Entries by mary WAMBUGU

Ten thousand shares of $10 par value common stock were issued initially at $15 per share. Subsequently, 1,000 of these shares were purchased as treasury stock at $13 per share.

August 30, 2019 in /by

Ten thousand shares of $10 par value common stock were issued initially at $15 per share. Subsequently, 1,000 of these shares were purchased as treasury stock at $13 per share. The cost method of accounting for treasury stock is used. What is the effect of the purchase of the treasury stock on the amount reported […]

 

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East Co. issued 2,000 shares of its $5 par common stock to Krannik as compensation for 1,000 hours of legal services performed. Krannik usually bills $200 per hour for legal services.

August 30, 2019 in /by

East Co. issued 2,000 shares of its $5 par common stock to Krannik as compensation for 1,000 hours of legal services performed. Krannik usually bills $200 per hour for legal services. On the grant date of the shares, the stock was trading on a public exchange at $160 per share. By what amount should the additional […]

 

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East Co. issued 2,000 shares of its $5 par common stock to Krannik as compensation for 1,000 hours of legal services performed. Krannik usually bills $200 per hour for legal services.

August 30, 2019 in /by

East Co. issued 2,000 shares of its $5 par common stock to Krannik as compensation for 1,000 hours of legal services performed. Krannik usually bills $200 per hour for legal services. On the grant date of the shares, the stock was trading on a public exchange at $160 per share. By what amount should the additional […]

 

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The following accounts were among those reported on Luna Corp.’s year-end balance sheet: Securities (market value $140,000) $ 80,000

August 30, 2019 in /by

The following accounts were among those reported on Luna Corp.’s year-end balance sheet: Securities (market value $140,000) $ 80,000 Preferred stock, $20 par value 20,000 shares issued and outstanding 400,000 Additional paid-in capital on preferred stock 30,000 Retained earnings 900,000 On January 20, Luna exchanged all of the securities for 5,000 shares of Luna’s preferred stock, […]

 

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