Reference no: EM132889049
Problem - Amlin Corporation was incorporated on January 1, 2019, with the following authorized capitalization:
20,000 shares of common stock, no-par value, stated value $40 per share
5,000 shares of 5% cumulative preferred stock, par value $10 per share
During 2019, Amlin issued 12,000 shares of common stock for a total of $600,000 and 3,000 shares of preferred stock at $16 per share. In addition, on December 21, 2019, subscriptions for 1,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on March 4, 2020. What should Amlin report as total contributed capital on its December 31, 2019, balance sheet issued on February 1, 2020?
|
Create the journal entry to record this transaction
: The contract requires the subscribers to purchase 2,000 shares of $4 par common stock at a price of $20 per share. Create journal entry to record transaction
|
|
Prepare the journal entry to record this transaction
: Brown Corporation issues 800 shares of its $5 par common stock for $20 per share. Prepare the journal entry to record this transaction
|
|
What is the effect on total shareholders equity
: When treasury stock is purchased for cash at more than its par value, what is the effect on total shareholders' equity under each of the following methods
|
|
How much should stoner charge to compensation expense
: How much should Stoner charge to compensation expense for the year ended December 31, 2019
|
|
What should Amlin report as total contributed capital
: What should Amlin report as total contributed capital on its December 31, 2019, balance sheet issued on February 1, 2020
|
|
What amount should credited to the common stock account
: The market value of the common stock at the conversion date was $40 per share. What amount should be credited to the Common Stock account on December 31, 2020
|
|
What should be the amount of additional paid-in capital
: Apr. 23 Issued 1,000 shares for legal services when the market price was $14 per share. What should be the amount of additional paid-in capital
|
|
Determine the total contributed capital amounted
: Issued 5,000 shares of common stock in exchange for a patent valued at $100,000. At the end of Cary's first year, determine the total contributed capital
|
|
Research the generally accepted accounting principles
: Research the related generally accepted accounting principles and prepare a short memo to your audit partner that answers whether long-term debt reclassified
|