Journalize the following transactions. You must use a journal form to receive credit. On January 1,...
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Journalize the following transactions. You must use a journal form to receive credit. On January 1, 2020, the Amity Island Swimsuit Company had 10,000 shares of 5%, $100 par, cumulative Preferred Stock authorized with 4,000 shares issued and outstanding. It also had 50,000 shares of $5 par common stock authorized with 15,000 shares issued and outstanding. Jan 4 Sold 8,000 shares of $5 par common stock for $15 per share, Sold 2,000 shares of $100 par, 5%%, cumulative, preferred stock for $160 per share. Jan 17 May 12 Purchased 1,200 shares of treasury stock common for $16 per share. Re-issued 300 of the treasury shares purchased on May 12 for $18 per share. Jun 14 Jul 18 Issued 2,000 shares of common stock in exchange for legal services. The value of the stock at the time of issue was $17 per share. Purchased equipment with a fair market value of $120,000 by paying $24,000 in cash, insuing a note payable for $80,000 and issuing 800 shares of $5 par common stock. Aug 24 Oct 7 Re-issuod 400 of the treasury shares purchased on May 12 for $14 per share. Nov 2 Declared $95,000 in dividenda to be paid on December 2 to stockholder's of record on November 30. Dividends have been paid each previous year. Dec 2 Paid the dividend declared on Nov. 2. Dec 16 Declared a 29% common stock dividend to be issued on Deceiber 3 to stockholder's of record on December 20. The market value of the stock on December 16 ws $19 per share. Deo 31 Distributed the stock dividend shares deelared on December 16. Journalize the following transactions. You must use a journal form to receive credit. On January 1, 2020, the Amity Island Swimsuit Company had 10,000 shares of 5%, $100 par, cumulative Preferred Stock authorized with 4,000 shares issued and outstanding. It also had 50,000 shares of $5 par common stock authorized with 15,000 shares issued and outstanding. Jan 4 Sold 8,000 shares of $5 par common stock for $15 per share, Sold 2,000 shares of $100 par, 5%%, cumulative, preferred stock for $160 per share. Jan 17 May 12 Purchased 1,200 shares of treasury stock common for $16 per share. Re-issued 300 of the treasury shares purchased on May 12 for $18 per share. Jun 14 Jul 18 Issued 2,000 shares of common stock in exchange for legal services. The value of the stock at the time of issue was $17 per share. Purchased equipment with a fair market value of $120,000 by paying $24,000 in cash, insuing a note payable for $80,000 and issuing 800 shares of $5 par common stock. Aug 24 Oct 7 Re-issuod 400 of the treasury shares purchased on May 12 for $14 per share. Nov 2 Declared $95,000 in dividenda to be paid on December 2 to stockholder's of record on November 30. Dividends have been paid each previous year. Dec 2 Paid the dividend declared on Nov. 2. Dec 16 Declared a 29% common stock dividend to be issued on Deceiber 3 to stockholder's of record on December 20. The market value of the stock on December 16 ws $19 per share. Deo 31 Distributed the stock dividend shares deelared on December 16.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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