{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-07T21:19:50-04:00", "answer_date": "2024-06-07 21:19:50", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2441189", "url": "\/study-help\/questions\/2-8-on-line-learning-corporation-obtained-a-charter-2441189", "question_creation_date_js": "2024-06-07T21:19:50-04:00", "question_creation_date": "Jun 07, 2024 09:19 PM", "meta_title": "[Solved] 2 8 On - Line Learning Corporation obtain | SolutionInn", "meta_description": "Answer of - 2 8 On - Line Learning Corporation obtained a charter at the beginning of this year that authorized 6 6 , 0 0 0 shares | SolutionInn", "meta_keywords": "2,8,-,line,learning,corporation,obtained,charter,beginning,year,authorized,6", "question_title_h1": "2 8 On - Line Learning Corporation obtained a charter at the beginning of this year that authorized 6 6 , 0 0 0 shares", "question_title": "2 8 On - Line Learning Corporation obtained a charter at the", "question_title_for_js_snippet": "2 8 On Line Learning Corporation obtained a charter at the beginning of this year that authorized 6 6 , 0 0 0 shares of no par common stock and 2 7 , 0 0 0 shares of preferred stock, $ 1 7 par value The corporation was organized by four individuals who purchased a total of 1 6 , 0 0 0 shares of the common stock The remaining shares were to be sold to other individuals During the year, the following selected transactions occurred a Issued 4 , 0 0 0 shares of common stock to each of the four organizers for $ 3 4 cash per share b Sold 5 , 0 0 0 shares of common stock to an outside investor at $ 6 8 cash per share c Sold 6 , 0 0 0 shares of preferred stock to an outside investor at $ 5 1 cash per share Requlred Prepare the journal entries for each of these transactions Is it ethical to sell stock to outsiders at a higher price than the amount pald by the organizers Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare the journal entries for each of these transactions Note If no entry is required for a transaction event , select No journal entry required in the first account field Show less View transaction list View journal entry worksheet table , No , Transaction,General J , Debit,Credit , 0 , 1 , a , Cash, 5 4 4 , 0 0 0 , if , , , Common stock, no par,, 2 7 2 , 0 0 0 , , , Preferred stock,, 2 7 2 , 0 0 0 , , 2 , b , Cash, 3 4 0 , 0 0 0 , , , , , Common stock, no par,, 1 8 0 , 0 0 0 ", "question_description": "\"image
2<\/mn>8<\/mn><\/mrow><\/math><\/div>
On<\/span>-<\/mo><\/mrow><\/math>Line Learning Corporation obtained a charter at the beginning of this year that authorized <\/span>6<\/mn>6<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> shares of no<\/span>-<\/mo><\/mrow><\/math>par common stock and <\/span>2<\/mn>7<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> shares of preferred stock, $<\/span>1<\/mn>7<\/mn><\/mrow><\/math> par value. The corporation was organized by four individuals who purchased a total of <\/span>1<\/mn>6<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> shares of the common stock. The remaining shares were to be sold to other individuals. During the year, the following selected transactions occurred:<\/span> <\/div>
a<\/span>.<\/mo><\/mrow><\/math> Issued <\/span>4<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> shares of common stock to each of the four organizers for $<\/span>3<\/mn>4<\/mn><\/mrow><\/math> cash per share.<\/span> <\/div>
b<\/span>.<\/mo><\/mrow><\/math> Sold <\/span>5<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> shares of common stock to an outside investor at $<\/span>6<\/mn>8<\/mn><\/mrow><\/math> cash per share.<\/span> <\/div>
c<\/span>.<\/mo><\/mrow><\/math> Sold <\/span>6<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> shares of preferred stock to an outside investor at $<\/span>5<\/mn>1<\/mn><\/mrow><\/math> cash per share.<\/span> <\/div>
Requlred:<\/span><\/div>
