Reference no: EM132597349
Question 1- A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What amount of revenue is realized from the sale?
Question 2- A company with 100,000 authorized shares of $4 par common stock issued 50,000 shares at $9. Subsequently, the company declared a 2% stock dividend on a date when the market price was $10 per share. The effect of the declaration and issuance of the stock dividend is to:
Question 3- On April 1, 9,000 shares of $5 par common stock were issued at $22, and on April 7, 2,000 shares of $50 par preferred stock were issued at $104.
Required: Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of account titles.
Question 4- On April 2 a corporation purchased for cash 6,000 shares of its own $10 par common stock at $29 per share. It sold 4,000 of the treasury shares at $32 per share on June 10. The remaining 2000 shares were sold on November 10 for $25 per share.
a- Journalize the entries to record the purchase (treasury stock is recorded at cost).
b- Journalize the entries to record the sale of the stock.
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