I NEED ANSWERS FOR THE FOLLOWING QUESTIONS BY TOMORROW. THANK YOU

Name: _______________________ ACC 102 SPRING, 2017 CHAPTER 12 TAKE HOME QUIZ TO BE TURNED IN AT THE BEGINNING OF CLASS ON THURSDAY, 04/27/17 (30 POINTS): PROBLEM I (6 POINTS): When Howard Corporation was formed on January 1, 2016, the corporate charter provided for 500,000 shares of $1 par value common stock. The following transactions were among those engaged in by the corporation during its first month of operation: Jan 5: The company issued 70,000 shares of stock at a price of $23 per share. Jan 28: The company issued 38,000 shares of stock in exchange for equipment that had a fair market value of $650,000. The market value of the stock on this date was $19 per share. REQUIRED: Prepare the journal entries for the transactions above: DATE ACCOUNT TITLES DEBIT CREDIT PROBLEM II (12 POINTS): Bernadette Company's balance sheet shows: Common stock, $1 par $ 1,000,000 Additional paid in capital 8,000,000 Retained earnings 6,000,000 REQUIRED: Prepare the journal entries for the transactions below: (a) Bought back 50,000 shares of its own common stock at $18 per share. (b) Reissued (Sold) 26,000 treasury shares at $21 per share. (c) Reissued (Sold) 20,000 shares of treasury stock at $11 per share. (d) Retired the remaining treasury stock shares. The shares were originally issued at an average price of $9 per share. DATE ACCOUNT TITLES DEBIT CREDIT PROBLEM III (8 POINTS): At the beginning of 2016, Penny Corporation had 45,000 shares of $1 par value common stock issued and outstanding. On January 7, Penny declared a 10% stock dividend. The market value of Penny's stock was $36 on this date. The record date of the dividend as January 16. The stock dividend was distributed on February 14. REQUIRED: Prepare the necessary journal entries below. If no entry is necessary, please indicate that and mention why this is so. DATE ACCOUNT TITLES DEBIT CREDIT PROBLEM IV (4 POINTS): Amy Company declared a 5for1 stock split. Below is the stockholders' equity detail before this split Before Stock Split Amy Company Stockholders' Equity June 30, 2016 Contributed capital Common stock, $1 par value, 10,000,000 shares authorized, 800,000 shares issued and outstanding Additional paid-in capital Total contributed capital $ 800,000 $ 2,400,000 Retained earnings $ 3,200,000 $ 1,750,000 Total stockholders' equity $ 4,950,000 REQUIRED: Complete the stockholders' equity information as it would appear after the 5for1 stock split After Stock Split Amy Company Stockholders' Equity June 30, 2016 Contributed capital Common stock, $____ par value, _______________ shares authorized, ______________ shares issued and outstanding Additional paid-in capital Total contributed capital Retained earnings Total stockholders' equity