Prepare journal entries to record each transaction

Assignment Help Financial Accounting

Reference no: EM13866185

Prepare journal entries to record each transaction:

Record the sale of 2,710 shares of $10 par value preferred stock at $14 per share.

Record the declaration of annual cash dividend of $3.20 per share on common stock. There were 8,500 shares of $1 par value common stock issued and outstanding throughout the year.

Record the issue of 2,400 shares of $8.5 par value preferred stock in exchange for a building when the market price of preferred stock was $16 per share.

Record the purchase of 110 shares of preferred stock for the treasury at a price of $13 per share.

Record the sale of 90 shares of the preferred stock held in treasury for $17.5 per share.

Record the issuance of 14% stock dividend on the $1 par value common stock when the market price per share was $35.

Reference no: EM13866185

Questions Cloud

What is rpi and what does it include : Review the information presented on Robust Process Improvement (RPI) in the Chassin (2011) article. Address the following questions: What is RPI and what does it include

Incorporate the time value of money : Harrison, Inc. acquires 100% of the voting stock of Rhine Company on January 1, 2010 for $400,000 cash. A contingent payment of $16,500 will be paid on April 15, 2011 if Rhine generates cash flows from operations of $27,000 or more in the next year. ..

Prepare entries to record the recent repairs : Resorts Ltd. has occupied its plant facility for 15 years, about one-third of its expected useful life. Although still very functional, numerous repairs have been required in recent months. Te accounts indicate the original cost of the plant building..

Discuss how the cost of the new equipment : Vedat Corporation acquires new equipment with a list price of $100 to expand its product line. Vedat pays $50 of this cost on delivery and agrees to pay $25 of the remainder in one year's time and the final $25 in two year's time. Discuss how the cos..

Prepare journal entries to record each transaction : Prepare journal entries to record each transaction: Record the sale of 2,710 shares of $10 par value preferred stock at $14 per share. Record the declaration of annual cash dividend of $3.20 per share on common stock. There were 8,500 shares of $1 pa..

Double declining balance depreciationc : Straight-line depreciationb. Double declining balance depreciationc. Sum of the year's digits depreciationThe company computes depreciation and amortization expense to the nearest whole year.

Determine the amount of intra- entity at the end : Jasper inc holds 30% of the outstanding voting shares of kinson co. and appropriately applies the equity method of accounting. Amortization associated with this investment equals 11,000 per year. For 20x1 , Kinson reported earings of 100,000 and paid..

Purchased inventory amounting : Georgia Co. had beginning inventory of $1,350 and ending inventory of $1,475. The cost of goods sold was $4,350. Based on this information, Georgia Co. must have purchased inventory amounting to:

Compare and contrast the fayol''s polc functions : Compare and contrast the Fayol's POLC functions of management with the systems thinking approach and determine which is more comprehensive and explain why. Be sure to explain each of the precepts and how they work.

User Account

All Pages