ACC 304 Week 9 Chapter 15 Homework
1) Ravonette Corporation issued 375 shares of $ 14 par value common stock and 128 shares of $ 51 par value preferred stock for a lump sum of $ 17,118. The common stock has a market price of $ 20 per share, and the preferred stock has a market price of $ 90 per share.
Prepare the journal entry to record the issuance.( Round answers to 0 decimal places, e. g., 1520. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select " No Entry " for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
2) nArantxa Corporation has outstanding 20,110 shares of $ 5 par value common stock. On August 1, 2014, Arantxa reacquired 370 shares at $ 86 per share. On November 1, Arantxa reissued the 370 shares at $ 78 per share. Arantxa had no previous treasury stock transactions.
Prepare Arantxa’ s journal entries to record these transactions using the cost method.( Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select " No Entry " for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit
3) Cole Inc. owns shares of Marlin Corporation stock classified as an available-for-sale investment. At December 31, 2014, the available-for-sale securities were carried in Cole’ s accounting records at their cost of $ 886,600, which equals their fair value. On September 21, 2015, when the fair value of the securities was $ 1,250,300, Cole declared a property dividend whereby the Marlin securities are to be