Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

17, 16 question please help me Question 17 6 pts On December 31, 20XO, Probert Corp. has 1,200,000 shares authorized to issue. On January 1,

image text in transcribed

image text in transcribed

17, 16 question please help me

Question 17 6 pts On December 31, 20XO, Probert Corp. has 1,200,000 shares authorized to issue. On January 1, 20X1. Probert Corp. issued 258,000 shares of $0.01 par value common stock for $12/share. Immediately after the shares are issued, they trade for $13/share. The journal entry to record the issues of the shares is which of the following? O DEBIT: Cash $3.354,000: CREDIT: Common Stock $3,354.000 O DEBIT: Cash $3,354,000: CREDIT: Common Stock, par value $258.000; Paid - in Capital in Excess of Par $3,096,000 DEBIT: Cash $3,096,000: CREDIT: Common Stock, par value $2,580; Paid - in Capital in Excess of Par $3,093,420 O DEBIT: Cash $3,096,000: CREDIT: Common Stock $258,000: Gain on Issuance $2,838,000 Question 16 6 pts Hyde Company has the following outstanding stock at the end of both 20x7 and 20X8. Preferred Stock (8%. $100 par value, 2,000 shares issued and outstanding) Common Stock ($1 par value, 460,000 shares issued and outstanding) There were dividends that were both declared and paid in 20x7. If the company's preferred stock is CUMULATIVE and there are $1,000 of dividends in arrears from 20x7. how much of a 20X8 dividend declaration of $43.000 go to preferred stockholders? $26,000 $8.500 O $43,000 O $17.000 O $16,000

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

More Books

Students also viewed these Accounting questions

Question

Describe a normal probability distribution.

Answered: 1 week ago