During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.

Jan. 10 Issued 71,500 shares for cash at $6 per share. July 1 Issued 41,500 shares for cash at $9 per share.

Journalize the transactions, assuming that the common stock has a par value of $6 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

Journalize the transactions, assuming that the common stock is nopar with a stated value of $2 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

Exercise 114

Osage Corporation issued 1,000 shares of stock.

Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

The stock had a par value of $4.00 per share and was issued for a total of $45,000.

The stock had a stated value of $4.00 per share and was issued for a total of $45,000.

The stock had no par or stated value and was issued for a total of $45,000.

The stock had a par value of $4.00 per share and was issued to attorneys for services during incorporation valued at $45,000.

The stock had a par value of $4.00 per share and was issued for land worth $45,000.

No. Account Titles and Explanation Debit Credit

(a)

Exercise 119 (Part Level Submission)

On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($4 par value) $1,200,000 paidin capital in excess of par $1,070,000 and retained earnings $1,190,000. During the year, the following treasury stock transactions occurred.

Mar. 1	Purchased 52,000 shares for cash at $15 per share.
July 1	Sold 10,000 treasury shares for cash at $17 per share.
Sept. 1	Sold 9,000 treasury shares for cash at $14 per share.

(a)

Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

(b)

Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

Exercise 1113

On January 1, Guillen Corporation had 90,500 shares of nopar common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.

Apr. 1	Issued 21,000 additional shares of common stock for $19 per share.
June 15	Declared a cash dividend of $1 per share to stockholders of record on June 30.
July 10	Paid the $1 cash dividend.
Dec. 1	Issued 2,500 additional shares of common stock for $18 per share.
15	Declared a cash dividend on outstanding shares of $4.30 per share to stockholders of record on

December 31.

(a)

Prepare the entries, on each of the three dividend dates. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit

Exercise 1114

On January 1, 2017, Frontier Corporation had $1,065,000 of common stock outstanding that was issued at par. It also had retained earnings of $748,500. The company issued 39,000 shares of common stock at par on July 1 and earned net income of $395,000 for the year.

Journalize the declaration of a 16% stock dividend on December 10, 2017, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(a) Par value is $10, and market price is $18. (b) Par value is $5, and market price is $22.

No. Account Titles and Explanation Debit Credit

Exercise 1115

On October 31, the stockholders equity section of Heins Company consists of common stock $290,000 and retained earnings $888,000. Heins is considering the following two courses of action: (1) declaring a 4% stock dividend on the 29,000, $10 par value shares outstanding, or (2) effecting a 2for1 stock split that will reduce par value to $5 per share. The current market price is $16 per share.

Prepare a tabular summary of the effects of the alternative actions on the components of stockholders equity, outstanding shares, and par value per share.

Before Action

After Stock Dividend

After Stock Split

Stockholders equity Paidin capital

Common stock

In excess of par

Total paidin capital

Retained earnings

Total stockholders equity

Outstanding shares

Par value per share

Exercise 1117

On January 1, 2017, Eddy Corporation had retained earnings of $548,000. During the year, Eddy had the following selected transactions.

Declared cash dividends $128,000.

Corrected overstatement of 2016 net income because of depreciation error $44,000.

Earned net income $349,000.

Declared stock dividends $64,000.

Prepare a retained earnings statement for the year. (List items that increase retained earnings first.)

EDDY CORPORATION

Retained Earnings Statement

Jan. 10	Issued 81,500 shares of common stock for cash at $6 per share.
Mar. 1	Issued 4,300 shares of preferred stock for cash at $110 per share.
Apr. 1	Issued 22,500 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $83,500.
May 1	Issued 85,000 shares of common stock for cash at $4.25 per share.
Aug. 1	Issued 12,000 shares of common stock to attorneys in payment of their bill of $40,500 for services performed in helping the company organize.
Sept. 1	Issued 12,000 shares of common stock for cash at $6 per share.
Nov. 1 (a)	Issued 2,500 shares of preferred stock for cash at $114 per share.

DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares of nopar common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

(b)

Post to the stockholders equity accounts. (Post entries in the order of journal entries presented in the previous part.)

Preferred Stock

Date Explanation Ref. Debit Credit Balance

J5

J5

Common Stock

Date Explanation Ref. Debit Credit Balance

Paidin Capital in Excess of ParPreferred Stock

Date Explanation Ref. Debit Credit Balance

J5

J5

Paidin Capital in Excess of Stated ValueCommon Stock

Date Explanation Ref. Debit Credit Balance

Prepare the paidin capital section of stockholders equity at December 31, 2017. (Enter the account name only and do not provide the descriptive information provided in the question.)

DELONG CORPORATION Balance Sheet (Partial)