On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for $15 per share. On March 1, 2016, Alpha reacquired 1,000 of these shares when they were trading $20 each. September 1, 2016, when the market was soaring, Alpha reissued 500 shares of treasury stock at the going market rate […]
On January 2, 2016, Alpha Corporation issued 1,500 shares of $6 par value common stock. The issue price was $15 per share. On January 15, Alpha Corporation issued 1,100 shares of its $100 par 5% cumulative preferred stock for $105 per share. Use this information to prepare the General Journal entry (without explanation) for the […]
Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $15,000 Building 30,000 Equipment 50,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) Looking for […]
Annapolis Company was recently sold for $480,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of: Item Amount Accounts Receivable assumed by buyer $75,000 Inventory $290,000 Property, Plant & Equipment (net) $545,000 Notes Payable assumed by buyer $705,000 Using this information, how much should be recorded as Goodwill for […]
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