In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000...

 

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In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B > In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $15 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $30 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) Required 1 Required 2 Required 1 Required 2 Part B Required 1 Re Part A Part A Part B Part C Prepare journal entries to record these transactions. (If no entry is required required" in the first áccount field.) View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Cr Note: journal entry has been entered %3D Record entry Clear entry View g Remuired 1 PatA Reguired Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Required 1 Required 2 Required 1. Part C Required 2 Part C Required 3 Part C Part A Part B Part B Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2021. (Assume net income for the first quarter 2021 was $1,500,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2021 Shareholders' equity Total shareholders' equity < Required 1 Part A Required 1 Part B >

Answer rating: 100% (QA)

Nicklaus Corporation Journal entries Date Account Debit Credit Calculation Part A 2Jan Cash 30000000 ... View the full answer