Prepare journal entry upon purchase of the treasury stock

Assignment Help Financial Accounting
Reference no: EM13864901

In 2009, Seda Corp. acquired 6,000 shares of its $1 par value common stock at $36 per share. During 2010, Seda issued 2,000 of these shares at $40 per share. Seda uses the cost method to account for its treasury stock.

A) Prepare the journal entry upon purchase of the treasury stock.

Reference no: EM13864901

Questions Cloud

Attorney has indicated that loss is probable : Cameron Inc. is a defendant in a lawsuit. The company’s attorney has indicated that a loss is probable. The amount of loss can be estimated to be within a range of $5 million to $15 million. How should Cameron handle this situation on the books? Prep..
Consolidated balances for pre-acquisition subsidiary revenue : December 31 consolidated financial statements are being prepared for All sports Company and its new subsidiary acquired on July 1 of the current year. Should All sports adjust its consolidated balances for the pre-acquisition subsidiary revenues and ..
What effect does the computer printout format in score : Score/Score short story byPhyllis Gotlieb What effect does the computer printout format in Score/Score have on readers? What mood does it create? What feelings does it evoke?Is the tone serious, Humorous, Ironic, or  Something else?  explain ideas w..
Discuss the purpose of plea bargaining : A substantial number of criminal cases are resolved through plea bargaining. Discuss the purpose of plea bargaining and the impact this practice has on the criminal justice system.
Prepare journal entry upon purchase of the treasury stock : In 2009, Seda Corp. acquired 6,000 shares of its $1 par value common stock at $36 per share. During 2010, Seda issued 2,000 of these shares at $40 per share. Seda uses the cost method to account for its treasury stock. Prepare the journal entry upon ..
Summarize terms : Summarize Terms To be eligible for full credit, you must complete both sections of the assignment. Section One: Defining Terms Based on the readings this week, explain following terms in three to five descriptive sentences each:
What amounts were payable on each class of stock : At December 31, 2008 and 2009, Carr Corp. had outstanding 4,000 shares of $100 par value, 6 percent cumulative preferred stock and 20,000 shares of $10 par value common stock. At December 31, 2008, dividends in arrears on the preferred stock were $12..
Conduct careful observation of service encounter : Conduct careful observation of "service encounter" type of interactions in a real world setting. Select a setting such as convenience store, cafeteria or Starbucks, open to the public. Select time when there is not much traffic so that people are ..
What was amount of dividends payable to stockholders : 200,000 shares of common stock, par value $1 per share. On December 15, 2011, Arp declared dividends of $100,000. What was the amount of dividends payable to Arp's common stockholders?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How should loss be reported in the financial statements

when should a parent consider recognizing an impairment loss for goodwill associated with a subsidiary? How should the loss be reported in the financial statements?

  How many ounces were started and completed during the period

Rocky Springs Beverage Company consists of two departments, Blending and Filling. The Filling Department received 45,800 ounces from the Blending Department. During the period, the Filling Department completed 53,800 ounces, including 11,200 ounces o..

  Company depreciation and amortization expense

Trevi Corporation recently reported an EBITDA of $32,600 and $9,500 of net income. The company has $6,700 interest expense, and the corporate tax rate is 35 percent. What was the company’s depreciation and amortization expense?

  Determine the yield-to-maturity

What annual payment did you, as an original bondholder, receive and  What was the yield-to-maturity (YTM) of the bonds at their date of issue?

  What are the total proceeds

On May 1, 2014, Stanton Company purchased $60,000 of Harris Company's 12% bonds at 100 plus accrued interest of $2,400. On June 30, 2014, Stanton received its first semiannual interest. On February 1, 2015, Stanton sold $50,000 of the bonds at 103 pl..

  Would outsourcing the payroll function increase

Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. Would outsourcing the payroll function increase o..

  Statement of cash flows as rent paid using the direct method

Ludwig Company's prepaid rent was $11,000 at December 31, 2012, and $14,000 at December 31, 2013. Ludwig reported rent expense of $24,000 on the 2013 income statement. What amount would be reported in the statement of cash flows as rent paid using th..

  Discuss the financial statement impacts

Discuss the financial statement impacts of postponing the purchase of the equipment. Would the market price of the firm’s common stock be affected by any or all of these impacts?

  Evaluate how teamwork and leadership is an effective tool

Evaluate how teamwork and leadership is an effective tool for financial forensic investigations. Provide support for your evaluation.

  Basic sources of capital include

Basic sources (forms) of capital include which of the following?

  Calculate book value on its die cutting machine

Grogle Company had to calculate book value on its die cutting machine. The company paid $32,000 for the equipment on January 1, 2012, but its current appraised value is $46,000. On December 31, 2015, accumulated depreciation on the machine is $12,000..

  Type of fund in which each entry would be made

It is the policy of the organization to charge an entire year's depreciation in the year of acquisition. Prepare all required journal entries, being certain to indicate the type of fund in which each entry would be made.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd