BE15 4 L01 Ravonette Corporation issued 300 shares of 10 par value common stock

Be15 4 l01 ravonette corporation issued 300 shares of

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BE15-4 (L01) Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has amarket price of $90 per share. Prepare the journal entry to record the issuance. BRIEF EXERCISE 15-5BE15-5 (L01) On February 1, 2017, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth$31,000. Prepare the February 1, 2017, journal entry. BRIEF EXERCISE 15-6(L01) Moonwalker Corporation issued 2,000 shares of its $10 par value common stock for $60,000. Moonwalker alsoincurred $1,500 of costs associated with issuing the stock. Prepare Moonwalker’s journal entry to record the issuance of thecompany’s stock.
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Paid-in Capital in Excess of Par— Common Stock ........................................................ 38,500 LO: 1, Bloom: AP, Difficulty: Simple, Time: 3-5, AACSB: Analytic, AICPA BB: None, AICPA FC: Reporting, AICPA PC: None
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BRIEF EXERCISE 15-7 Cash ................................................................................ 61,500 Preferred Stock (500 X $100) ................................ 50,000 Paid-in Capital in Excess of Par— Preferred Stock ................................................... 11,500 LO: 1, Bloom: AP, Difficulty: Simple, Time: 3-5, AACSB: Analytic, AICPA BB: None, AICPA FC: Reporting, AICPA PC: None BRIEF EXERCISE 15-8 7/1/17 Treasury Stock (100 X $87) .......................... 8,700 Cash ....................................................... 8,700 9/1/17 Cash (60 X $90) ............................................. 5,400 Treasury Stock (60 X $87) ..................... 5,220 Paid-in Capital from Treasury Stock ................................... 180 11/1/17 Cash (40 X $83) ............................................. 3,320 Paid-in Capital from Treasury Stock ........... 160 Treasury Stock (40 X $87) ..................... 3,480 LO: 2, Bloom: AP, Difficulty: Simple, Time: 5-10, AACSB: Analytic, AICPA BB: None, AICPA FC: Reporting, AICPA PC: None BRIEF EXERCISE 15-9 ......................................................................................... 8/1/17 Treasury Stock (200 X $80) .......................... 16,000
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PROBLEM 15-4 (Stock Transactions—Lump Sum)Seles Corporation’s charter authorized issuance of 100,000 shares of $10 parvalue common stock and 50,000 shares of $50 preferred stock. The following transactions involving the issuance of shares ofstock were completed. Each transaction is independent of the others.1. Issued a $10,000, 9% bond payable at par and gave as a bonus one share of preferred stock, which at that time was sellingfor $106 a share.2. Issued 500 shares of common stock for equipment. The equipment had been appraised at $7,100; the seller’s book valuewas $6,200. The most recent market price of the common stock is $16 a share.3. Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $10,800. The common had beenselling at $14 and the preferred at $65.4. Issued 200 shares of common and 50 shares of preferred for equipment. The common had a fair value of $16 per share; theequipment has a fair value of $6,500.InstructionsRecord the transactions listed above in journal entry form.
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