Sunland Company has issued 1,900 shares of common stock and 380 shares of preferred stock for a lump sum of $70,000 cash. Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $26 per share, and the par value of the preferred stock was $40 and has no ready market.
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Sunland Company has issued 1,900 shares of common stock and 380 shares of
Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $26 per share, and the par value of the preferred stock was $40 and has no ready market.
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- Oriole Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash. Part 1 Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (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.) Account Titles and Explanation Debit Credit Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $24 per share, and the par value of the preferred stock was $40 and has no ready market. (Credit account titles are automatically indented when amount is…Ehrlich Corporation's common stock had a $10 par value and the preferred stock had a $50 par value. Journalize the following independent transactions: a. Issued 600 shares of common stock for equipment. The equipment had been appraised at $7,100; the seller's book value was $6,200. The most recent market price of the common stock is $16 a share. b. Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $10,800. The common had been selling at $14 and the preferred at $65. c. Issued 200 shares of common and 50 shares of preferred for equipment. The common had a fair value of $16 per share; the equipment has a fair value of $6,500.Sunland Company has issued 1,900 shares of common stock and 380 shares of preferred stock for a lump sum of $70,000 cash. Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock
- Pharoah Inc. issued 12900 shares of no-par common stock with a stated value of $5 per share. The market price of the stock on the date of issuance was $15 per share. The entry to record this transaction includes a O credit to Common Stock for $64500. O debit to Paid-in Capital in Excess of Par for $193500. O debit to Cash for $64500. O credit to Common Stock for $193500. eTextbook and MediaMcVie Corporation’s stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 350,000 shares at $6 share. Jun. 7 Issued 94,000 shares in exchange for equipment with a clearly determined value of $209,000. Sep. 19 Purchased 2,500 shares of treasury stock at $8 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.McVie Corporation’s stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 330,000 shares at $5 share. Jun. 7 Issued 93,000 shares in exchange for equipment with a clearly determined value of $205,000. Sep. 19 Purchased 2,700 shares of treasury stock at $7 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Jun. 7 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 Sep. 19 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24
- abc has issued 3,000 shares of common stock and 400 shares of preferred stock for a lump sum of $80,000 cash. Instructions Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $32, and the par value of the preferred stock was $20 and the fair value $50. Give the entry for tike issuance assuming the same facts as (a) above except the preferred stock has no ready market and the common stock has a fair value of $22 per share.McVie Corporation's stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 310,000 shares at $5 per share. Jun. 7 Issued 95,000 shares in exchange for equipment with a clearly determined value of $212,000. Sep. 19 Purchased 2,400 shares of treasury stock at $8 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 Jun. 7 Sep. 19McVie Corporation’s stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 340,000 shares at $4 share. Jun. 7 Issued 95,000 shares in exchange for equipment with a clearly determined value of $206,000. Sep. 19 Purchased 2,100 shares of treasury stock at $6 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28 Jun. 7 Sept. 19
- Lily Corporation issued 5,400 shares of stock. Prepare the entry for the issuance under the following assumptions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) (d) The stock had a par value of $5 per share and was issued for a total of $68,000. The stock had a stated value of $5 per share and was issued for a total of $68,000. The stock had a par value of $5 per share and was issued to attorneys for services duri The stock had a par value of $5 per share and was issued for land worth $68,000.Coronado Industries has issued 1,500 shares of common stock and 300 shares of preferred stock for a lump sum of $55,000 cash. 1). Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) 2). Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $22 per share, and the par value of the preferred stock was $40 and has no ready market.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 Credit