Reference no: EM131956027
Problem
Panton Inc. acquired 18,000 shares of Glotfelty Corp. several years ago. At the present time, Glotfelty is reporting the following stockholders' equity:
Common stock ($10 par value - 20,000 shares outstanding) $200,000
Additional paid-in capital $100,000
Retained earnings $300,000
Total equity $600,000
Required:
1. Glotfelty issues 5,000 shares of previously unissued stock to the public for $40 per share. None of this stock is purchased by Panton.
a. Prepare Panton's journal entry to recognize the impact of this transaction.
b. Describe how this transaction would afect Panton's books.
2. Glotfelty issues 5,000 shares of previously unissued stock to the public for $27 per share. None of this stock is purchased by Panton.
a. Prepare Panton's journal entry to recognize the impact of this transaction.
b. Describe how this transaction would afect Panton's books.
|
Compute the current price of the common stock
: Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends.
|
|
What bonds payable amount will park report
: Prepare the journal entry to record the interest payment on June 30 of this year. What bonds payable amount will Park report on its June 30 balance sheet?
|
|
Calculate the volume of solids
: Calculate the volume of solids (in m3) of the sample if the mass of the solid component is equal to 1 tonne.
|
|
What rate of return per quarter will the investor realize
: A City issued $2,000,000 in bonds to renovate a building. The bond coupon rate is 6% per year, payable quarterly, with a maturity date of 15 years from now.
|
|
Prepare pantons journal entry to recognize the impact
: Prepare Panton's journal entry to recognize the impact of this transaction. Describe how this transaction would afect Panton's books.
|
|
What is the momentum of the car before the collision
: What is the momentum of the car before the collision? Answer in the units kgms-1
|
|
Explain the importance of financial planning
: Clariton Antiques Ltd have just been approached by'We Finance Limited', a venture capital organisation, with an offer to finance their expansion by offering.
|
|
What is the amount of the equal and annual deposits made
: If the yearly interest rate is 9%, during this entire period of time, what is the amount of the equal, annual deposits made on birthdays 5 through 15?
|
|
Would you describe ppi as having an identifiable philosophy
: As a company, would you describe PPI as having an identifiable philosophy of moral values? How do its policies contribute to this philosophy?
|