Reference no: EM133169456
Question - Pelican Corporation was organized on January 1, 2021, with 700,000 authorized $5 par common shares and 100,000 authorized $15 par preferred shares. During 2021 (the first year of operations), the corporation had the following capital transactions:
January 1 Issued 370,000 common shares and 85,000 preferred shares for $15,792,000
March 31 Issued 25,000 shares of common stock in exchange for land apprised at $675,000. The stock was actively trading at $28 per share on March 31.
July 31 Repurchased 135,000 shares of common stock at $32 per share
September 20 Sold 33,000 treasury shares at $33 per share
December 20 Sold 90,000 treasury shares at $29 per share
Required -
a. On January 1, 2021, the common stock was valued at $23 per share and the preferred stock value was unknown. Prepare the entry to record the stock issuance on January 1, 2021.
b. Prepare the journal entry to record the land acquisition on March 31.
c. Prepare the journal entry to record the repurchase of shares on July 31.
d. Prepare the journal entries to record the sales of shares on September 20 and December 20.
|
Evaluate the moral obligation of a taxpayer in maine
: California's public university system (UC and Cal State) is the largest in the country. Evaluate the moral obligation of a taxpayer in Maine
|
|
What is joan recognized gain and basis
: The adjusted basis of Robert's building is $70,000, and the FMV is $240,000. What is Joan's recognized gain and basis in the building received
|
|
What does the term opinion shopping mean
: Question - Background Info and Accounting irregularities of the fraud by Lehman Brothers. What does the term "opinion shopping" mean
|
|
Demonstrate theories explaining the demand for auditing
: Discuss the role of Auditing and other Assurance services in society. Demonstrate theories explaining the demand for auditing
|
|
Prepare the journal entry to record the land acquisition
: Pelican Corporation was organized on January 1, 2021, with 700,000 authorized $5 par common shares. Prepare the journal entry to record the land acquisition
|
|
Prepare a flexible budget performance report
: For the level of production in May, budgeted amounts were sales, $1,350,000; Prepare a flexible budget performance report
|
|
Discuss two factors that lead to the intense challenges
: The continuous changes in environment influence management accounting practices, Discuss TWO factors that lead to the intense challenges
|
|
What is the total amount of the dividend that will be paid
: The company's board of directors declares a dividend of $0.40 per share of common stock. What is the total amount of the dividend that will be paid
|
|
How much would ingrid have to deposit today
: If Ingrid can find an investment that pays a 6% return every year, how much would Ingrid have to deposit today to establish this fund
|