On April 1, 2019, Alaska Trading Company issued $900,000 of 6%, 10-year bonds. The bonds, which were issued at 98, pay interest on October 1 and April 1. Use this information to create the General Journal entry (without explanation) to record the April 1, 2019 bond issue. If no entry is required then write “No Entry Required.” […]
On August 1, 2018, Dorchester Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $100,000. The annual interest rate implicit in the lease was 9%, and the first lease payment of $1,600 is due at the end of each month of the lease. Use this information to create the General […]
On January 2, 2019, Frederick Corporation issued 18,000 shares of $10 par value common stock for $13 per share. On April 1, 2019, Alpha reacquired 1,500 of these shares when they were trading $16 per share. On August 1, 2019 Frederick reissued 800 shares of treasury stock at the going market rate of $19 per share. […]
At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders’ equity of $2,900,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,650,000 of $10 par value common stock and Preferred Stock account of $150,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had […]
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