Question
Stanley Systems completed the following stock issuance transactions: May 19 Issued 1,200 shares of $2 par value common stock for cash of $12.00 per share.
Stanley Systems completed the following stock issuance transactions:
May 19 Issued 1,200 shares of $2 par value common stock for cash of $12.00 per share.
Jun. 3 Isssued 500 shares of $8, no-par preferred stock for $25,000 cash.11 Received equipment with a market value of $70,000 in exchange for 4,000 shares of the $2 par value common stock
Requirements
1. | Journalize the transactions. Explanations are not required. |
2. | How much paid-in capital did these transactions generate for StanleyStanley Systems? |
Date | Accounts | Debit | Credit | ||
May 19 | Cash |
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| Common Stock$2 Par Value |
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| Paid-In Capital in Excess of ParCommon |
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And if possible please help me with,
Pioneer Amusements Corporation had the following stockholders' equity on November 30:
Stockholders' Equity
Paid-In Capital:
Common Stock$5 Par Value; 1,300 shares
authorized, 150 shares issued and outstanding $
750
Paid-In Capital in Excess of ParCommon 2,250
Total Paid-In Capital 3,000
Retained Earnings 56,000
Total Stockholders' Equity $
59,000
(Click the icon to view the stockholders' equity.) On December 30,Pioneer purchased 100 shares of treasury stock at $ 14 per share.
Read the requirements
1. | Journalize the purchase of the treasury stock. |
2. | Prepare the stockholders' equity section of the balance sheet at December 31, 20182018. Assume the balance in retained earnings is unchanged fromNovemberNovember 3030. |
3. | How many shares of common stock are outstanding after the purchase of treasury stock? |
Date | Accounts and Explanation | Debit | Credit | ||
Dec. 30 | Treasury StockCommon | 1000 |
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| Cash |
| 1000 | ||
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| Purchased treasury stock. |
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