Showing 741 to 750 of 1851 Questions
  • Land appraised at $80,000 is purchased by issuing 1,000 shares of $20 par value common stock. The market price of the shares at the time of the exchange, based on active trading in the securities market, is $95 per share. Should the land be recorded at $20,000, $80,000, or $95,000? Explain.

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  • Land appraised at $84,000 is purchased by issuing 1,000 shares of $10 par value common stock. The market price of the shares at the time of the exchange, based on active trading in the securities market, is $95 per share. Should the land be recorded at $10,000, $84,000, or $95,000? Explain.

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  • Langley Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and payment of the stock dividend.

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  • Las Animas Inc. began operations on January 2, 2008, with the issuance of 100,000 shares of $50 par common stock. The sole stockholders of Las Animas Inc. are Cindy Stern and Dr. Kassay Heyen, who organized Las Animas Inc. with the objective of developing a new flu vaccine. Dr. Heyen claims that the flu vaccine, which is nearing the final

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  • Lasers4U Company has 10,000 shares of 2% cumulative preferred stock of $50 par and 25,000 shares of $100 par common stock. The following amounts were distributed as dividends:Year 1 ………………$18,000Year 2 …………………7,500Year 3 ………………..35,000Determine the dividends per share for preferred and common stock fo

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    417
  • Lawlor Lawn Service completed the following transactions during May:May 1 Received $1,700 and issued 100 shares of common stock. Opened bank account titledLawlor Lawn Service, Inc.3 Purchased on account a mower, $1,200, and weed whacker, $240. The equipment is expected to remain in service for four years.5 Purchased $30 of gas. Wrote chec

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  • Lawlor Lawn Service completed the following transactions during May:May 1 Received $1,700 and gave capital to Lawlor. Opened bank account titled Lawlor Lawn Service.3 Purchased on account a mower, $1,200, and weed whacker, $240. The equipment isexpected to remain in service for four years.5 Purchased $30 of gas. Wrote check #1 from the ne

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    229
  • Lei Inc.’s $10 par value common stock is actively traded at a market price of $15 per share. Lei issues 5,000 shares to purchase land advertised for sale at $85,000. Journalize the issuance of the stock in acquiring the land.

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  • Leigh Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2012, the ledger contained the following balances pertaining to stockholders’ equity.Preferred

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    325
  • Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she completed the following transactions connected with her professional practice:a. Transferred cash from a personal bank account to an account to be used for the business, $30,000.b. Paid May rent for office and workroom, $3,500.c. Purchased used automobile f

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