Reference no: EM132258437
Question - Indigo Corporation was organized on January 1, 2017. It is authorized to issue 10,300 shares of 8%, $100 par value preferred stock, and 518,000 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 80,740 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,370 shares of preferred stock for cash at $111 per share.
Apr. 1 Issued 24,840 shares of common stock for land. The asking price of the land was $90,490; the fair value of the land was $80,740.
May 1 Issued 80,740 shares of common stock for cash at $8 per share.
Aug. 1 Issued 10,300 shares of common stock to attorneys in payment of their bill of $48,700 for services rendered in helping the company organize.
Sept. 1 Issued 10,300 shares of common stock for cash at $10 per share.
Nov. 1 Issued 1,090 shares of preferred stock for cash at $109 per share.
Required - Prepare the journal entries to record the above transactions.
What will be the total cash proceeds from the bond issue
: If the market rate of interest for the bonds is 4% on the date of issue, what will be the total cash proceeds from the bond issue
|
Find the present value of these two separate annuities
: The annual interest rate for both loans is 6%. Find the present value of these two separate annuities
|
Prepare journal entries to record the transactions described
: Reissued 600 treasury shares for land valued at $28,400. Prepare journal entries to record the transactions described above
|
Prepare the journal entry to record item
: Issued 5,300 shares of stock at $48 per share, less costs related to the issuance of the stock totaling $7,800. Prepare the journal entry to record item 1
|
Prepare the journal entries to record the transactions
: Indigo Corporation was organized on January 1, 2017. It is authorized to issue 10,300 shares of 8%, Prepare the journal entries to record the transactions
|
How much Benny Company should report for its investment
: Use this information to determine, how much Benny Company should report for its investment in Tom Company on December 31, 2018
|
Find the equivalent units of production for conversion costs
: Balt uses the weighted average method. Use this information to determine for March 2019 the equivalent units of production for conversion costs
|
Determine the cost per equivalent unit of direct material
: Anna uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of direct material for the month of March
|
Determine the amount of factory overhead
: During March, 6,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied
|