Reference no: EM132955599
Questions -
Q1) Jarrell, Inc. purchases 8,500 shares of the company's own $6 par common stock for $8 per share. Journalize the transaction. Omit explanation.
Q2) Foodmart, Inc. completed the following treasury stock transactions in 2018:
Mar. 3 Purchased 1,800 shares of the company's $3 par value common stock as treasury stock, paying cash of $10 per share.
Mar. 17 Sold 400 shares of the treasury stock for cash of $12 per share.
Mar. 25 Sold 600 shares of the treasury stock for cash of $7 per share.
(Assume the balance in Paid-In Capital from Treasury Stock Transactions on March 24 is $ 1,200.)
Journalize these transactions. Explanations are not required.
How will Foodmart, Inc. report treasury stock on its balance sheet as of December 31, 2018?
Q3) A company originally issued 14,000 shares of $5 par value common stock at $12 per share. The board of directors declares a 14% stock dividend when the market price of the stock is $25 a share. Which of the following is included in the entry to record the declaration of a stock dividend?
A) Stock Dividends is debited for $24,500.
B) Common Stock-$5 Par Value is credited for $47,040.
C) Common Stock is credited for $49,000.
D) Stock Dividends is debited for $49,000.
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