Chapter 10 Stock Transactions and Investments

# Chapter 10 Stock Transactions and Investments - Stock...

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1. We sell 10,000 shares of \$2 par c/s for \$60,000, prepare the entry 2. We sell 20,000 shares of no par c/s for \$80,000, prepare the entry 3. We sell 5,000 shares of \$100 par Pf stock \$800,000, prepare the entry 4. On October 1 st , we declare a \$2 dividend w/ a November 5 th date of record and a November 7 th payment date. We have 100,000 share issued and 30,000 outstanding. Prepare any necessary journal entries. 5. We have 10,000 shares of 10%, \$2 par cumulative Pf stock outstanding and 5,000 shares of common stock outstanding. We did not pay dividends in 2000, 2001 2002, 2003, 2004 or 2005. In 2006, we declare a \$10,000 dividend. How much will each class of stock receive in 2006? How much would each class receive if the Pf stock were non-cumulative? 6. We buy 1,000 shares of our OWN \$5 par c/s for \$10 each. Prepare the entry. Then we sell 200 shares of those shares for \$18 each. Prepare the entry. Then we sell 100 shares of those shares for \$8 each.

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## This note was uploaded on 07/02/2011 for the course ACCT 225 taught by Professor Canace during the Spring '08 term at South Carolina.

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Chapter 10 Stock Transactions and Investments - Stock...

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