On January 1, Duane Company purchases land at a cost of $125,000. Duane incurs costs of...

   

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On January 1, Duane Company purchases land at a cost of $125,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use. What is the cost of land to be recorded by Duane? On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. • Apr. 1: Issued 25,000 additional shares of common stock for $17 per share. June 15: Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10: Paid the $1 cash dividend. • Dec. 1: Issued 2,000 additional shares of common stock for $19 per share. • Dec. 15: Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the three dividend dates. How are dividends and dividends payable reported in the financial statements prepared at December 31? . ● On January 1, Duane Company purchases land at a cost of $125,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use. What is the cost of land to be recorded by Duane? On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. • Apr. 1: Issued 25,000 additional shares of common stock for $17 per share. June 15: Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10: Paid the $1 cash dividend. • Dec. 1: Issued 2,000 additional shares of common stock for $19 per share. • Dec. 15: Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the three dividend dates. How are dividends and dividends payable reported in the financial statements prepared at December 31? . ●

Answer rating: 100% (QA)

ost of purchasing the land 125000 Cost of closing fees survey 2000 Cleaning cost 7500 Cost of land 1... View the full answer