Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 8,000 shares at $16 per share. Required: Record the sale of the common stock, given the following independent assumptions: 3. The stock has no-par and no stated value.
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Record the sale of the common stock, given the following independent assumptions: |
3. | The stock has no-par and no stated value. |
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- Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 8,000 shares at $16 per share. Required: Record the sale of the common stock, given the following independent assumptions: 2. The stock is no-par stock, but the board of directors has assigned a stated value of $8 per share.Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 5,000 shares at $16 per share. Required: Record the sale of the common stock, given the following independent assumptions: 1. The stock has a par value of $10 per share. 2. The stock is no-par stock, but the board of directors has assigned a stated value of $8 per share. 3. The stock has no-par and no stated value.On November 25, Astoria Corporation issued 60,000 shares of its $5 par value common stock for $10 per share. On December 31, Astoria Corporation's common stock was trading at $15 per share. Assuming Astoria Corporation did not issue any other common stock, how does the increase in the market value of its outstanding stock affect Astoria? Select one: O a. Astoria should recognize additional net income for Year 1 of $5 per share, or $300,000 O b. Paid-in capital at December 31, is $900,000 (i.e., 60,000 shares times $15 per share). O c. Each shareholder must pay an additional $5 per share to Astoria O d. This increase in market value of outstanding stock is not recorded in the financial statements of Juniper Corporation
- Osage Corporation issued 2,000 shares of common stock.Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The stock had a par value of $5 per share and was issued for a total of $52,000. (b) The stock had a stated value of $5 per share and was issued for a total of $52,000. (c) The stock had no par or stated value and was issued for a total of $52,000. (d) The stock had a par value of $5 per share and was issued to attorneys for services during incorporation valued at $52,000. (e) The stock had a par value of $5 per share and was issued for land worth $52,000.Josie Inc.'s charter authorizes 1,000 shares of stock with no par value. Josie Inc. sells 100 shares of stock at its initial offering for $5 per share. The journal entry to record this transaction will include a (debit/credit) to Common Stock, for $.Tulip Corporation uses the cost method to account for treasury stock transactions on December 31. Required: 1. What journal entry would Tulip make to record the reacquisition of 2,000 shares of its common stock at $12 per share? After the treasury stock transaction, Tulip made the following journal entry when it reissued the treasury shares:
- Blue Spruce Corp. issued 3,000 shares of stock. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) The stock had a par value of $10 per share and was issued for a total of $48,000. (b) The stock had a stated value of $10 per share and was issued for a total of $48,000. (c) The stock had no par or stated value and was issued for a total of $48,000. (d) The stock had a par value of $10 per share and was issued to attorneys for services during incorporation valued at $48,000. (e) The stock had a par value of $10 per share and was issued for land worth $48,000. No. Account Titles and Explanation (a) Debit CreditBridgeport Corporation issued 590 shares of no-par common stock for $8,800. Prepare Bridgeport's journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.Bridgeport Corporation issued 590 shares of no-par common stock for $8,800.Prepare Bridgeport’s journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
- On June 1, Sheffield Inc. issues 3,350 shares of no-par common stock at a cash price of $7 per share.Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. what is the date ? What is the title and explation? What is debit or credit ?Sheffield Corporation issued 410 shares of $10 par value common stock and 123 shares of $50 par value preferred stock for a lump sum of $18,450. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit CreditSheridan Company issued 1,150 shares of stock.Prepare the entry for the issuance under the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The stock had a par value of $5 per share and was issued for a total of $49,450. (b) The stock had a stated value of $5 per share and was issued for a total of $49,450. (c) The stock had no par or stated value and was issued for a total of $49,450. (d) The stock had a par value of $5 per share and was issued to attorneys for services provided during incorporation valued at $49,450. (e) The stock had a par value of $5 per share and was issued for land worth $49,450. No. Account Titles and Explanation Debit Credit (a) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a…