The preferred stock was issued for land having a fair value

Assignment Help Accounting Basics

Reference no: EM13599342

Jude Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholder's equity.

Perferred Stock $120,000
Pain-in Capital in Excess of Par- Preferred Stock 12,000
Common Stock 1,000,000
Paid-in Capital in Excess of Stated Value- Common Stock 1,600,000
Treasury Stock (1,000 common shares) 9,000
Paid-in Capital from Treasury Stock 1,000
Retained Earnings 82,000

The preferred stock was issued for land having a fair value of $132,000. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share of $9. In December, 500 shares of treasury stock were sold for $11 per share. No dividends were declared in 2014.

Prepare the stockholder's equity section at December 31, 2014

Reference no: EM13599342

Questions Cloud

Steve pratt who is single purchased a home in spokane : steve pratt who is single purchased a home in spokane washington for 347500. he moved into the home on february 1 of

If a single cost driver is used as the allocation base : which of the following statements is are true regarding the potential effects of using reported product costs for

On january 1 of year 1 arthur and aretha franklin purchased : on january 1 of year 1 arthur and aretha franklin purchased a home for 1.40 million by paying 230000 down and borrowing

Emerson ventures is considering purchasing a new line of : emerson ventures is considering purchasing a new line of hang gliders. the company estimates that variable costs will

The preferred stock was issued for land having a fair value : jude corporation has been authorized to issue 20000 shares of 100 par value 10 noncumulative preferred stock and

Austin company uses a job order cost accounting system the : austin company uses a job order cost accounting system. the companys executives estimated that direct labor would be

Construction company headquarted in terre haute indiana : construction company headquarted in terre haute indiana built a rest easy motel 35 miles east of terre haute. the

Sue the corporate controller has thus far been impressed : based on the information below please help me answer the following questions 1. provide at least 3 possible non-value

Roverplus a pet product superstore is considering pricing a : roverplus a pet product superstore is considering pricing a new roverplus labeled dog food. the company will buy the

User Account

All Pages