This problem continues the Daniels Consulting situation from Problem PI2-45 of Chapter 12. Daniels decides to raise additional capital for a planned business expansion by issuing 8,000 additional $2 par value common shares for $24,000 and by issuing 2,500, 4%, $50 par preferred shares at $55 per share. Assuming total stockholders’ equity is $25,422 and includes 200 shares of common stock and 0 shares of preferred stock issued and outstanding immediately before the previously described transactions journalize the entries related to the issuances of both common and preferred shares.
Answer to relevant QuestionsMiller Corporation issued 30,000 shares of $1 par value common stock in exchange for a building with a market value of $160,000. Record the stock issuance. Shauna Lopez Company expects the following for 2016: • Net cash provided by operating activities of $144,000. • Net cash provided by financing activities of $60,000. • Net cash used for investing activities of $84,000 ...Consider the following facts for Vanilla Valley: a. Beginning and ending Retained Earnings are $43,000 and $69,000, respectively. Net income for the period is $58,000. b. Beginning and ending Plant Assets are $120,600 and ...Official Reserve Rare Coins (ORRC) was formed on January 1, 2016. Additional data for the year follow: a. On January 1, 2016, ORRC issued no par common stock for $500,000. b. Early in January, ORRC made the following cash ...Accountants for Carlson, Inc. have assembled the following data for the year ended December 31, 2016: Prepare Carlson’s statement of cash flows using the indirect method. Include an accompanying schedule of non-cash ...
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