bettybales1986
30.10.2019 •
Business
Buffalo corporation is authorized to issue 47,000 shares of $5 par value common stock. during 2020, buffalo took part in the following selected transactions. 1. issued 4,800 shares of stock at $44 per share, less costs related to the issuance of the stock totaling $5,800. 2. issued 1,100 shares of stock for land appraised at $47,000. the stock was actively traded on a national stock exchange at approximately $45 per share on the date of issuance. 3. purchased 470 shares of treasury stock at $46 per share. the treasury shares purchased were issued in 2016 at $43 per share. (a) prepare the journal entry to record item 1. (b) prepare the journal entry to record item 2. (c) prepare the journal entry to record item 3 using the cost method.
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Ответ:
cash 205,400 debit
common stock 24,000 credit
additional paid-in
excess of par value: 181,400 credit
land 47,000 debit
common stock 5,500 credit
additional paid-in
excess of par value: 41,500 credit
treasury stock 21,620 debit
cash 21,620 credit
Explanation:
a) the cost will be subtract from the cash proceeds of the stocks:
stock cash income: 4,800 shares x $44 = 211,200
flotation cost: (5,800)
cash procced: 205,400
common stock (face value) 4,800 x $5 = 24,000
additional paid-in in excess of par value: 181,400
b)
land 47,000
common stock: 1,100 x 5 = 5,500
additional paid in: 41,500
c) purchase of treasury stock
cash disbursements: 470 x 46 = 21,620
treasury stock a cost therefore same as cash disbursements.
Ответ:
Your job offer
Explanation:
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