Prepare the journal entry to record the issuance

Assignment Help Accounting Basics
Reference no: EM132707595

Question - Albert Corp. issued 2,000 shares of $50 par value preferred stock at $70 per share on 3/1/2018. A warrant is attached to each share of preferred stock to allow the holder to purchase one share of $1 par common stock at $20 per share. Immediate after the issuance, the preferred began selling ex-right on the market for $68 per share while the warrant began selling for $5 per share. On 4/20/2018, 1,000 warrants were exercised.

Required - Prepare the journal entry to record the issuance of 1,000 shares of common stock on 4/20/2018.

Reference no: EM132707595

Questions Cloud

What is the firm weighted average cost of capital : The company's tax rate is 37 per cent. What is the firm's weighted average cost of capital?
What are the factors that make an applicant turn down a job : In a supported opinion, what are the factors that make an applicant accept or turn down a job? The response must be typed, double spaced.
What are the five factors that companies consider : What are the benefit, What are the five factors that companies consider when establishing their dividend policy? Briefly describe each one.
Write a report to paul mooney owner of starshots glamour : Mooney, the founder, and chief executive of Starshots, Write a report to Paul Mooney, the owner of Starshots Glamour Photography
Prepare the journal entry to record the issuance : Albert Corp. issued 2,000 shares of $50 par value preferred stock at $70 per share. Prepare the journal entry to record the issuance
What if the investor possesses a large percentage : Fair value accounting is the practice of measuring assets, What if the investor possesses a LARGE percentage. How does the accounting change?
Compute the carrying costs associated with service level : Angela knows that the carrying cost of BX-5 is 50 cents per unit per year. Compute the carrying costs associated with a 90%, a 95%, and a 98% service level.
What is the difference between asset and liability : What is the difference between asset and liability?
Discuss the benefits of performing an external audit : Discuss the benefits of performing an external audit on financial statements. Explain the threats to independence faced by the auditors

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find what is a business process

What is a business process? A series of interlocking activities that work together across the organisation to achieve some predetermined organisational goal.

  Prepare general journal entries to accrue employee fringe

Prepare General Journal entries to accrue employee fringe benefit costs . Assume that the company matches the employees' payments

  Which entries should you make to remove the balance

Which entries should you make to remove the customer balance from the Accounts Receivable reports

  What was the amount of raw materials used

Beginning Raw Materials = $94,000. April Purchases = $62,000. What was the amount of Raw Materials used during this quarter

  Sturdy packaging makes cardboard shipping cartons in a

sturdy packaging makes cardboard shipping cartons in a single operation. this period sturdy purchased 125000 in raw

  Problem related to productivity gain

last year the nursing home prepared 200,000 standard meals, 40,000 low-sodium meals, and 50,000 other special meals, this year, they prepared meals, 60,000 other special meals, the total time for the foodworkers this year was 76,500 hours using a ..

  Which of the following is not a possible source of natural

which of the following is not a possible source of natural monopoly?a. rent-seeking behaviorb. greater use of

  What is meant by the term whistleblower within the context

What is meant by the term whistleblower within the context of the financial reporting process

  The cost to produce part a was 20 per unit in 2012 during

question 1 the cost to produce part a was 20 per unit in 2012. during 2013 it has increased to 23 per unit. in 2013

  What is the meaning of a what-if analysis

What is the meaning of a What-If Analysis, What is the difference between the types of What-If Analyses

  Ignore income taxes in this problem neldon corporation has

ignore income taxes in this problem. neldon corporation has invested in a machine that cost 75000 that has a useful

  Evaluate current ratio and acid-test ratio

Which of the following is true for common-size comparative statements?

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