On January 1, Duane Company purchases land at a cost of $125,000. Duane incurs costs of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, Duane Company purchases land at a cost of $125,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use. What is the cost of land to be recorded by Duane? On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. • Apr. 1: Issued 25,000 additional shares of common stock for $17 per share. June 15: Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10: Paid the $1 cash dividend. • Dec. 1: Issued 2,000 additional shares of common stock for $19 per share. • Dec. 15: Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the three dividend dates. How are dividends and dividends payable reported in the financial statements prepared at December 31? . ● On January 1, Duane Company purchases land at a cost of $125,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use. What is the cost of land to be recorded by Duane? On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. • Apr. 1: Issued 25,000 additional shares of common stock for $17 per share. June 15: Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10: Paid the $1 cash dividend. • Dec. 1: Issued 2,000 additional shares of common stock for $19 per share. • Dec. 15: Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the three dividend dates. How are dividends and dividends payable reported in the financial statements prepared at December 31? . ●
Expert Answer:
Answer rating: 100% (QA)
ost of purchasing the land 125000 Cost of closing fees survey 2000 Cleaning cost 7500 Cost of land 1... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
Chronicle Ltd produces stationery and journals. One of their products is the Daily Planner. The company's operating budget for the month of September 20X2 included the following data for one Daily...
-
On January 1, Duane Company purchases land at a cost of $55,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use....
-
On January 1, Duane Company purchases land at a cost of $125,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use....
-
Explain why, in your opinion, allowing a physician to prescribe lethal medication under aid-in-dying laws is or is not euthanasia.
-
Many scholars and policy makers are interested in the proportion of homeless people who are mentally ill. Wright (1988) estimates that 33% of all homeless people are mentally ill, by sampling...
-
Alan decides to use a different strategy for the 1-in-6 wins game of Exercise 90. He keeps buying one 20-ounce bottle of the soda at a time until he gets a winner. a. Find the probability that he...
-
For the coordinate transformation (12.1) and (12.2), derive the formula for \(u_{x y}\).
-
On May 31, the inventory balances of Princess Designs, a manufacturer of high-quality children's clothing, were as follows: Materials Inventory, $21,360; Work in Process Inventory, $15,112; and...
-
Book keeping. SET B At the end of January 2021, the Leadership Coaching Agency had the following adjustments: 1. Supplies used during January totaled $500. 2. Expired rent for the month $2,000. 3....
-
Go through the transaction list (Document1) and identify which cycle each transaction belongs to. A transaction will belong to only one cycle; either the Sale to Cash Receipt (S/CR) Cycle, Purchases...
-
The following dot matrix chart displays the total votes cast regarding a ballot issue in a city. Blue highlighted dots indicate a vote against the issue. Each blue highlighted dot indicates 5000...
-
How are game trees different from decision trees? For what kinds of decisions would you want to use game trees instead of decision trees?
-
How is turnaround financing different from financing associated with a healthy growing firm?
-
What are the meanings of bonding and monitoring in the context of new venture finance? What, from an economic standpoint, makes a bond effective?
-
What are accredited investors and why are they important to new ventures seeking registration of their equity securities?
-
What are the differences in financing choices for for-profit firms and not-for-profit firms?
-
Remy es un agente de seguros quetrabaja con Nemo y Meredith en una pliza de seguro pordiscapacidad. Remy ha recopilado toda la informacin necesaria y harevisado diferentes opciones de plizas 1 answer
-
Wholesalers Ltd. deals in the sale of foodstuffs to retailers. Owing to economic depression, the firm intends to relax its credit policy to boost productivity and sales. The firms current credit...
-
On November 16, 2010, the Clear Glass Company borrowed $20,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 12% and remitted to Clear...
-
On December 31, 2010, Cochran Company made the following proper year-end adjusting entries: Required 1. Prepare journal entries to record whatever reversing entries you think are appropriate. 2....
-
Using the information in RE8-4, prepare journal entries to record Stevens Companys purchases if it pays on August 8. In RE8-4, On July 10, Stevens Company purchases $50,000 of inventory on credit...
-
From the following draw up a bank reconciliation statement from details as on 31 December 19X6: Cash at bank as per bank column of the cash book Unpresented cheques Cheques received and paid into the...
-
The following are extracts from the cash book and the bank statement of J Roche. You are required to: (a) Write the cash book up to date, and state the new balance as on 31 December 19X9, and (b)...
-
Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining the balance on the bank statement, from the following as on 31 March 19X9: Cash at bank as per bank...
Study smarter with the SolutionInn App