Complete each question record transactions
Question 1
Hernandez Company had the following stock transactions duringthe year:
Issued 25,000 shares of $1 par common stock for $25,000.
Issued 20,000 shares of $1 par common stock for $22,000cash.
Issued 22,000 shares of $1 par common stock for $21,000cash.
Issued 2,000 shares of $50 par, 8% preferred stock for $100,000cash.
Issued 1,000 shares of $50 par, 8% preferred stock for $49,000cash.
Issued 1,000 shares of $50 par 8% preferred stock for$51,500
Issued 2,500 shares of no-par common stock for $11,875 cash
Issued 1,500 shares of no par 7% preferred stock for $72,000cash.
Question 2
Kris Kraft Stores had the following stock transactions duringthe year.
Issued 4,000 shares of no par common stock with a stated valueof $10 per share for $40,000 cash.
Issued 6,000 shares of no par common stock with a stated valueof $8 per share for $50,000 cash.
Issued 5,000 shares of no par 6% preferred stock with a statedvalue of $15 per share for $75,000 cash.
Issued 3,000 shares of no par 6% preferred stock with a statedvalue of $20 per share for $58,000 cash.
Issued 10,000 shares of $8 par common stock with a $9 fairmarket value for a building with an uncertain fair marketvalue.
Issued 10,000 shares of $5 common stock for land with a fairmarket value of $50,000.
Issued 8,000 shares of $50 par, 8% preferred stock for land witha fair market value of $405,000.
Question 3
During the year ended December 21, 2013, Smith Company completedthe following transactions:
04/15 Declared a semiannual dividend of $0.80 per share onpreferred stock and $0.05 per share on common stock to shareholdersof record on 05/05, payable on 05/10. Currently, 4,000shares of $100 par preferred stock and 50,000 shares of $1 parcommon stock are outstanding.
05/05 Record date of record entry.
05/10 Paid cash dividends.
10/15 Declared semiannual dividend of $0.80 per share onpreferred stock and $0.50 per share on common stock to shareholdersof record on November 5, payable on November 20.
11/5 Record date of record entry.
11/20 Paid cash dividends
11/22 Declared a 10% stock dividend to shareholders of record onDecember 8, distributable on December 16. Market valueof the common stock was estimated to be $8.
12/08 Record date of record entry.
12/16 issued certificated for common stock dividend.
12/20 Board of directors declared a two for one common stocksplit.
Complete each question record transactions
Question 1
Hernandez Company had the following stock transactions duringthe year:
Issued 25,000 shares of $1 par common stock for $25,000.
Issued 20,000 shares of $1 par common stock for $22,000cash.
Issued 22,000 shares of $1 par common stock for $21,000cash.
Issued 2,000 shares of $50 par, 8% preferred stock for $100,000cash.
Issued 1,000 shares of $50 par, 8% preferred stock for $49,000cash.
Issued 1,000 shares of $50 par 8% preferred stock for$51,500
Issued 2,500 shares of no-par common stock for $11,875 cash
Issued 1,500 shares of no par 7% preferred stock for $72,000cash.
Question 2
Kris Kraft Stores had the following stock transactions duringthe year.
Issued 4,000 shares of no par common stock with a stated valueof $10 per share for $40,000 cash.
Issued 6,000 shares of no par common stock with a stated valueof $8 per share for $50,000 cash.
Issued 5,000 shares of no par 6% preferred stock with a statedvalue of $15 per share for $75,000 cash.
Issued 3,000 shares of no par 6% preferred stock with a statedvalue of $20 per share for $58,000 cash.
Issued 10,000 shares of $8 par common stock with a $9 fairmarket value for a building with an uncertain fair marketvalue.
Issued 10,000 shares of $5 common stock for land with a fairmarket value of $50,000.
Issued 8,000 shares of $50 par, 8% preferred stock for land witha fair market value of $405,000.
Question 3
During the year ended December 21, 2013, Smith Company completedthe following transactions:
04/15 Declared a semiannual dividend of $0.80 per share onpreferred stock and $0.05 per share on common stock to shareholdersof record on 05/05, payable on 05/10. Currently, 4,000shares of $100 par preferred stock and 50,000 shares of $1 parcommon stock are outstanding.
05/05 Record date of record entry.
05/10 Paid cash dividends.
10/15 Declared semiannual dividend of $0.80 per share onpreferred stock and $0.50 per share on common stock to shareholdersof record on November 5, payable on November 20.
11/5 Record date of record entry.
11/20 Paid cash dividends
11/22 Declared a 10% stock dividend to shareholders of record onDecember 8, distributable on December 16. Market valueof the common stock was estimated to be $8.
12/08 Record date of record entry.
12/16 issued certificated for common stock dividend.
12/20 Board of directors declared a two for one common stocksplit.
Related questions
Journalize the entries to record the following transactions for Mountain Realty Inc. Refer to the Chart of Accounts for exact wording of account titles.
| Aug. | 26 | Issued for cash 128,000 shares of no-par common stock (with a stated value of $5) at $6. |
| Oct. | 1 | Issued at par value 41,000 shares of preferred 1% stock, $10 par for cash. |
| Nov. | 30 | Issued for cash 17,000 shares of preferred 1% stock, $10 par at $11 . |
Need answers for the following below, please :)
| Prepare journal entries to recordthe following four separate issuances of stock. |
| 1. | A corporation issued 3,000 shares of $20 par value common stockfor $72,000 cash. |
| 2. | A corporation issued 1,500 shares of no-par common stock to itspromoters in exchange for their efforts, estimated to be worth$42,500. The stock has a $3 per share stated value. |
| 3. | A corporation issued 1,500 shares of no-par common stock to itspromoters in exchange for their efforts, estimated to be worth$42,500. The stock has no stated value. |
| 4. | A corporation issued 750 shares of $75 par value preferred stockfor $98,750 cash. |
