In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B >
Expert Answer:
Answer rating: 100% (QA)
Nicklaus Corporation Journal entries Date Account Debit Credit Calculation Part A 2Jan Cash 30000000 ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries to record these transactions (round the answer to two decimal places): Oct. 31 Accepted a $1 5,000, six-month, 4.5% note dated today from Leann Grimes in granting a time...
-
Prepare the journal entries to record these transactions on Allied Companys books using a periodic inventory system. (a) On March 2, Allied Company purchased $1,000,000 of merchandise from B....
-
Prepare the journal entries to record these transactions on Koeller Companys books using a periodic inventory system. (a) On March 2, Koeller Company purchased $800,000 of merchandise from Reeves...
-
GoFast Corp. wishes to renovate the property so that he can sell it at a higher price.The after-tax cash flow over next year up to RM320,000 if the property was renovated.The renovation cost is...
-
At the beginning of the year, Ted Frey decided to prepare a cash budget for the year, based upon anticipated cash receipts and payments. The estimates in the budget represent a best guess. The budget...
-
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 9 months of the year, and Marty earns $45,000. The twins are in day care so Jean can go to school while...
-
Make-or-buy product component (Learning Objective 6) Fiber Systems manufactures an optical switch that it uses in its final product. Fiber Systems incurred the following manufacturing costs when it...
-
To conduct an experiment, AMC increased movie ticket prices from $9.00 to $10.00 and measured the change in ticket sales. Using the data over the following month, they concluded that the increase was...
-
Which of the following BPMN shapes represents a data object? Multiple Choice
-
a. Determine sample size: Determine sample size for each company using classical variables MPU estimation sampling. b. Analysis and evaluation: Assume the total audited value of the Company X sample...
-
What is the coefficient of determination given a coefficient of correlation of 0.9323?
-
A fixed asset with a cost of $27,412 and accumulated depreciation of $24,670.80 is sold for $4,660.04. What is the amount of the gain or loss on disposal of the fixed asset?
-
What is the average rate of change of f(x) = x + 2x - 6 on the interval [1,5]?
-
In 2022, Jim Ross had total long-term capital gains of $4,700 and long-term capital losses of $9500 (all in the 0% / 15% / 20% bucket). In total, how much of the $9500 in losses can good ole' Jim...
-
10. The mean of a normal probability distribution is 60; the standard deviation is 5 a. About what percent of the observations lie between 55 and 65? b. About what percent of the observations lie...
-
In Department III of SAMCIS Company, a portion of the materials (a by-product) is removed further processed and sold. The Company uses the reversal cost method to account for the by-product. Data for...
-
Which of the following is not a suggestion that your book offers for a successful Question-and-Answer experience? Group of answer choices Listen carefully before answering Address all audience members
-
The maximum pressure that can be developed for a certain fluid power cylinder is 15.0 MPa. Compute the required diameter for the piston if the cylinder must exert a force of 30 kN.
-
What are restructuring costs and where are they reported in the income statement?
-
National Supply's shareholders' equity included the following accounts at December 31, 2010: Required: 1. National Supply reacquired shares of its common stock in two separate transactions and later...
-
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2010: Required: 1. During 2011, TNL Systems reacquired shares of its common...
-
What leadership style did Angie adopt in the beginning? Angie was an exceptional catheterization laboratory technician who was respected by her teammates. When the director of the cath lab took...
-
What characteristics did Perry lack that prevented him from being a transformational leader Perry was one of the worst bosses Lia had ever worked for. Perry had arrived from the main corporate office...
-
How was this CEO a transformational leader? Every year, the hospital provided free turkeys to employees during the Thanksgiving holiday. Eventually, the tradition became an entitlement and a...
Study smarter with the SolutionInn App