Reference no: EM132667309
At December 31, 2017, poe enterprises had the following balances in its shareholders section of the balance sheet,
Common stock at $.50 par $300,000
APIC - Common stock $4,000,000
APIC - shar repurchase $50,000
Retained earnings $2,000,000
Treasury stock at cost, 30,000 shares (600,000)
During 2018, Poe completed the following transactions
Feb 20, issued 40,000 shares of common stock, (with a par $.50 parvalue) in exchange for a machine with an appraised value of $800,000
June 17, resold 15,000 shares of treasury stock for $240,000, (the treasury stock that was resold relates to common stock that was originally issue for $18 per share and was reacquired for $20 per share during 2017)
Dec 2, issue 10,000 shares of common stock for $24 value per share, share issue cost to promote the stock issue totaled $15,000
Dec 31, reported net income ofn $1,500,000 and other comprehensive income (OCI) of $200,000 on the company's statement of comprehensive income
Required
Problem 1: What is the journal entry for the following transactions above?
Problem 2: What is the journal entry for dec 31, there are two journal entries?
Problem 3: Prepare the equity section of the balance sheet
- Common stock
- Treasury stock
- Apic common stock
- Apic share repurchase
- Retained earnings
- Net income
- Other comprehensive income
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