21 Mar Question:Do the journal entry for the issuance of
Question:Do the journal entry for the issuance of stock below:1. New Corporation is a publicly held corporation whose $5 par value stock is actively trading at $30 per share. The company issued 2,000 shares of stock to acquire land recently advertised at $70,000. Make the journal entry to record the purchase of the land. 2. New Corporation issued 2,500 shares of $5 stated value common stock to attorneys in payment of a bill for $18,000 for services provided in helping the company to incorporate. Make the journal entry to record the payment of the attorney’s fees.Highlight the correct answer for the following questions:CHAPTER 13:3. The stockholders’ equity section of a corporation’s balance sheet is made by(pick the best, most inclusive, answer) a. adding preferred stock, common stock, retained earnings, and treasury stock b. adding capital stock, net income, and treasury stock c. adding additional paid-in capital, retained earnings, and subtracting treasury stock d. adding paid-in capital, retained earnings, and subtracting treasury stock4. Abbott Corporation was organized on January 1, 2016, with authorized capital of 750,000 shares of $10 par valuecommon stock. During 2016, Abbott issued 50,000 shares at $11 per share, purchased 2,000 shares of treasury stockat $11 per share, and sold 2,000 shares of treasury stock at $12 per share. What is the amount of Additional paid-incapital on December 31, 2016? a. $0 b, $2,000 c. $50,000 d. $52,0005. Ryan Corporation began business by issuing 100,000 shares of $5 par value common stock for $20 per share. During its first year, the corporation sustained a net loss of $50,000. The year-end balance sheet would show a. Total paid-in capital of $1,500,000 b. Common Stock of $2,000,000 c. Additional paid-in capital $1,450,000 d. Total paid-in capital of $2,000,000SHOW YOUR MATH WORK TO COMPUTE THESE AMOUNTS:1. What is the amount recorded in the common stock account? _______________2. What is the total of additional paid-in capital? ________________3.What is total paid-in capital? _____________________6. The corporate charter of Lions Corporation allows the issuance of a maximum of 3,000,000 shares of $1 par value common stock. During its first three years of operation, Lions issued 2,200,000 common shares at $12 per share. It later acquired 100,000 of these shares as treasury stock for $16 per share and then sold 20,000 of them for $14 a share. Lions uses the cost method for all treasury stock transactions. Based on this information, how many shares are outstanding?1. 2,100,000 shares2. 2,180,000 shares3. 2,200,000 shares4. 2,280,000 sharesMake all the journal entries for the situations described in the multiple choice question:1. Issued 2,200,000 shares2. Bought back 100,000 shares (use the cost method for all treasury stock transactions)3. Sold 20,000 treasury sharesMurray Inc. was incorporated on January 1 of the current year. It had the following transactions during the current period. Journalize the transactions.January 2Issued 6,000 shares of $12 par value common stock to attorneys in payment of a bill for $55,000 for services provided in helping the company to incorporate.March 1 Issued 12,000 shares of $12 par value common stock for cash of $320,000.March 10 Issued 1,000 shares of 6%, $100 par value preferred stock for cash at $105 per share. June 30 Declared $8,000 cash dividends. Make the journal entry for the declaration of the cash dividends. How much of the dividend belongs to the preferred stockholders? ____________ July 10 Paid the cash dividend.DO NOT USE THE PAR METHOD FOR TREASURY STOCK. July 28 Purchased 3,000 shares of treasury stock for $9,000 in total.Nov 1 Sold 1,500 shares of the treasury stock for $3.50 a shareDec 1 Sold 1,000 shares of treasury stock for $1,500.These are the only transactions for the year affecting common, preferred, and treasury stock. 1. At the end of the year, how many shares of common stock are issued?2. At the end of the year, how shares of common stock are outstanding?At year end, what is the balance in the common stock account?4. At year end, what is Total Paid-In Capital? ____________________You don’t have to do the entirestockholders’ equity section of the balance sheet,but you are required to list the accounts and the numbers you use to compute totalpaid-in capital below:
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