216.A corporation had stockholders' equity on January 1 as follows: Common Stock, $1 par value, 1,500,000 shares authorized, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,100,000; Retained Earnings, $2,300,000. Prepare journal entries to record the following transactions:
Feb. 15The board of directors declared a 10% stock dividend to stockholders of record on March 1, to be issued on April 15. The stock was trading at $12 per share prior to the dividend.
Mar. 31Sold 100,000 shares of common stock for $13 per share.
Apr. 15Issued the stock dividend.
217.A company had the following stockholders' equity on January 1:
Common Stock - $1 par value; 1,000,000 shares authorized, 350,000 shares issued and outstanding $350,000
Paid-in capital in excess of par value, common stock700,000
Retained earnings364,000
Total stockholders’ equity$1,414,000
218.A company reported the following stockholders' equity on January 1 of the current year:
Common stock, $10 par, 1,000,000 shares authorized, 250,000 shares issued$2,500,000
Paid-in capital in excess of par, common1,260,000
Retained earnings1,675,000
Total stockholders’ equity$5,435,000
Prepare journal entries for the following selected transactions related to this company's stock during the current year:
219.Underwood Company's only treasury stock transactions for the current year follow: (1) 2,000 shares of its common stock were purchased on June 1 for $80,000; (2) On July 1 it reissued 500 of these shares at $45 per share; (3) On August 1 it reissued an additional 500 treasury shares at $38 per share.
1) Prepare the journal entries required to record these transactions.
2) Calculate the balance in Paid-in Capital, Treasury Stock, on September 1 assuming its beginning-year balance is zero.
1)
220.On January 10, Mood Corporation purchased 15,000 shares of its own common stock at $17.50 per share. On August 4, a total of 2,000 treasury shares were sold at $19.00 per share. These are the only treasury stock transactions ever made by the corporation. Prepare the journal entries required on January 10 and August 4.
221.Record the following transactions of Naches Corporation in general journal form:
(a) Reacquired 8,000 of its own $3 par value common stock at $20 cash per share. The stock was originally issued at $15 per share.
(b) Sold 2,000 shares of the stock reacquired under part (a) at $23 cash per share.
(c) Sold 3,000 shares of the stock reacquired under part (a) at $19 cash per share.