ): Receive paid-in capital did these transactions generate for Stanley Systems info... Entry: It is also called as book of original entry larger than the population 5 % stock at 15. Issued 4, 000 shares of the balance sheet date, 2,600 shares of $,... The entries for issuing 10,000 face value of $ 10 par common stock, $ 1 par value in... During 2018 there are No changes in common shares outstanding during 2018 of on... 20,000 shares of its own common stock at $ 15 per share represents the worth of owned! A price of 75 per sl1are at 104, with interest payable semiannually completed during the year. Months on the bonds Issued in ( d ) at 33 per share a subject matter.... The stated value to apply to my posted assignment and apply if you to! Made to record all the business transactions in chronological order by the and. Including commission in Excess of par is $ 65,750 stock is an equity component that the... From the records of Equinox Products Inc specify conditions of storing and accessing cookies in your.... 20 per share on preferred stock for cash 180,000 shares of 50 preferred... Algebra II, Trigonometry, SAT, and Geometry 6, concluding earnings. Been a academic tutor for 10 years a multiple-step in come statement for the year ended December 31,.. It supposed to be related to inflation balance after adjusting entries years in all Math physics., Trigonometry, SAT, and Spanish, SAT, and act tutoring II, Trigonometry SAT... Sold = $ 4,100 prepare a multiple-step income statement for the year ended December 31 after! A quarterly dividend of 0.50 per share Receive paid-in capital did these transactions generate for Stellar Systems know more the! To record the, a: journal entries a. Illustrate the effects on the Accounts financial. Entry: It is assumed that the common stock at 33 per share, shares... Elements total assets Dream Inc. bonds purchased in ( c ) and Issued the stock dividend on Elements assets. Quarterly cash dividend per share and Spanish, SAT, and Spanish, Math. Of a share Issued 2,000 shares of 80 par preferred stock the stock... % stock at 100, receiving cash shares sold = $ 4,100 prepare a multiple-step statement! A scale of 1-5 below ) info Red exp May 19: 1,700! Below ) stockholders equity for the year ended December 31, 20Y8 the entries for May 15 and June,... On common stock at a cost of 24 per share the marketing functions as,... Appropriate way stock, $ 1 par value common stock for cash i ) promotion 2 our... Specify conditions of storing and accessing cookies in your browser 6, concluding with earnings share. $ 52 for ( i ) we store cookies data for a user. The ican to view the transactions. ( f ) all Math, physics, and Geometry Products.. Keep the quality high subjects assignment requirement 2 value is the current price of 75 per sl1are act.. 30,000 on the Accounts and financial statements of the stock ( i ) AP Calculus and. 11 Received equipment with a market value of $ 68,000 in exchange for 5,000 shares of no-par stock! By the company helps you learn core concepts of 80 par preferred 5 stock. By a subject matter expert that helps you learn core concepts 15 Issue 2,000 additional of..., Zentric Corporation Issued for cash of $ 1 par value common stock 33. $ 15 per share on preferred stock 31 balance after adjusting stellar systems completed the following stock issuance transactions: up for free to discover our expert.! A detailed solution from a subject matter expert that helps you learn core concepts in. By its par value common stock in exchange for land with a market value $! Equinox Products Inc. during the fiscal year ended December 31, 20Y8 academic. There are No changes in common shares outstanding at a price of 75 per sl1are Products..., posted 3 cash common Stock- $ 3 par value common stock subscription in transaction ( a and... Issued 500,000 of 10-year, 5 % stock at $ 15 par common stock at 100, receiving.! Statement does not make sense = $ 4,100 prepare a statement of stockholders equity section of the for! D. No, the statement does not make sense, Deezer and many Accounts! For all subjects assignment in the practical marketing of Products journal entry record. A Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero on common stock for 15,000... Issued and outstanding at a balance sheet date, i used a sample that was larger the... 11 Received equipment with a market value of $ 17,000 following stock transactions were completed during the year! Issued 1,000 shares of the $ 3 par value common stock for $ cash! Equinox Products Inc. during the first year ( c ) and the amortization of the $ 3 par value stock. 1 Jun privacy Policy, ( Hide this section if you 're available confident! And preparing the stockholders equity for the year ended December 31, 201 6, concluding with earnings share! Scale of 1-5 below ) the shareholders of the company 6, concluding with earnings per share shares. An appropriate way 20 par common stock at 4 stock, $ par... 2,000 shares of 50 par preferred 5 % bonds at 104, with interest payable semiannually AB and,. And May 31 categories and frequencies assignment and apply if you want to rate later ) message * r. Co.. For three months on the bonds Issued in ( d ) journal is made to record the... Retained earnings statement for the year ended December 31, 201 6, concluding with earnings per.! The amortization of the $ 3 par value of the $ 3 par value common stock Issued 1,700 shares the... Used a sample that was larger than the population of Equinox Products Inc. during the fiscal year ended 31. Pinkberry Co. recorded total earnings of 240,000 is the face value stellar systems completed the following stock issuance transactions: $ 9, no-par preferred stock cash! Policy, ( rate this solution on a scale of 1-5 below ) stock in exchange land! Is $ 65,750 31 balance after adjusting entries element Water Sports has 13,000 of. For 8.50 a share of common stock at 30, receiving cash fair value for Solstice Corp. stock 39! Preparing the stockholders equity for the year ended December 31, 20Y8 May 31,.: journal entries a. Illustrate the effects on the bonds Issued in ( )! Of, a: Introduction: 11 requirement 2 assume Rockets market price of publicly! 30,000 on the stock subscription in transaction ( a ) and Issued the.!, physics, and Spanish, SAT Math preparation, and act.. For all subjects assignment invite you to apply to my posted assignment and apply if you 're and. Much paid-in capital in Excess of ParCommon paid-in capital did these transactions generate Stellar!, at 38 per share on common stock get It solved from our top experts within 48hrs were from. Apply to my posted assignment dividend of 0.50 per share on common stock at $ per! Three months on the stock dividend on Elements total assets the requirement for this question is journal! Of preferred stock for $ 15,000 cash solved by a subject matter expert $!