Indigo Inc.'s $11 par value common stock is actively traded at a market price of $15...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Indigo Inc.'s $11 par value common stock is actively traded at a market price of $15 per share. Indigo issues 6,500 shares to purchase land advertised for sale at $85,500. Journalize the issuance of the stock in acquiring the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Land Common Stock Paid-in Capital in Excess of Par-Common Stock Debit 85,500 Credit 71,500 14,000 Skysong, Inc. has 73,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Nov. 1 Stock Dividends Dividends Payable Dec. 31 Dividends Payable Cash eTextbook and Media Debit 146,000 146,000 Credit 146,000 146,000 On January 1, Blossom Company had 92,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. Apr. 1 Issued 23,500 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30. July 10 Paid the $2 cash dividend. Dec. 1 Issued 1,000 additional shares of common stock for $18 per share. 15 Declared a cash dividend on outstanding shares of $4.80 per share to stockholders of record on December 31. (a) Prepare the entries, on each of the three dividend dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Indigo Inc.'s $11 par value common stock is actively traded at a market price of $15 per share. Indigo issues 6,500 shares to purchase land advertised for sale at $85,500. Journalize the issuance of the stock in acquiring the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Land Common Stock Paid-in Capital in Excess of Par-Common Stock Debit 85,500 Credit 71,500 14,000 Skysong, Inc. has 73,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Nov. 1 Stock Dividends Dividends Payable Dec. 31 Dividends Payable Cash eTextbook and Media Debit 146,000 146,000 Credit 146,000 146,000 On January 1, Blossom Company had 92,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. Apr. 1 Issued 23,500 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $2 per share to stockholders of record on June 30. July 10 Paid the $2 cash dividend. Dec. 1 Issued 1,000 additional shares of common stock for $18 per share. 15 Declared a cash dividend on outstanding shares of $4.80 per share to stockholders of record on December 31. (a) Prepare the entries, on each of the three dividend dates. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these finance questions
-
Alxenor SA has a power plant designed and built to serve its three factories. Data for 2022 are as follows: Actual fixed costs of the power plant were 1 million in 2022; actual variable costs, 2...
-
Fun Cosmetics Ltd. is a skincare product manufacturer based in New Zealand that produces the LoveSkin instant moisturizer for women. Because of the reliability and quality of its products, it has...
-
A piston-cylinder device contains 8 kg of refrigerant-134a at 850 kPa and 70oC. The refrigerant is now cooled at constant pressure until it comes to thermal equilibrium with the atmosphere, which is...
-
Show that the set {5, 15, 25, 35} is a group under multiplication modulo 40. What is the identity element of this group? Can you see any relationship between this group and U(8)? Additionally, A...
-
Consider the test for lack of fit. Find $E\left(M S_{\mathrm{PE}} ight)$ and $E\left(M S_{\mathrm{LOF}} ight)$.
-
Consider Wal-Mart, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Stockholders Equity (S) for Wal-Mart: a . _____ Accounts payable b. _____ Common stock c. _____...
-
How do ethical leaders navigate ethical gray areas and moral ambiguity in rapidly evolving business landscapes, exercising moral courage and ethical reflexivity to confront ethical challenges,...
-
Borrowing to cover a deficit is also a revenue source. In recent years, borrowing has made up approximately how much of total government revenues? a.1 to 4% b.50 to 60% c.50% d.5 to 6% e.10 to 40%
-
On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings...
-
Use an appropriate FUNCTION and calculate the total commission that real estate agents received for selling all houses that cost more than $400,000.
-
What power and political elements are within the criminal justice organization how are communication channels within the criminal justice organization and how could they be improved?
-
CPI for the genres of Action, Casino, and Trivia are $1, $5, and $2 respectively. ARPU for the genres of Action, Casino, and Trivia are $2, $8, and $4 respectively. Conversion rates for the genres of...
-
The different generations in the workforce, focus on approaches for managing and leading criminal justice agencies. Be sure to include the following: Discuss the need for learning organizations in...
-
How does the Chinese government limit the use of the Chinese currency, the RMB, on the global currency markets? What are the differences between the RMB, the CNY, the CNH, and the CNY-NDF? Why was...
-
The following selected information was taken from Sun Valley Citys general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019: Revenues:...
-
Consider expansion of a function in terms of a series \(F_{n}(x)\) in the following form: \[f(x)=\sum_{n} A_{n} F_{n}(x)\] If the functions \(F_{n}\) are orthogonal then this property helps to unfold...
-
A concrete wall \(20 \mathrm{~cm}\) thick is initially at a temperature of \(20^{\circ} \mathrm{C}\), and is exposed to steam at pressure \(1 \mathrm{~atm}\) on both sides. Find the time for the...
-
Analyze the transient problem with the Dirichlet condition for a long cylinder and for a sphere. Derive expressions for the eigenfunctions, eigenconditions, and eigenvalues. Find the series...
Study smarter with the SolutionInn App