Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me with 11-3 to 11-5 your help is greatly appreciated thanks E11-3 During its first year of operations, Foyle Corporation had the following

image text in transcribed

please help me with 11-3 to 11-5 your help is greatly appreciated thanks

E11-3 During its first year of operations, Foyle Corporation had the following transac- Jounalize issuance of tions pertaining to its common stock. conmmon stock. Jan. 10 Issued 70,000 shares for cash at $5 per share (LO 2) July 1 Issued 40,000 shares for cash at $7 per share Instructions (a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. E11-4 Osage Corporation issued 2,000 shares of stock. Journalize issuance o common stock. Instructions Prepare the entry for the issuance under the following assumptions. (a) The stock had a par value of $5 per share and was issued for a total of $52,000. (b) The stock had a stated value of $5 per share and was issued for a total of $52,000 (c) The stock had no par or stated value and was issued for a total of $52,000. (d) The stock had a par value of $5 per share and was issued to attorneys for services dur- (LO 2) strui n the ade f ing incorporation valued at $52,000 11-1 sued llow (e) The stock had a par value of $5 per share and was issued for land worth $52,000. E11-5 Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% pre- Differentiate between ferred stock on January 1, 2018, for $2,300,000. In December 2020, Hodge declared its first preferred and common sto T. une uly ec. dividend of $500,000. Instructions (a) Prepare Hodge's journal entry to record the issuance of the preferred stock. (LO 2, 3) (b) If the preferred stock is not cumulative, how much of the $500,000 would be paid to common stockholders? (c) If the preferred stock is cumulative, how much of the $500,000 would be paid to nsti a) are common stockholders? nlon and Salyert, you encounter the following Journalize noncash co stock transactions

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

Curriculum Auditing

Authors: Fenwick W. English

1st Edition

0877625921, 978-0877625926

More Books

Students also viewed these Accounting questions