PLEASE DO NOT GIVE SOLUTION IN IMAGE FORMAT Problem 3.In 2013 Bill Barnes and several friends organized a corporation called Barnes Communications, Inc. Thecorporation was authorized to issue 500 000 shares of $10 par value, 6% cumulative preferred stock and4000 000 shares of $7 par value common stock and issued 120 000 preferred shares and 1000 000 commonshares at the beginning of 2013 at par value. The following transactions (among others) occurred during the2014:Jan 6 Issued for cash 200 000 shares of common stock at $18 per share. The shares were issued to Barnesand 10 other investors.Jan.7 Issued an additional 300 shares of common stock to Barnes exchange for his services in organizing acorporation. The stockholders agreed that these services were worth $7 000.Jan.12 Issued 25 000 shares of preferred stock for cash of $300 000June 4 Acquired land as a building site in exchange for 150 000 shares of common stock. In view of theappraised value of the land and the progress of the company, the directors agreed that the commonstocks was to be valued for purposes of this transaction at $15 per share.Aug. 8 The corporation purchased back 100 000 of its common shares from market at $13 per share. Nov.15 The annual dividend was declared for all types of shares to be paid December 20. Each commonshare was paying $0.4 per share. (Hint: In 2013 no dividends were paid to preferred and commonshareholders).Dec. 1 Reissued 60 000 of the treasury stock at a price $18 per share.Dec.20 Paid the cash dividend declared on November 15Dec.31 After the revenue and expenses were closed into the Income Summary account, that accountindicated a net income of $1 972 000. Retained earnings as at December 31, 2013 was $250 000.InstructionsPrepare journal entries in general journal form to record the above transactions. Include entries at December31 to close the Income Summary to Dividends account.

Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…

Answered: Problem 3. In 2013 Bill Barnes and…

Cornerstones of Financial Accounting

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Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...

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Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.
Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $85,500. 15 Received $23 cash per share for the issuance of 85,000 common shares. 16 Issued 10,000 preferred shares for cash of $49 per share. 17 8,000 common shares were issued to a creditor who was owed $140,000. 18 The board of directors declared a cash dividend of $20,500 on the preferred shares and $6,000 on the common shares to shareholders of record on June 20, payable July 1. 30 160,000 common shares were issued in exchange for machinery with a fair market value of $2,920,000. The shares were actively trading on this date at $17.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction list Journal entry worksheet…
The following selected transactions occurred during Trio Networks Corporation’s first year of operations: 2023 Jan. 15 Issued 2,000 common shares to the corporation’s promoters in exchange for their efforts in creating it. Their efforts are estimated to be worth $31,100. Feb. 21 13,000 common shares were issued for cash of $13 per share. Mar. 9 6,000 preferred shares were issued for cash totalling $108,600. Aug. 15 55,000 common shares were issued in exchange for land, building, and equipment with appraised values of $311,000, $416,000, and $108,000, respectively. Only typing answer Please explain step by step
Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $84, 400. 15 Received $21 cash per share for the issuance of 74,000 common shares. 16 Issued 10,000 preferred shares for cash of $38 per share. 17 8,000 common shares were issued to a creditor who was owed $129,000. 18 The board of directors declared a cash dividend of $19,400 on the preferred shares and $ 4,900 on the common shares to shareholders of record on June 20, payable July 1. 30 149,000 common shares were issued in exchange for machinery with a fair market value of $2,435,000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends.
Mainland Resources Inc. began operations on June 5, 2023. 2023 June 5 Gave 4,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $83,800. 15 Received $21 cash per share for the issuance of 68,000 common shares. 16 Issued 10,000 preferred shares for cash of $32 per share. 17 8,000 common shares were issued to a creditor who was owed $123,000. 18 The board of directors declared a cash dividend of $18,800 on the preferred shares and $4,300 on the common shares to shareholders of record on June 20, payable July 1. 30 143,000 common shares were issued in exchange for machinery with a fair market value of $2,345,000. The shares were actively trading on this date at $15.00 per share. July 1 The dividends declared on June 18 were paid. Required: Journalize the above equity transactions that occurred during the first month of operations. Cash dividend account is used for declaring dividends. View transaction list Journal entry worksheet…
The Sirap Corp. issued 20000 shares of Common Stock $1 Par at $25 on 1/3/17. The following transactions occurred in 2018. Reacquired 2000 shares of Treasury Stock $40 per share. The Co, then sold 800 shares of the Treasury Stock at $50 per share. C) The Co. then sold 500 shares of the Treasury Stock at $36 per share. How do you Journalize the above 4 Transactions in good form?
9. C Corp. was incorporated on 1st January,2018. It is authorised to issue 21,000 shares of 9% @ $35 par value preferred stock and 500,000 shares of Common stock with the stated value of $ 5 per share. The following stock transactions took place during the year: Jan 10 Issued 80,000 shares of common stock for cash @ $ 7 per share. Feb 15 Issued 5,000 shares to Attorney in lieu of legal expenses incurred for incorporation of the company. March 1 Issued 2,000 preferred stock for cash at $40 per share. May 1 Issued 150,000 shares of common stock for cash @ $9 per share. Sept 1 issued 5,000 shares of common stock for cash @ 10 per share. Prepare the Stockholders Equity Account for December,2018

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