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u p value 0l 3J per share and was issued for a total of $52,000. b. The stock had a stated value of $5 per

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u p value 0l 3J 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. 3 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 during incorpora- tion valued at $52,000. e. The stock had a par value of $5 per share and was issued for land worth $52,000 E11.5 (LO 2, 3) Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% preferred stock on January 1, 2019, for $2,300,000. In December 2021, Hodge declared its first dividend of $500,000 Instructions a. Prepare Hodge's journal entry to record the issuance of the preferred stock. 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 common stockholders? E11.6 (LO 2) As an auditor for the CPA firm of Hinkson and Calvert, you encounter the following situations in auditing different clients. 1. LR Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 5,000 shares of its $20 par value common stock. The owners' asking price for the land was $120,000, and the fair value of the land was $110,000. 2. Vera Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 20,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale at $250,000. The stock was selling at S11 per share. ctions 2021 2022 2023 2024 2024 dep $17,900 P9.5A (LO 2, 3, 5) At December 31, 2020, Grand Company reported the following as plant assets. Journaliz transacti Land sale, reti s 4,000,000 Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $28,500,000 12,100,000 16,400,000 48,000,000 5,000,000 43,000,000 $63,400,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $750,000 when purchased on January 1, 2017. The equipment was sold for $450,000. June 1 Sold land purchased on June 1, 2011, for $1,500,000. The land cost $400,000 July1 Purchased equipment for $2,500,000. Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Instructions a. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets dis- posed of at the time of sale or retirement. b. D b. Record adjusting entries for depreciation for 2021. c. Prepare the plant assets section of Grand's balance sheet at December 31, 2021. (03 Crda o, has equipment that cost $80,000 and that has been depreciated $50,000. c. Rec

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