Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

problem: Lermabilt Corp. was incorporated on January 1, 2008, and issued the stock for cash:

3.6 million Shares of no-par common stock were authorized; 1,050,000 shares were issued on January 1, 2008, at 46 dollar per share.

1,200, 000 shares of $100 par value, 10.5 percent cumulative, preferred stock were authorized, & 420,000 shares were issued on January 1, 2008, at $132 per share.

Net income for the years ended December 31, 2008, 2009, and 2010, was $15,750,000, and $22,350,000, & 26,100,000 dollar, respectively.

No dividends were announced or paid during 2008 and 2009. However, on December 17, 2010, the board of directors of Lermabilt Corp. announced dividends of $37,200,000, payable on February 9, 2011, to holders of record as of January 4, 2011. Make journal entries to show the effect of

[A] The issuance of common stock and preferred stock on January 1, 2008.

[B] The declaration of dividends on December 17, 2010.

[C] The payment of dividends on February 9, 2011.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M920139

Have any Question? 


Related Questions in Basic Finance

Determine which report format is bestfor each of the

Determine which report format is best. For each of the following scenarios, which report format would you choose and why? If you would use a primarily text-based report format, identify whether you would create a separat ...

1 what is the scientific method and how does it guide

1. What is the scientific method, and how does it guide research? 2. Discuss the basic characteristics of scientific inquiry (empiricism, objectivity, and accumulation) and their value to science. 3. In what ways is scie ...

1 how can an investor increase the amounts that they save2

1. How can an investor increase the amounts that they save? 2. How can investors benefit from the compounding of interest (time value of money)? 3. Match the objectives to the different types of investment groups (money ...

Discussioncourse wrap-up please respond to the

Discussion "Course Wrap-Up" Please respond to the following: • Imagine you have completed your bachelor's degree at Strayer and you are searching for a job in finance, accounting or business. Using various employment web ...

Analyze print communication-find an example of print

Analyze print communication:- Find an example of print communication, for example, a flyer on campus, a newsletter, or a magazine ad. With a partner, discuss why the creator of the message may have chosen a print medium. ...

There is an old saying on wall street sell in may and go

There is an old saying on Wall Street: "Sell in May and Go Away." This saying means that stock prices typically do not do well over the summer months. A blogger at the Wall Street Journal explains the reasoning: What's u ...

1 what factors should an investor consider when trying to

1. What factors should an investor consider when trying to decide whether to dispose of a property that he has owned for several years? 2. What causes the marginal rate of return to change over time? How can the marginal ...

1 explore the websites of companies producing beverages and

1. Explore the websites of companies producing beverages, and represent the logistics system of one of them. 2. Discuss the main differences in managing a logistics system of a service company (in particular, a bank) and ...

Choose an global industry and consider the following topics

Choose an global industry and consider the following topics: diversification, investment, management, exchange rates or currency forecasts. Which of these would be most significant to your selected industry and how would ...

1 speculate on why accounting standards do not mandate full

1. Speculate on why accounting standards do not mandate full financial statements in interim reports. 2. Why may comprehensive income fluctuate substantially more than net income? 3. Why can pro-forma financial informati ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen