On January 5, 2025, Oriole Corporation received a charter granting the right to issue 5,500 shares...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 5, 2025, Oriole Corporation received a charter granting the right to issue 5,500 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,400 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 21,900 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,900 shares of preferred stock for the following assets: equipment with a fair value of $50,800; a factory building with a fair value of $169,000; and land with an appraised value of $294,000. July 29 Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Aug. 10 Sold the 1,800 treasury shares at $14 per share. Dec. 31 Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend. Question 3 of 5 < > (a) -14 Record the journal entries for the transactions listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Cri (To record declaration of dividend on shares) (To closed income summary account) On January 5, 2025, Oriole Corporation received a charter granting the right to issue 5,500 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 48,400 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 21,900 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,900 shares of preferred stock for the following assets: equipment with a fair value of $50,800; a factory building with a fair value of $169,000; and land with an appraised value of $294,000. July 29 Purchased 1,800 shares of common stock at $18 per share. (Use cost method.) Aug. 10 Sold the 1,800 treasury shares at $14 per share. Dec. 31 Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend. Question 3 of 5 < > (a) -14 Record the journal entries for the transactions listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Cri (To record declaration of dividend on shares) (To closed income summary account)
Expert Answer:
Answer rating: 100% (QA)
Jan 11 Cash 219400 Common Stock 219400 To record issuance of 21900 shares of common stock ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The lower ends of the three vertical rods were at the same level before the uni- form, rigid bar ABC weighing 3000 lb was attached. Each rod has a cross-sectional area of 0.5 in.. The two outer rods...
-
ORDER_MED_ID is a numeric column that contains the IDs of medication orders. Which of the following correctly converts ORDER_MED_ID to a string datatype? SELECT ONE OF THE FOLLOWING (1 PT) A....
-
Which of the following activity bases would best be used to allocate setup activity to products? a. Number of inspections b. Direct labor hours c. Direct machine hours d. Number of production runs
-
Consider, as we did in much of the chapter, a downward sloping linear demand curve. A: In what follows, we will consider what happens to the price elasticity of demand as we approach the horizontal...
-
ZanyBrainy Corporation makes interlocking children's blocks in a single processing department. Direct materials are added at the start of production. Conversion costs are added evenly throughout...
-
The following five topics are part of the relevant body of knowledge for CPAs having field work or immediate supervisory responsibility in audits involving a computer: 1. EDP equipment and its...
-
On January 1, 2017, Loud Company enters into a 2 year contract with a customer for an unlimited talk and 5 GB data wireless plan for $ 65 per month. The contract includes a smartphone for which the...
-
Explain the concept of paging in virtual memory. How do page tables work, and what are the differences between single-level and multi-level page tables in terms of memory usage and translation...
-
Bernard Corporation gathered the following information for the year just ended: Fixed costs: Manufacturing $120,000 Marketing 42,000 Administrative 22,000 Variable costs: Manufacturing $80,000...
-
Delayed maturation typically provides both males and females with a social advantage. True or false?
-
What factors affect a child during the mothers pregnancy?
-
What does the acronym AAOIFI represent? a. Accounting Aspects of Islamic Financial Institutions b. Accounting Association of Islamic Financial Institutions c. Association Accounting International...
-
What are the major approaches to measuring intelligence, and what do intelligence tests measure?
-
Which of the following statements is false? A. Instances in one region can connect to instances in another region. B. Availability domains in a region share power and cooling. C. Each AD is...
-
Imagine you are in charge of hiring for a company. Candidates for positions in the company expect that there will be a personality assessment as part of the interview process. Since you get to choose...
-
Consider the reaction of acetic acid in water CH 3 CO 2 H(aq) + H 2 O(l) CH3CO 22 (aq) + H 3 O + (aq) where Ka 5 1.8 3 1025. a. Which two bases are competing for the proton? b. Which is the stronger...
-
In Section 6.2.3, we made the comment "Perception is reality." How does this play in the valuation of a tangible versus intangible asset? 6.2.3 Politics to explore Our roadmap for this chapter would...
-
If two countries had identical term structures of interest rates, what is the expected future exchange rate change between the two currencies?
-
Assume that the cost of a particular basket of goods is equal to $108 in the United States and 14,000 in Japan. a. What should the U/$ exchange rate be according to absolute purchasing power parity?...
Study smarter with the SolutionInn App