chap15n - BRIEF EXERCISE 15-1 Cash .4,100 Common Stock (300...

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BRIEF EXERCISE 15-1 Cash . .............................................................................................................. 4,100 Common Stock (300 X $10). ........................................................................ 3,000 Paid-in Capital in Excess of Par. ................................................................. 1,100 BRIEF EXERCISE 15-2 (a) Cash . ................................................................................................. 10,200 Common Stock—No-Par Value. ....................................................... 10,200 (b) Cash . ................................................................................................. 10,200 Common Stock (600 X $2). ................................................................ 1,200 Paid-in Capital in Excess of Stated Value. ....................................... 9,000 BRIEF EXERCISE 15-3 Stockholders’ Equity December 31, 2007 Common stock, $5 par value. ................................................................................. $ 210,000 Paid-in capital in excess of par. .............................................................................. 1,320,000 Retained earnings. .................................................................................................. 2,340,000 3,870,000 Less: Treasury stock. .............................................................................................. (90,000 ) Total stockholders’ equity. .......................................................................... $3,780,000 BRIEF EXERCISE 15-4 Cash . ........................................................................................................... 14,200 Preferred Stock (100 X $50). ....................................................................... 5,000 Paid-in Capital in Excess of Par—Preferred. ............................................ 3,520 Common Stock (300 X $10). ........................................................................ 3,000 Paid-in Capital in Excess of Par—Common. ............................................. 2,680 FMV of common (300 X $20). ................................................................................ $ 6,000 FMV of preferred (100 X $90). .............................................................................. 9,000 Total FMV. ................................................................................................... $15,000 BRIEF EXERCISE 15-4 (Continued) Allocated to common $15,000 $6,000 X $14,200 = $ 5,680 Allocated to preferred $15,000 $9,000 X $14,200 = 8,520 BRIEF EXERCISE 15-5 Land . ........................................................................................................... 31,000 Common Stock (2,000 X $5). ....................................................................... 10,000 Paid-in Capital in Excess of Par. ................................................................. 21,000 BRIEF EXERCISE 15-6 Cash ($70,000 – $1,500). .......................................................................................... 68,500
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This note was uploaded on 09/29/2011 for the course AEM 3370 taught by Professor lippitt during the Spring '09 term at Cornell University (Engineering School).

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chap15n - BRIEF EXERCISE 15-1 Cash .4,100 Common Stock (300...

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