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Answer all of the following questions, showing your assumptions and calculations to assure partial credit. ai 1. The following information is provided from the equity
Answer all of the following questions, showing your assumptions and calculations to assure partial credit. ai 1. The following information is provided from the equity section of A Inc. as of 12/31/19: (10 points) Preferred stock, cumulative 5% $100 par value, 1,000,000 shares authorized, 10,000 shares issued and outstanding si 1,000,000 Common stock, $? par value, 20,000,000 shares authorized 190,000 shares issued,? shares outstanding 380,000 Additional Paid-In Capital --common stock landing 1,220,000 Additional Paid-in Capital-preferred stock 10,000 Retained earnings POR 1,987,050 The Treasury Stock (5,000 shares at cost) 2000, the PRO 8.000 sud INSTRUCTIONS Based upon the above information, determine the following information for A Inc: par value per share of the common stock Hoog b. number of outstanding shares of common stock total stockholders' equity 2. B Corporation is a public corporation whose shares are widely traded on the NYSE. On February 8, 2019, B Corporation issued 100,000 shares of its no par value common stock in exchange for a patent. The asking price of the patent was $2,000,000. B determined that the patent's fair market value was no more than $1,700,000. On February 8, the trading price of B's stock was $16 per share. INSTRUCTIONS: Prepare the journal entries to record the above transactions. (5 points) 3. C Corporation, a public corporation whose shares are widely traded on the NYSE, effected the following transactions during 2019. Apr 1 P urchased 20,000 shares of its $10 par value common stock at $50 per share. May 9 Resold 5,000 shares of its shares purchased on April 1 at $30 per share June 2 Resold 5,000 shares of its shares purchased on April 1 at $60 per share. INSTRUCTIONS: Prepare the journal entries to record the above transactions (10 points)
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