Ex. 260
Yount Company originally issued 30,000 shares of $5 par common stock for $210,000 on January 3, 2010. Yount purchased 1,500 shares of treasury stock for $13,500 on November 2, 2010. On December 6, 2010, 600 shares of the treasury stock are sold for $6,000.
Instructions
Prepare journal entries to record these stock transactions.
Ex. 261
The stockholders' equity section of Ankiel Corporation's balance sheet at December 31, 2010, appears below:
Stockholders' equity
Paid-in capital
Common stock, $10 par value, 400,000 shares authorized;
250,000 issued and outstanding$2,500,000
Paid-in capital in excess of par 1,200,000
Total paid-in capital3,700,000
Retained earnings 600,000
Total stockholders' equity$4,300,000
During 2011, the following stock transactions occurred:
Jan.18Issued 50,000 shares of common stock at $32 per share.
Aug.20Purchased 25,000 shares of Ankiel Corporation's common stock at $26 per share to be held in the treasury.
Nov.5Reissued 9,000 shares of treasury stock for $28 per share.
Instructions
(a)Prepare the journal entries to record the above stock transactions.
(b)Prepare the stockholders' equity section of the balance sheet for Ankiel Corporation at December 31, 2011. Assume that net income for the year was $100,000 and that no dividends were declared.
Ex. 262
Tyler Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock.
(a)Issued 20,000 shares at $55 per share.
(b)Issued 10,000 shares for equipment having a $700,000 asking price. The stock had a market value of $65 per share
Instructions
Journalize the transactions.
Ex. 263
Carson Corporation has the following capital stock outstanding at December 31, 2011:
7% Preferred stock, $100 par value, cumulative
15,000 shares issued and outstanding ..................................$1,500,000
Common stock, no par, $10 stated value, 500,000 shares authorized,
350,000 shares issued and outstanding .................................3,500,000
The preferred stock was issued at $120 per share. The common stock was issued at an average per share price of $14.
Instructions
Prepare the paid-in capital section of the balance sheet at December 31, 2011.
Ex. 264
In its first year of operations, Webber Corporation had the following transactions pertaining to its $10 par value preferred stock.
Feb.1 Issued 6,000 shares for cash at $41 per share.
Nov.1 Issued 3,000 shares for cash at $44 per share.
Instructions
(a)Journalize the transactions.
(b)Indicate the amount to be reported for (1) preferred stock, and (2) paid-in capital in excess of par value—preferred stock at the end of the year.