Exercise 13-2 Accounting for par, stated, and no-par stock issuances L.O. P1
Aloha Corporation issues 10,000 shares of its common stock for $134,200 cash on February 20.
1.
Assume the stock has neither par nor stated value. Prepare journal entries to record this event. (Omit the “$” sign in your response.)
2.
Assume the stock has a $12 par value. Prepare journal entries to record this event. (Omit the “$” sign in your response.)
3.
Assume the stock has an $6.0 stated value. Prepare journal entries to record this event. (Omit the “$” sign in your response.)
Worksheet
Exercise 13-2 Accounting for par, stated, and no-par stock issuances L.O. P1
2.
award: 3 out of
3.00 points
Exercise 13-4 Stock issuance for noncash assets L.O. P1
Soku Company issues 18,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $365,000.
Prepare the journal entry to record issuance of the stock in exchange for the land and building. (Omit the “$” sign in your response.)
Worksheet
Exercise 13-4 Stock issuance for noncash assets L.O. P1
3.
award: 2.50 out of
3.00 points
Exercise 13-6 Stock dividends and splits L.O. P2
On June 30, 2011, Quinn Corporation’s common stock is priced at $26.0 per share before any stock dividend or split, and the stockholders’ equity section of its balance sheet appears as follows.
Common stock—$6 par value, 90,000 shares authorized,
36,000 shares issued and outstanding
$
216,000
Paid-in capital in excess of par value, common stock
100,000
Retained earnings
316,000
Total stockholders’ equity
$
632,000
Assume that the company declares and immediately distributes a 100% stock dividend. This event is recorded by capitalizing retained earnings equal to the stock’s par value. Answer these questions about stockholders’ equity as it exists after issuing the new shares.
1a.
What is the retained earnings balance?(Omit the “$” sign in your response.)
1b.
What is the amount of total stockholders’ equity?(Omit the “$” sign in your response.)
1c.
How many shares are outstanding?
Assume that the company implements a 2-for-1 stock split instead of the stock dividend in part 1. Answer these questions about stockholders’ equity as it exists after issuing the new shares.
2a.
What is the retained earnings balance?(Omit the “$” sign in your response.)
2b.
What is the amount of total stockholders’ equity?(Omit the “$” sign in your response.)
2c.
How many shares are outstanding?
4
award: 3 out of
3.00 points
Exercise 13-8 Dividends on common and noncumulative preferred stock L.O. C2
Wade’s outstanding stock consists of 45,000 shares of noncumulative 8.40% preferred stock with a $10 par value and also 112,500 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends.
2011
$
30,000
2012
22,000
2013
100,000
2014
197,000
Determine the amount of dividends paid each year to each of the two classes of stockholders. (Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.)
Compute the total dividends paid to each class for the four years combined. (Omit the “$” sign in your response.)
Worksheet
Exercise 13-8 Dividends on common and noncumulative preferred stock L.O. C2
5.
award: 3 out of
3.00 points
Exercise 13-9 Dividends on common and cumulative preferred stock L.O. C2
Wade’s outstanding stock consists of 48,000 shares of cumulative 7.00% preferred stock with a $10 par value and also 120,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends.
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