Nova Corporation has 500,000 authorized shares of $1 par value common stock, of which 200,000 are issued, including 20,000 shares of treasury stock. On October 15, the corporation’s board of directors declared a cash dividend of $0.50 per share payable on November 15 to stockholders of record on November 1. Prepare journal entries for each of the three dates.
Answer to relevant QuestionsThe following accounts and balances are from the records of Quest Corporation on December 31, 2011: Preferred Stock, $100 par value, 9 percent cumulative, 20,000 shares authorized, 6,000 shares issued and ...On July 1, 2011, Salas Inc., a new corporation, issued 40,000 shares of its common stock to finance a corporate headquarters building. The building has a fair market value of $1,200,000 and a book value of $800,000. Because ...Below is the stockholders’ equity section of Picado Corporation’s balance sheet. Determine the book value per share for both the preferred and the common stock.Contributed capitalPreferred stock, $100 per share, 6 ...Java, Inc., was organized and authorized to issue 5,000 shares of $100 par value, 9 percent preferred stock and 50,000 shares of no-par, $5 stated value common stock on July 1, 2011. Stock-related transactions for Java are ...Examine the cash flow performance measures in requirement 2 of the Review Problem in this chapter. Discuss the meaning of the cash flow ratios and free cash flow.
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