nting, 10e FINANCIAL ACCOUNTING (ACC 2000) signment BACK NEXT Problem 11-6A tren

Question

nting, 10e FINANCIAL ACCOUNTING (ACC 2000) signment BACK NEXT Problem 11-6A trenn Corporation has been authorized to issue 20 000 shares of $100 par value 10% noncumulative preferred stock and 1,000,000 shares of par com mon stock. The corporation assigned a $2.5 stated value to the common stock. At December 31, 2019, the ledger contained the following balances pertaining to stockholders' equity $120,000 20,000 1,000,000 1,800,000 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,900 common shares) Paid-in Capital from Treasury Stock Retained Earnings 11,000 1,500 82,000 mulated Other Comprehensive Income The prefurred stock was issued for land having a fair value of $140,000. All common $11. In December, 500 shares of t ssued was for cash. In November, 1,500 shares of common stock were easury stock were sold for $14 per share. No dividends were deciared in 2019 purchas ed for the treasury at a per share cost of for the following: (Credit account titles are automatically indented when amount is entered. Do not indent man required, select "No Entry for the account titles and enter O for the amounts.) (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. (4) Sale of treasury stock for cash. 140,000 All Rights of

Explanation / Answer

account titles and explanations debit credit 1 land 140000 preferred stock 120000 Paid - in capital in excess of par value - Prefered stock 20000 (being preferred stock issued for land) 2 cash 2800000 common stock 1000000 Paid - in capital in excess of stated value - common stock 1800000 (being common stock issued for cash) calculations 3 treasury stock - common 16500 1500*11 cash 16500 (being treasury stock purchased for cash 4 cash 7000 500*14 treasury stock - common 5500 Paid in capital from treasury stock 1500 (being treasury stock sold for cash)

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.