To expand operations, Aragon Consulting issued 1,300 shares of previously unissued common stock with a par...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
To expand operations, Aragon Consulting issued 1,300 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Required: 1-8. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance. 1-b. Prepare the journal entry for the stock issuance. 2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. 2-b. Prepare the journal entry for the stock issuance, if the par value were $2 per share. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B To expand operations, Aragon Consulting issued 1,300 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Required: 1-8. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance. 1-b. Prepare the journal entry for the stock issuance. 2-a. Complete the table below, indicating the account, amount, and direction of the effect for the stock issuance with a par value of $2. 2-b. Prepare the journal entry for the stock issuance, if the par value were $2 per share. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B
Expert Answer:
Answer rating: 100% (QA)
Req 1A Account Amount Direction Cash 65000 Increase ... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
Kelly Building Pty Ltd is registered builder. Its managing director, John, controls the company business activities. Johns wife, Marsha, is the other director but she does not concern herself with...
-
The records of Paloma Supplies reflected the following balances in the stockholders' equity accounts at December 31, 2021: Common stock, par $12 per share, 46,000 shares outstanding. Preferred stock,...
-
Hartford Research issues bonds dated January 1 that pay interest semiannually on June 30 and December 31. The bonds have a $31,000 par value and an annual contract rate of 12%, and they mature in 10...
-
There are three general methods of allocating overhead costs: plantwide rates, rates for each expense category, and departmental rates. Describe when each is the most useful.
-
Murray's Fish Market, a store that specializes in providing fresh fish to the Nashville, Tennessee area, installed a new refrigeration unit in early 2007 at a cost of $21,500. The refrigeration unit...
-
Earnings before interest and tax (EBIT), rather than profit, is sometimes used as the numerator in the return on asset ratio. Discuss the rationale for using EBIT rather than profit.
-
Are Carbon or Steel Bikes Faster? Dr. Jeremy Groves was interested in whether his carbon bike or his steel bike led to a shorter commute time. To answer this, he flipped a coin each day to randomly...
-
On January 1, 2014, Dunbar Corporation, an 85%-owned subsidiary of Garfield Industries, received $48,055 for $50,000 of 8%, 5-year bonds it issued when the market rate was 9%. When Garfield...
-
Two rubber balls undergo an elastic collision. Ball 1 has a mass of 10 kg and an initial velocity of 5 m/s in the positive x direction. Ball 2 has a mass of 10 kg and is stationary. What is the final...
-
Bruce also requires a calculation of taxable income for the most recent year ended December 31, 2019. The calculation should be prepared in Excel. He has also requested that you prepare the year-end...
-
Number 100 (Q1-20p) PC Bell, a computer manufacturer that sells computer systems directly to customers, buys a computer chip for $99, software for $250, and a printer for $50. If the value added by...
-
Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three services are provided...
-
Li Corporation reported pretax book income of $700,000. Tax depreciation exceeded book depreciation by $420,000. Li's beginning book (tax) basis in its fixed assets was $2,000,000 ($1,780,000) and...
-
Sugar Market. The sugar price is forecast to increase from $1.00 per pound to $1.50 per pound. 1. Indicate whether there is a change or movement in the demand or supply curve. 2. With the help of a...
-
Choose two different online companies and for each, try to identify the social, mobile, andlocal marketing efforts the company has implemented ?
-
Please give some opinions about this topic. As many as you could https://www.nytimes.com/2023/03/05/business/media/movie-theaters-ticket-prices.html
-
What is your favorite brand? What kind of brand? Describe the brand in as much detail as possible, including product/service category, target market(s) served, overall prices, product levels, brand...
-
1. Advertising for eyeglasses _________ (increases/decreases) the price of eyeglasses because advertising promotes _________. 2. An advertisement that succeeds in getting consumers to try the product...
-
On January 1, you plan to take a trip around the world upon graduation four years from now. Your grandmother wants to deposit sufficient funds for this trip in an investment account for you. On the...
-
Refer to M4- 14. Prepare a classified balance sheet at December 31. Are the Sky Blue Corporations assets financed primarily by debt or equity? Debit Credit Cash Accounts Receivable Prepaid insurance...
-
Felicia Company acquired 21,000 of the 60,000 shares of outstanding common stock of Nueces Corporation as a long- term investment. The annual accounting period for both companies ends December 31....
-
Calculate the volatility and the current price of oil futures implied by the call 1600 August and the call 1700 August of Figure 19.8 by using the Black-Scholes formula with \(T=.25\). OIL CRUDE OIL...
-
A company issues a \(10 \%\) coupon bond that matures in 5 years. However, this company is in trouble, and it is estimated that each year there is a probability of .1 that it will default that year....
-
Consider a continuous-time environment, with \(e\) as a variable outside of the market. (a) Suppose the final payoff is \(V\left(x_{e}, T ight)=x_{e}(T)\). Find \(V\left(x_{e}, t ight)\). (b) Find a...
Study smarter with the SolutionInn App