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Q1) Horner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In 2010, its first year of operation, company has stock transactions which is given below:

Jan. 1

Paid the state $2,000 for incorporation fees.

Jan. 15

Issued 500,000 shares of stock at $6 per share.

Jan. 30

Attorneys for the company accepted 500 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to have a value of $7,000.

July 2

Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $8 per share.

Sept. 5

Purchased 15,000 shares of common stock for the treasury at $9 per share.

Dec. 6

Sold 11,000 shares of the treasury stock at $11 per share.

i) Journalize transactions for Horner Corporation.

Q2) Dailey Company at December 31 has cash $40,000, noncash assets $200,000, liabilities $110,000, and following capital balances: Dickinson $90,000 and Meierhoff $40,000. Firm is liquidated, and $240,000 in cash is got for noncash assets. Dickinson and Meierhoff income ratios are 60% and 40%, respectively.

ii) Make a cash distribution schedule.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916770

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