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Please request help solving the attached accounting questions. Thanks in advance. 1.) The following are the transactions of Morrell Corporation: a. Morrell Corporation disposed of
Please request help solving the attached accounting questions. Thanks in advance.
1.) The following are the transactions of Morrell Corporation: a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,460 and their Accumulated Depreciation was $4,460. No residual value was received. b. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $2,920. ? Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ? Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.) To expand operations, Aragon Consulting issued 1,350 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. 1 Complete the table below, indicating the account, amount, and direction of the effect for the stock - issuance. (Enter any decreases to account balances with a minus sign.) a. 1 Prepare the journal entry for the stock issuance. (If no entry is required for a transaction/event, - select "No Journal Entry Required" in the first account field.) b.2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. (Enter any decreases to account balances with a minus sign.) Prepare the journal entry for the stock issuance, if the par value were $2 per share. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3.) Academy Driving School reported the following amounts in its financial statements: Number of common shares Net income Cash dividends paid on common stock Total stockholders' equity Year 1 11,600 $ 24,360 $ 3,100 $250,000 Year 2 11,600 $ 19,360 $ 3,100 $ 230,000 Calculate EPS and ROE for year 2. (Round EPS to 2 decimal places and ROE to 1 decimal place.)Step by Step Solution
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