Gilmore Company has 30,000 authorized shares of common stock, $2 par, and 30,000 authorized shares of...

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Gilmore Company has 30,000 authorized shares of common stock, $2 par, and 30,000 authorized shares of preferred stock, $10 par. Required Record journal entries for the following separate transactions. Analyze and record each transaction separately. a. On January 1, Gilmore sold 600 shares of common stock and 300 shares of preferred stock for a lump sum of $18,450. The common stock was selling at $25 per share, and the preferred at $12 per share. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Date Jan, 1 Date Jan. 11 Date Account Name b. On January 1, Gilmore issued 270 shares of preferred stock for used equipment. The equipment is appraised at $3,600, and the book value recorded by the seller is $1,800. A fair value measurement on the preferred stock has not been established. Account Name Dr. Jan, 1 To record issuance of stock. June 30 To record issuance of stock. c. Assume that the 30,000 shares of preferred stock are callable for $12 per share at the option of the issuer, Gilmore. After issuing 750 shares of callable preferred stock on January 1 for $12, Gilmore called 150 shares of preferred stock on June 30 for $12. Record the entries for Gilmore on January 1 and on June 30. Account Name Dr. Cr. To record issuance of stock. Dr. To record call of shares. Cr. くくくくくく Cr. d. Assume that each of the 30,000 shares of preferred stock is convertible into 2 shares of common stock at the option of the stockholder. After issuing 750 shares of convertible preferred stock on January 1 for $12, 150 shares of preferred stock were converted into common stock on June 30. Record the entries for Gilmore on January 1 and on June 30, assuming that the fair value of the preferred stock is $16 per share on June 30. Account Name Dr. Cr. Date Jan. 1 June 30 To record issuance of stock. To record conversion of stock. くくくくくくく Gilmore Company has 30,000 authorized shares of common stock, $2 par, and 30,000 authorized shares of preferred stock, $10 par. Required Record journal entries for the following separate transactions. Analyze and record each transaction separately. a. On January 1, Gilmore sold 600 shares of common stock and 300 shares of preferred stock for a lump sum of $18,450. The common stock was selling at $25 per share, and the preferred at $12 per share. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Date Jan, 1 Date Jan. 11 Date Account Name b. On January 1, Gilmore issued 270 shares of preferred stock for used equipment. The equipment is appraised at $3,600, and the book value recorded by the seller is $1,800. A fair value measurement on the preferred stock has not been established. Account Name Dr. Jan, 1 To record issuance of stock. June 30 To record issuance of stock. c. Assume that the 30,000 shares of preferred stock are callable for $12 per share at the option of the issuer, Gilmore. After issuing 750 shares of callable preferred stock on January 1 for $12, Gilmore called 150 shares of preferred stock on June 30 for $12. Record the entries for Gilmore on January 1 and on June 30. Account Name Dr. Cr. To record issuance of stock. Dr. To record call of shares. Cr. くくくくくく Cr. d. Assume that each of the 30,000 shares of preferred stock is convertible into 2 shares of common stock at the option of the stockholder. After issuing 750 shares of convertible preferred stock on January 1 for $12, 150 shares of preferred stock were converted into common stock on June 30. Record the entries for Gilmore on January 1 and on June 30, assuming that the fair value of the preferred stock is $16 per share on June 30. Account Name Dr. Cr. Date Jan. 1 June 30 To record issuance of stock. To record conversion of stock. くくくくくくく

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a On January 1 Gilmore sold 600 shares of common stock and 300 shares of preferred stock for a lump ... View the full answer