Reference no: EM132772825
Questions -
Q1. Butter Corporation issued 3,000 shares of P10 par value common stock for P45, 000. Prepare Butter's journal entry.
Q2. Frosty Corporation issued 300 shares at P10 par value common stock and 100 shares of P50 par value preferred stock for a lump sum of P13, 500. The common stock has a market price of P20 per share and the preferred stock has a market price of P90 per share. Prepare the journal entry to record the issuance.
Q3. On February 1, 2019, Icing Corporation issued 3,000 shares of its P5 par value common stock for land worth P31, 000. Prepare the February 1, 2019, journal entry.
Q4. Cake Corporation issued 20,000 shares of its P10 par value common stock for P600,000. Moonwalker also incurred P15, 000 of costs associated with issuing the stock. Prepare Cake's journal entry to record the issuance of the company's stock.
Q5. Skittles Inc. has outstanding 10,000 shares of P10 par value common stock. On July 1, 2019, Skittles reacquired 100 shares at P87 per share. On September 1, Skittles reissued 60 shares at P90 per share. On November 1, Skittles reissued 40 shares at P83 per share. Prepare Skittles' journal entries to record these transactions using the cost method.
Q6. AB Corporation was organized on January 1, 2019. It is authorized to issue 10,000 shares of 8%, P50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of P2 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 80,000 shares of common stock for cash at P5 per share.
Mar. 1 Issued 5,000 shares of preferred stock for cash at P108 per share.
Apr. 1 Issued 24,000 shares of common stock for land. The asking price of the land was P90, 000; the fair value of the land was P80, 000.
May 1 Issued 80,000 shares of common stock for cash at P7 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of P50, 000 for services rendered in helping the company organize.
Sept. 1 Issued 10,000 shares of common stock for cash at P9 per share.
Nov. 1 Issued 1,000 shares of preferred stock for cash at P112 per share.
Instructions: Prepare the journal entries to record the above transactions.
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