Prepare the journal entry to record item

Assignment Help Accounting Basics
Reference no: EM131106653

Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.

1. Issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000.

2. Issued 1,000 shares of stock for land appraised at $50,000. The stock was actively traded on a national stock exchange at approximately $46 per share on the date of issuance.

3. Purchased 500 shares of treasury stock at $44 per share. The treasury shares purchased were issued in 2006 at $40 per share.

(a) Prepare the journal entry to record item 1.
(b) Prepare the journal entry to record item 2.
(c) Prepare the journal entry to record item 3 using the cost method. 

Reference no: EM131106653

Questions Cloud

How many yen would you receive for every shekel exchanged : A currency trader observes that in the spot exchange market, 1 U.S. dollar can be exchanged for 3.50 Israeli shekels or for 104.00 Japanese yen. What is the cross-ex-change rate between the yen and the shekel; that is, how many yen would you receive ..
Question regarding the retirement portfolio : Your father just learned from his financial advisor that his retirement portfolio has a beta of 1.79. He has turned to you to explain to him what this means. Specifically, describe what you would expect to happen to the value of his retirement fun..
How are the virtues acquired : In The Emperor's Club, what best describes the teacher's (Kevin Kline) response to his student's (Emile Hirsch) admission of cheating?
Construct the state-space model equivalent : Construct the state-space model equivalent of this single-input single-output recurrent network.
Prepare the journal entry to record item : Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
The annual demand serviced by each warehouse : A company currently has two warehouses. Each warehouse services half the company's demand, and the annual demand serviced by each warehouse is normally distributed with mean 10,000 and standard deviation 1000.
What is a eurodollar : What is a Eurodollar? If a French citizen deposits $10,000 in Chase Manhattan Bank in New York, have Eurodollars been created? What if the deposit is made in Barclay's Bank in London? Chase Manhattan's Paris branch? Does the existence of the Eurodoll..
Paper - implementing recommendations of the commission act : Term Paper- Topic: 2007- Implementing Recommendations of the 9/11 Commission Act
The horizontal axis and average inventory investment : An exchange curve can be used to display the tradeoffs between the average investment in inventory and the annual ordering cost. To illustrate the usefulness of a trade-off curve, suppose that a company must order two products with the attributes ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd