Vaughn Corporation sold 390 shares of treasury stock for $55 per share. The cost for the shares was $45. The entry to record the salewill include aO credit to Treasury Stock for $21450.O credit to Paid-in Capital from Treasury Stock for $3900.O debit to Paid-in Capital in Excess of Par for $3900.O credit to Gain on Sale of Treasury Stock for $17550.

A journal entry is a formal accounting record used to capture and record financial transactions in a…

Answered: Vaughn Corporation sold 390 shares of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

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Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?
Swifty Corporation sold 310 shares of treasury stock for $35 per share. The cost for the shares was $25. The entry to record the sale will include a A) debit to Paid-in Capital in Excess of Par for $3100. B) credit to Treasury Stock for $10850. C) credit to Gain on Sale of Treasury Stock for $7750. D) credit to Paid-in Capital from Treasury Stock for $3100.
If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited for $6,600. b.Common Stock will be credited for $24,200. c.Paid-In Capital in Excess of Par will be credited for $17,600. d.Paid-In Capital in Excess of Par will be credited for $6,600.
If Dakota Company issues 3,200 shares of $10 par common stock for $57,600, Oa. Cash will be debited for $32,000. Ob. Paid-in Capital in excess of Par Value will be credited for $32,000. Oc. Common Stock will be credited for $57,600. Od. Paid-in Capital in excess of Par Value will be credited for $25,600.
Bridgeport Inc.’s $9 par value common stock is actively traded at a market price of $15 per share. Bridgeport issues 4,800 shares to purchase land advertised for sale at $71,500.Journalize the issuance of the stock in acquiring the land. What is the date? What is credit or debit? What is the title or explanation?
A corporation sold 13,500 shares of its $10 par value common stock at a cash price of $14 per share. The entry to record this transaction would include: Multiple Choice A credit to Paid-in Capitam Excess of Par Value, Common Stock for $324,000. A credit to Common Stock for $189,000. A debit to Cash for $135,00.
The Snow Corporation issues 9,800 shares of $52 par value preferred stock for cash at $66 per share. The entry to record the transaction will consist of a debit to Cash for $646,800. What credit or credits will the entry consist of? Select the correct answer. -Preferred Stock for $509,600 and Retained Earnings for $137,200. -Paid-in Capital from Preferred Stock for $646,800. -Preferred Stock for $646,800. -Preferred stock for $509,600 and Paid-in Capital in Excess of Par Value - Preferred Stock for $137,200.
If Kiner Company issues 1,000 shares of P5 par value common stock for P70,000, the асcount O Common Stock will be credited for P5,000. Paid-in Capital in Excess of Par Value will be credited for P5,000. Paid-in Capital in Excess of Par Value will be credited for P70,000. Cash will be debited for P65,000.
A corporation sold 9,500 shares of its $10 par value common stock at a cash price of $11 per share. The entry to record this transaction would include: Multiple Choice A credit to Common Stock for $95,000. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $104,500. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $199,500. A credit to Common Stock for $104,500. A debit to Cash for $95,000. O
If Dakota Company issues 2,900 shares of $9 par common stock for $55,100, a. Common Stock will be credited for $55,100. b. Cash will be debited for $26,100. c. Paid-In Capital in Excess of Par will be credited for $29,000. d. Paid-In Capital in Excess of Par will be credited for $26,100.
On May 1, Republic Corporation purchased 400 shares of stock for P114 per share and held it as FVTPL financial assets. The price decreased to P106 per share on August 1 and then increased to P122 on December 31. During the year, the company received dividends of P3.50 per share. At what amount should the investment be valued in the December 31 balance sheet?
E16.4 Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Instructions: a. Journalize the transactions. b. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.

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