Moonwalker Corporation issued 2,000 shares of its ($10) par value ordinary shares for ($60),000. Moonwalker also incurred

Question:

Moonwalker Corporation issued 2,000 shares of its $$10$ par value ordinary shares for $$60$,000.

Moonwalker also incurred $$1$,500 of costs associated with issuing the shares. Prepare Moonwalker’s journal entry to record the issuance of the company’s shares.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

See More Books

Question Posted: Mar 23, 2024 08:02 AM

See More Questions

Good Harvest Corporation was incorporated on January 1, 2021, with authorized share capital of 300,000 shares at P20 par value. Record the transactions completed during the months of January and...
Dark Ale Brewery includes 1 coupon in each case of beer that it packs. A CD is offered as a premium for every 20 coupons that customers send in along with $2.00. In Year 3, Dark Ale Brewery purchased...
Two slot machines offer to double your money 3 times out of 5. Machine A takes $10 bets and Machine B takes $100 bets on each occasion. A risk-averse investor prefers to bet on A) Machine A B)...
A rod DE and a small cylinder are placed between two guides as shown. The rod is not to slip downward, however large the force P may be; i.e., the arrangement is said to be self-locking. Neglecting...
Mr. Harish Jain, CEO of Energetic Enterprises has established the firm for the manufacture and marketing of an innovative product. The firm earned a reputation for its product within two years of its...
Consider the following cash flow profile and assume MARR is 10 percent/year and the finance rate is 4 percent/year. a. Determine the MIRR for this project. b. Is this project economically attractive?...
Cathy, the manager of Cathy's Catering, Inc., uses activity-based costing to compute the costs of her catered parties. Each party is limited to 20 guests and requires four people to serve and clean...
produce a reflective comparison of China and the U.S. in terms of social/political/economic systems. Given the focus of this course and this particular module, what is the fundamental basis for the...
Sprinkle Inc. has outstanding 10,000 shares of 10 par value ordinary shares. On July 1, 2015, Sprinkle reacquired 100 shares at 87 per share. On September 1, Sprinkle reissued 60 shares at 90 per...
On February 1, 2015, Gruber Corporation issued 3,000 shares of its 5 par value ordinary shares for land worth 31,000. Prepare the February 1, 2015, journal entry.
Walmart sells a walker called the Carex Explorer for $63.98. Medicare covers the Explorer, but it used to pay between $99.77 and $143.65 (CGS 2015). As a result of competitive bidding, the current...
Under what circumstances does a firm violate the basic relationship underlying the percent of sales forecast method?
What features of common stock indicate ownership in the corporation versus preferred stock or bonds?
Why is it difficult to measure future cash flows?
How is a cash budget used in financial planning?
What provisions are available to protect a preferred stockholder?
Estimate the volume expansively b and the isothermal compressibility a of refrigerant-134a at 200 kPa and 30C.
Chris Zulliger was a chef at the Plaza Restaurant in the Snowbird Ski Resort in Utah. The restaurant is located at the base of a mountain. As a chef for the Plaza, Zulliger was instructed by his...
ABC, Inc. can buy a piece of equipment that is anticipated to provide an 11 percent return and can be financed at 9 percent with debt (assume ABC's corporate tax rate is 33.3%). Later in the year,...
Big Brothers Ltd divides its economic activities into time-frames of two months and prepares their financial statements for interested parties at the end of each time-frame. The accounting assumption...
Y10 Question 2 Suppose this society has a limit on the amount of energy it can supply total energy consumption of the two individuals cannot exceed 200 million BTU per year. To maximize the social...

Moonwalker Corporation issued 2,000 shares of its ($10) par value ordinary shares for ($60),000. Moonwalker also incurred

Question:

Step by Step Answer:

To record the issuance of Moonwalker Corporations shares including the associated issuan...View the full answer

Intermediate Accounting IFRS Edition

Students also viewed these Business questions