Prepare the journal entries for each of these transactions.<\/span><\/div>
Is it ethical to sell stock to outsiders at a higher price than the amount pald by the organizers?<\/span><\/div>
Complete this question by entering your answers in the tabs below.<\/span><\/div>
Required <\/span>1<\/mn><\/mrow><\/math> <\/div>
Required <\/span>2<\/mn><\/mrow><\/math> <\/div>
Prepare the journal entries for each of these transactions.<\/span><\/div>
Note: If no entry is required for a transaction<\/span>\/<\/mi><\/mrow><\/math>event<\/span>,<\/mo><\/mrow><\/math> select <\/span>\"<\/mi><\/mrow><\/math>No journal entry required\" in the first account field.<\/span> <\/div>
Show less<\/span><\/div>
View transaction list<\/span><\/div>
View journal entry worksheet<\/span><\/div>
\\<\/mi><\/mrow><\/math>table<\/span>[<\/mi>[<\/mi>,<\/mo><\/mrow><\/math>No<\/span>,<\/mo><\/mrow><\/math>Transaction,General J<\/span>,<\/mo><\/mrow><\/math>Debit,Credit<\/span>]<\/mi>,<\/mo>[<\/mi>0<\/mn>,<\/mo>1<\/mn>,<\/mo><\/mrow><\/math>a<\/span>.<\/mo>,<\/mo><\/mrow><\/math>Cash,<\/span>5<\/mn>4<\/mn>4<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>,<\/mo><\/mrow><\/math>if<\/span>]<\/mi>,<\/mo>[<\/mi>,<\/mo>,<\/mo><\/mrow><\/math>Common stock, no<\/span>-<\/mo><\/mrow><\/math>par,,<\/span>2<\/mn>7<\/mn>2<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi>,<\/mo>,<\/mo><\/mrow><\/math>Preferred stock,,<\/span>2<\/mn>7<\/mn>2<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>]<\/mi>,<\/mo>[<\/mi>,<\/mo>2<\/mn>,<\/mo><\/mrow><\/math>b<\/span>.<\/mo>,<\/mo><\/mrow><\/math>Cash,<\/span>3<\/mn>4<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>,<\/mo>]<\/mi>,<\/mo>[<\/mi>,<\/mo>,<\/mo>,<\/mo><\/mrow><\/math>Common stock, no<\/span>-<\/mo><\/mrow><\/math>par,,<\/span>1<\/mn>8<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>]<\/mi>]<\/mi><\/mrow><\/math> <\/div><\/span> <\/div><\/div> \"image", "transcribed_text": "", "related_book": { "title": "Payroll Accounting", "isbn": "113396253X, 978-1133962533", "edition": "2013 edition", "authors": "Bernard J. Bieg, Judith A. Toland", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/263.jpg", "uri": "\/textbooks\/payroll-accounting-2013-edition-263", "see_more_uri": "" }, "free_related_book": { "isbn": "1108412858", "uri": "\/textbooks\/cambridge-igcse-and-o-level-additional-mathematics-practice-book-2nd-edition-9781108412858", "name": "Cambridge IGCSE And O Level Additional Mathematics Practice Book", "edition": "2nd Edition" }, "question_posted": "2024-06-07 21:19:50", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/transactions-related-to-purchases-and-cash-payments-completed-by-safety", "description": "Transactions related to purchases and cash payments completed by Safety Clean Inc. during the month of May 2007 are as follows: May 1. Issued Check No. 57 to Liquid Klean Supplies, Inc., in payment...", "stars": 3 }, { "url": "\/study-help\/marketing-research\/514-which-brand-is-this-consumer-least-likely-to-purchase-1877975", "description": "5-14. Which brand is this consumer least likely to purchase? Discuss two ways the marketer of this brand can enhance consumer likelihood of purchasing its brand. (AACSB: Communication; Reflective...", "stars": 3 }, { "url": "\/study-help\/business-statistics-in-practice\/a-fit-a-linear-trend-model-to-this-series-but-1982057", "description": "=+a) Fit a linear trend model to this series but do not use the last two quarters (Q4 2007 and Q1 2008).", "stars": 3 }, { "url": "\/simms-consulting-a-real-estate-consulting-firm-specializes-in-advising", "description": "Simms Consulting, a real estate consulting firm, specializes in advising companies on potential new plant sites. The firm uses a job costing system with a predetermined indirect cost allocation rate...", "stars": 3 }, { "url": "\/study-help\/questions\/dillon-products-manufactures-various-machined-parts-to-customer-specifications-the-9792225", "description": "Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the...", "stars": 3 }, { "url": "\/study-help\/questions\/safe-payment-calculation-partners-rane-snow-and-hale-share-profits-6867371", "description": "Safe Payment Calculation Partners Rane, Snow, and Hale share profits and losses in the ratio of 5:3:2, respectively. The partners vote to dissolve the partnership when its assets, liabilities, and...", "stars": 3 }, { "url": "\/study-help\/questions\/cables-23-and-4-are-all-tensioned-to-220-kn-1024192", "description": "cables 2,3, and 4 are all tensioned to 220 kN. (please draw a FBD!) a) if the moment at point F is zero what does the force in cable 1 have to be ensure equilibrium? b) What is the compression in the...", "stars": 3 }, { "url": "\/study-help\/questions\/1-the-distribution-center-for-a-chain-of-home-improvement-1008757", "description": "1. The distribution center for a chain of home improvement stores is focusing on paint. They handle a total of 25 base colors (5 each from 5 suppliers) so there are 25 SKU's of paint. (These are...", "stars": 3 }, { "url": "\/study-help\/questions\/although-a-disk-stores-data-as-a-series-of-1s-999634", "description": "Although a disk stores data as a series of 1's and 0's, it is translated into ASCII and Hexadecimal and finally, a human-readable form depending on the application. What does the following Hex state...", "stars": 3 }, { "url": "\/study-help\/questions\/12-the-wheel-shown-is-rotating-at-an-angular-velocity-1028795", "description": "12. The wheel shown is rotating at an angular velocity of 6 rad\/s cw. You are required to determine the angular velocity of rod BC and CD at the instant rod CD is at 60 degrees, as shown in the...", "stars": 3 }, { "url": "\/study-help\/questions\/is-liftmovadoconnect-battery-calculated-from-data-set-a-greater-than-1009134", "description": "Is Lift(MovadoConnect, battery), calculated from data set A, GREATER THAN, EQUAL TO, OR LESS THAN (Circle one) Lift(MovadoConnect, battery) using the combined data set A+B? Justify your response. You...", "stars": 3 }, { "url": "\/study-help\/questions\/how-does-administration-or-businesses-address-an-employee-who-refuses-5161833", "description": "How does administration or businesses address an employee who refuses to adopt virtual collaboration tools?", "stars": 3 }, { "url": "\/study-help\/introduction-e-business-management-\/make-recommendations-with-justifications-of-which-you-would-choose-of-1551857", "description": "Make recommendations, with justifications, of which you would choose of the following options for a small-medium or large organisation: A Operating system: Microsoft\/Windows XP\/Server or Linux...", "stars": 3 }, { "url": "\/study-help\/introduction-e-business-management-\/what-software-and-hardware-are-required-to-access-the-internet-1551860", "description": "What software and hardware are required to access the Internet from home?", "stars": 3 }, { "url": "\/study-help\/introduction-e-business-management-\/different-sorts-of-business-offer-very-similar-solutions-to-digital-1551856", "description": "Different sorts of business offer very similar solutions to digital business needs. Amazon, Google and Microsoft come from very different origins and provide different services for organisations -...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/1-in-an-efficient-market-the-only-means-of-achieving-2441188", "next": "\/study-help\/questions\/may-i-have-some-assistance-please-this-is-for-business-2441190" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "2 8 On - Line Learning Corporation obtained a charter at the", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/2-8-on-line-learning-corporation-obtained-a-charter-2441189" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }} }