EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par
Question:
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.
Transcribed Image Text:
Mar. 1 Apr. 10 Jun. 12 Purchased 1,000 shares of its own common stock at $11 per share Reissued 500 shares of its common stock held in the treasury for $15 per share. Reissued 500 shares of common stock at $9 per share
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
The journal of the above transaction is as follwos i On January ...View the full answer
Answered By
Brian Otieno
I'm Brian , an experienced professional freelancer with countless hours of success in freelancing many subjects in different disciplines. Specifically, I have handled many subjects and excelled in many disciplines. I have worked on many Computer Science projects and have been able to achieve a lot in that field. Additionally, I have handled other disciplines like History, Humanities, Social Sciences, Political science, Health care and life science, and Religion / Theology. My experience generally in these subjects has made me able to deliver high-quality projects in a very timely fashion. I am very reliable at my job and will get the work done in time, no matter what. In Addition, I have managed to ensure that the work meets my client's expectations and does not cause an error. I am a hard-working and diligent person who is highly responsible for everything I do. Generally, Freelancing has made me more accountable for doing my job. Additionally, I have had a passion for writing for the last seven years in this field.
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
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...
-
The AT Partnership was organized several years ago, and on January 1, 2011, the partners agree to admit Carmen for a 40 percent interest in capital and earnings. Capital account balances and profit...
-
The AT Partnership was organized several years ago, and on January 1, 2016, the partners agree to admit Car for a 40 percent interest in capital and earnings. Capital account balances and profit- and...
-
To Premium From Actuarial Rating Advertising Sales Actuarial Premium 1e% 25% 15 60 The direct operating costs of the departments (including both variable and fixed costs) are Actuarial Premium rating...
-
Topeka and Wichita Corporations have filed consolidated tax returns for several years. Topeka and Wichita report current year taxable incomes (without regard to any dividend income received,...
-
In Exercises, determine whether the given consumption matrix is productive. a. b. c. 0.2 0.3 0.5 0.6 0.20 0.10 0.10 0.30 0.15 0.45 0.15 0.30 0.50 0.35 0.25 0 0.15 0.55 0.35 0.45 0.30 0.60
-
The two-dimensional heat equation \(\partial u / \partial t=abla \cdot(\chi abla u)+f\), where \(\chi\) is a function of \(u\) and \(f\) is a known function of \(\boldsymbol{x}\) and \(t\), is solved...
-
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarters production. 1. Materials purchased on account $192,000, and factory wages...
-
Q3. Raneem owns shares in HP Inc. Currently, the market price of the Management expects dividends to grow at a constant rate of 6 percent for the fo Its last dividend was $3.25. Raneem's required...
-
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5: Instructions 1. Prepare a multiple-step income statement. 2....
-
James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions. Mar....
-
A company issued bonds with a $100,000 face value, a 5-year term, a stated rate of 6%, and a market rate of 7%. Interest is paid annually. What is the amount of interest the bondholders will receive...
-
The chemical formula for barium chloride is BaCl 2 . Predict the formulas for each of the following similar compounds. (a) Calcium fluoride (b) Calcium chloride (c) Calcium bromide (d) Calcium iodide.
-
Pinder Ltd has announced a cash offer to acquire Value Co. Pinder Ltd's shares are trading at $17 and there are 2 million shares of outstanding. Value Co's shares are trading at $3 and there are 1...
-
Consider the mutual fund industry. What roles do portfolio managers play? What are the differences between fundamental and technical securities analysis? How well do mutual funds generally perform...
-
Building Depreciation - Building has a 40 year life with a $10,000 residual value at end of 40 year Compute the depreciation for 1 year
-
16. (4 pts) To produce food-grade phosphoric acid requires two steps. The first is a reaction of phosphorus with oxygen to produce gaseous diphosphorus pentoxide. The second step involves reacting...
-
A company has the following transactions over its 4-year history: Year I Incorporates, issues stock for $400 million, earns $25 million Year 2 Earns $35 million, pays $5 million dividend Year 3...
-
The drawing shows four different situations in which a light ray is traveling from one medium into another. In some of the cases, the refraction is not shown correctly. For cases (a), (b), and (c),...
-
The registrar of a college with a population of N = 4,000 full-time students is asked by the president to conduct a survey to measure satisfaction with the quality of life on campus. The following...
-
Red, Inc., Yellow Corp., and Blue Company each will pay a dividend of $2.86 next year. The growth rate in dividends for all three companies is 5 percent. The required return for each companys stock...
-
After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of DeJoria Enterprises. Unfortunately, you will be the only person...
-
In the previous problem, assume that the company uses cumulative voting and there are four seats in the current election. How much will it cost you to buy a seat now?
-
heoretically, the fed funds rate cannot be______ the discount rate or________ the rate paid on reserves. A. above, below B. below, above C. below, below D. above, above
-
Abacus... a.) is primarily a business bank b.) was and is located in the United States and China c.) was established to meet the depository and borrowing needs of local customers in a certain...
-
Efficient Portfolios are those which offer OA. Highest expected return for a given level of risk B. The minimum risk and expected return OC. The maximum expected return and risk OD. Highest risk for...
Study smarter with the SolutionInn App