Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries for Issuing Stock On January 22, Muir Corporation issued for cash 33,000 shares of no-par common stock at $50. On February 14, Muir issued

Entries for Issuing Stock On January 22, Muir Corporation issued for cash 33,000 shares of no-par common stock at $50. On February 14, Muir issued at par value 1,000 shares of preferred 7% stock, $80 par for cash. On August 30, Muir issued for cash 33,000 shares of preferred 7% stock, $80 par at $87. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug. 30 Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $40,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Nov. 7 Dec. 15 00 Aug. 31 Entries for Treasury Stock On May 27, Kick Off Inc. reacquired 76,000 shares of its common stock at $9 per share. On August 3, Kick Off sold 54,000 of the reacquired shares at $12 per share. On November 14, Kick Off sold the remaining shafes at $7 per share. Journalize the transactions of May 27, August 3, and November 14. If an amount box does not require an entry, leave it blank. May 27 Nov. 14 000 000 Reporting Stockholders' Equity Using the following accounts and balances, prepare the "Stockholders' Equity" section of the balance sheet. 90,000 shares of common stock authorized, and 10,000 shares have been reacquired. Common Stock, $70 part $3,780,000 Paid-In Capital from Sale of Treasury Stock 189,000 Paid-In Capital in Excess of Par-Common Stock 1,296,000 Retained Earnings 2,192,000 Treasury Stock 104,000 Balance Sheet Stockholders' Equity Paid-in capital: Paid-in capital, common stock Total paid-in capital Total 00000

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

Financial Statement Basics From Confusion To Comfort In Under 100 Pages

Authors: Axel Tracy

1st Edition

1522937285, 978-1522937289

More Books

Students also viewed these Accounting questions

Question

=+2. How familiar is the audience with the source?

Answered: 1 week ago