Question
Using each company records and going through a thorough transactional analysis, you are now recording all of the transactions that should have been previously recorded,
Using each company records and going through a thorough transactional analysis, you are now recording all of the transactions that should have been previously recorded, when they originally occurred.
Please recored journal entries foe the following
Heather Aviles founded Expo Technologies, a B2C Web Application Development business in February 2018. The company experienced rapid growth and has quickly become a major player in their industry. To fuel further expansion, Ms. Aviles decided to take the Company Public, with an IPO on 7-1-2020. In advance of the IPO, the Company registered its Corporate Charter in the State of Delaware. The Charter authorizes two classes of Stock: Common Stock, $10 Par Value, 750,000 Shares Authorized; and Cumulative 6%, Non-Participating Preferred Stock, $20 Par Value, 250,000 Shares Authorized. Only 400,000 of the Common Shares were sold on 7-1-2020, for a market price of $25 / Share. The Investment Bank underwriting the IPO is paid with 1,000 Shares of Preferred Stock, rather than cash. The corresponding value of their services, if they were paid cash is $30,000 On 12-31-21 Expo Technologies Incorporated, declared a Cash Dividend for Preferred Shareholders and a 10 % Stock Dividend for Common Shareholders, both with a date of record of 1-15-22 and a date of payment of 1-25-22. The Market value of the Common Shares on 12-31-22 was $40/Share. On 3-1-22, Expo Technologies Incorporated repurchased 50,000 Common Shares in the open market at a price of $20/ Share
On 3-15-22, Expo Technologies Incorporated sold 10,000 Treasury Shares in the open market at a price of $30/ Share
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