13 - Class Exercises - $40 per share. Prepare journal...

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ACC212 NVCC - Annandale Mitchell Chapter 13 Class Exercises 1) E13-3 During its first year of operations, Bulldog Corporation had the following transactions pertaining to its common stock: January 10 Issued 70,000 shares for cash at $5 per share July 1 Issued 40,000 shares for cash at $7 per share a. Journalize the transactions, assuming that the common stock has a par value of $5 per share. b. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. 2) E13-8 (similar to hw!) Taylor Corporation purchased from its stockholders, 5,000 share of its own previously issued stock for $250,000. It later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,000 shares for
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Unformatted text preview: $40 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. 3) Preferred Stock Example: Harrison Corporation issued 10,000 shares of $10 par value cumulative 9% preferred stock on January 1, 2007 for $150,000. In December 2009, Harrison declared its first dividend of $60,000. a) Prepare Harrison's journal entry to record the issuance of the preferred stock. b) If the preferred stock is NOT cumulative, how much of the $60,000 would be paid to common stockholders? c) If the preferred stock is cumulative, how much of the $60,000 would be paid to common stockholders?...
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