Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

12/31/04 had the following balances in its S.E section of the B.S: Common Stock, $.50 par $300k APIC - Common Stock $4 million APIC -

12/31/04 had the following balances in its S.E section of the B.S:

Common Stock, $.50 par $300k

APIC - Common Stock $4 million

APIC - Share Repurchase $50k

R.E $2 million

Treasury Stock, at cost, 30k shares $(600k)

During 2004 completed the follwing transactions

#1)

2/20: Issued40k shares of common stock (with a $.50 par value) in exchange for a machine w/ an appraised value of $800k

Required:

Answr the following Q's regarding certain amounts that would report within its 12/31/04 S.E section of the B.S

What is the required journal entry on 2/20?

#2)

6/17 : Resold 15k shares of treasury stock for $240k (The treasury stock was resold relates to common stock that was originally issue for $18 per share & was reacquired for $20 per share during 2003.)

Required:

Answr the following Q's regarding certain amounts that would report within its 12/31/04 S.E section of the B.S

What is the required journal entry on 6/17?

#3)

12/2 Issued 10k shares of common stock for $24 per share. Share issue costs to promote the stock issuance totaled $15k

Required:

Answr the following q's regarding certain amounts that would report within its 12/31/04 S.E section of the B.S

What is the required journal entry on 12/2?

#4)

12/31 Reported NI of $1.5 million and other comprehensve income of $200k on the companys statement of comprehensive income.

Required:

Answr the following Q's regarding certain amounts that would report within its 12/31/04 S.E section of the B.S

What is the required journal entry on 12/31? *There are 2 journal entries*

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Reporting In A Competitive Economy (RLE Accounting)

Authors: Herman W. Bevis

1st Edition

1138966819, 9781138966819

More Books

Students also viewed these Accounting questions