Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Entries for Issuing Stock On January 22, Muir Corporation issued for cash 32,000 shares of no-par common stock at $30. On February 14, Muir issued
Entries for Issuing Stock On January 22, Muir Corporation issued for cash 32,000 shares of no-par common stock at $30. On February 14, Muir issued at par 3,000 shares of 6%, $80 par preferred stock for cash. On August 30, Muir Corporation issued for cash 21,000 shares of preferred 6% stock, $80 par at $88. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Feb. 14 Cash Preferred Stock Aug. 30 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Entries for Stock Dividends Vienna Corporation has 29,000 shares of $50 par common stock outstanding. On June 8, Vienna Corporation declared a 2% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $59 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Jun. 8 Stock Dividends Common Stock Paid-In Capital in Excess of Par-Common Stock Jul. 13 No Entry Required No Entry Required Aug. 12 Stock Dividends Distributable Common Stock
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started