Waterway Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2025, Waterway took part in the following selected transactions. a. b. C. d. Issued 5,100 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $6,800. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. Purchased 480 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per share. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account

Waterway Corporation is authorized to issue 53,000 shares of $5 par value common stock. During 2025, Waterway took part in the following selected transactions. a. b. C. d. Issued 5,100 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $6,800. Issued 1,100 shares of stock for land appraised at $53,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. Purchased 480 shares of treasury stock at $41 per share. The treasury shares purchased were issued in 2021 at $38 per share. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
Marigold Corporation is authorized to issue 46,000 shares of $5 par value common stock. During 2025, Marigold took part in the following selected transactions. a. b. C. d. Issued 5,000 shares of stock at $49 per share, less costs related to the issuance of the stock totaling $5,400. Issued 1,200 shares of stock for land appraised at $46,000. The stock was actively traded on a national stock exchange at approximately $50 per share on the date of issuance. Purchased 480 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2021 at $41 per share. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method.
Concord Corporation is authorized to issue 49,000 shares of $5 par value common stock. During 2025, Concord took part in the following selected transactions. a. b. C. d. Issued 4,600 shares of stock at $42 per share, less costs related to the issuance of the stock totaling $6,300. Issued 1,000 shares of stock for land appraised at $49,000. The stock was actively traded on a national stock exchange a approximately $43 per share on the date of issuance. Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit ac titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the ac titles and enter O for the amounts.) a. Purchased 470 shares of treasury stock at $47 per share. The treasury shares purchased were issued in 2021 at $44 per share. Retired the treasury shares purchased in part (c). No. Account Titles and Explanation b. Cash Common…
Blue Corporation is authorized to issue 52,000 shares of $5 par value common stock. During 2025, Blue took part in the following selected transactions. a. Issued 4,600 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,600. b. Issued 1,200 shares of stock for land appraised at $52,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance. c. Purchased 460 shares of treasury stock at $40 per share. The treasury shares purchased were issued in 2021 at $37 per share. d. Retired the treasury shares purchased in part (c). do full Journal Entries for part D which will contain 4 accounts
Windsor Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2025, Windsor Corporation took part in the following selected transactions: 1. Issued 56,000 shares of stock at $84 per share, less costs related to the issuance of the stock totaling $27,000. Issued 12,000 shares of stock for land appraised at $1,074,000. The stock was actively traded on a national stock exchange at $86 per share on the date of issuance. 2. 3. (a) (b) (c) Purchased 5,900 shares of treasury stock at $82 per share. The treasury shares purchased were issued in 2014 at $46 per share. Prepare the journal entry to record item 1. Prepare the journal entry to record item 2. Prepare the journal entry to record item 3 using the cost method.
Overland Corporation is authorized to issue 250,000 shares of $1 parvalue common stock. During 2020, Overland Corporation took part in the following selected transactions:1. Issued 55,000 shares of stock at $76 per share, less costs related to the issuance of the stock totaling $27,000.2. Issued 10,000 shares of stock for land appraised at $815,000. The stock was actively traded on a national stock exchange atapproximately $78 per share on the date of issuance.3. Purchased 6,000 shares of treasury stock at $74 per share. The treasury shares purchased were issued in 2009 at $46per share.Instructions(a) Prepare the journal entry to record item 1.(b) Prepare the journal entry to record item 2.(c) Prepare the journal entry to record item 3 using the cost method
Riverbed Corporation is authorized to issue 45,000 shares of $5 par value common stock. During 2020, Riverbed took part in the following selected transactions. 1. Issued 4,700 shares of stock at $46 per share, less costs related to the issuance of the stock totaling $6,800. 2. Issued 1,200 shares of stock for land appraised at $45,000. The stock was actively traded on a national stock exchange at approximately $47 per share on the date of issuance. 3. Purchased 500 shares of treasury stock at $45 per share. The treasury shares purchased were issued in 2016 at $42 per share. (a) Prepare the journal entry to record item 1. (b) Prepare the journal entry to record item 2. (c) Prepare the journal entry to record item 3 using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) (c)