Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

1) Maverick Inc. has outstanding 10,200 shares of $10 par value common stock.
On July 1, 2008, Maverick reacquired 114 shares at $89 per share.
On September 1, Maverick reissued 68 shares at $94 per share.
On November 1, Maverick reissued 46 shares at $87 per share.
Prepare Maverick's journal entries to record these transactions using the cost method. (List multiple debit/credit entries in order of magnitude.)

2) (Recording the Issuance of Common and Preferred Stock)

Kathleen Battle Corporation was organized on January 1, 2008. It is authorized to issue 14,300 shares of 8%, $130 par value preferred stock, and 715,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 80,200 shares of common stock at $6 per share.

Mar. 1 Issued 5,100 shares of preferred stock for cash at $138 per share.

Apr. 1 Issued 24,500 shares of common stock for land. The asking price of the land was $94,300; the fair market value of theland was $82,200.

May 1 Issued 84,700 shares of common stock for cash at $9 per share.

Aug. 1 Issued 11,800 shares of common stock to attorneys in payment of their bill of $52,700 for services rendered in helpingthe company organize.

Nov. 1 Issued 1,200 shares of preferred stock for cash at $142 per share.

Prepare the journal entries to record the above transactions. (List multiple entries in order of magnitude.)

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M927519

Have any Question? 


Related Questions in Basic Finance

Research a potential employerassume that your favorite

Research a potential employer Assume that your favorite company has invited you to interview. To prepare for the interview, research the company by reviewing its website, reading news stories, and exploring websites such ...

If you wish to catch a breakout higher in the market but

If you wish to catch a breakout higher in the market but are concerned about paying too much, which type of order should you use? If you want to place both a stop and a limit order on a position, which type of order shou ...

1 distinguish between a mortgage and a note2 what does it

1. Distinguish between a mortgage and a note. 2. What does it mean when a lender accelerates on a note? What is meant by forbearance? 3. Can borrowers pay off part, or all, of loans any time that they desire? 4. What doe ...

Part 1 please respond the following question no less then

PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference Part 1 of our week discussion questions require us to discuss Profitability. Please watch this Youtube lectur ...

What is the difference between initial and residual preload

What is the difference between initial and residual preload? Typically, what percentage of the work we do with a torque wrench ends up as preload in an individual bolt? Is the preload mentioned in question 2 above initia ...

Each question will need be answered with 150 words1 explain

Each question will need be answered with 150 words. 1. Explain how we should go about computing the WACC for a project which uses both retained earnings and a new equity issue? 2. Explain why we multiply the component co ...

An investor can make an investment in a real estate

An investor can make an investment in a real estate development and receive an expected cash return of $45,000 at the end of six years. Based on a careful study of other investment alternatives, she believes that a 9 per ...

Accounting statements can be manipulated please try to give

Accounting statements can be manipulated. Please try to give an argument pro and con on this ethical issue. Any actual public examples you would like to cite would be most appreciated by all. Scenario: Many brokerage fir ...

1 what three rules govern the construction of a grouped

1. What three rules govern the construction of a grouped frequency distribution? 2. What is the difference between a histogram and a bar graph? 3. Distinguish among the median, mode, and mean.

1 what are the five groups that must be fully engaged in

1. What are the five groups that must be fully engaged in the nation's war on terrorism? 2. What is the goal of emergency management in regards to the terrorism threat? 3. How much money did the federal government spend ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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