Essay
Prepare entries to record the following:
(a)Issued 1,000 shares of $10 par common stock at $59 for cash.
(b)Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $60,000.
(c)Purchased 100 shares of treasury stock at $32.
(d)Sold the 100 shares of treasury stock purchased in
(c) at $42.
Correct Answer:
Verified
Correct Answer:
Verified
Q91: When the board of directors declares a
Q92: Assume that retained earnings had a beginning
Q93: If 50,000 shares are authorized, 41,000 shares
Q94: The number of shares of outstanding stock
Q95: Retained earnings<br>A) is the same as contributed
Q97: On June 5, Belen Corporation reacquired 3,300
Q98: Which of the following is not true
Q99: Before a stock dividend can be declared
Q100: Vincent Corporation has 100,000 shares of $100
Q101: Stockholders' equity<br>A) is usually equal to cash