Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1 Sudoku Company issues 30,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $236,000 and the building at $364,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. No A Transaction 1 Answer is complete but not entirely correct. General Journal Land Building Common stock, $7 par value Paid-in capital in excess of par value, common stock ✓ ✓ Debit 236,000 364,000 Credit 210,000 210,000 X
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- Exercise 13-6 (Static) Stock issuance for noncash assets LO P1 Sudoku Company issues 7,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $45,000 and the building at $85,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 7,000 shares of $7 par value common stock in exchange for land valued at $45,000 and a building valued at $85,000.ACC 151: UPDATES IN FINANCIAL ACCOUNTING STANDARDS AND REPORTING FAFV - EXERCISE NO. 4 1. On January 1, 2021, Edra Co. purchased 15,000 shares of Ula Corporation for P1,500,000. Registration and taxes incurred amounted to P36,500. The equity securities meet the definition of held for trading securities. At what amount should the investment be recorded initially? 2. On April 15, 2021, Pepper purchased 15,000 shares of Atty Group for P150,000. The commission paid to the broker amounted to P8,500. Management made an irrevocable choice to subsequently measure the shares at FVOCI. At what amount should the investment be recorded initially? 3. On June 13, 2021, Rainy Co. paid P500,000 for 20,000 shares of Niel's ordinary shares and classified these shares as held for trading securities. Rainy does not have the ability to exercise significant influence over Niel. Niel declared and paid a dividend of P0.50 a share to its shareholders in 2021. Rainy reported a net income of P260,000 for the…Sudoku Company issues 22,000 shares of $9 par value common stock in exchange for land and a building. The land is valued at $242,000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet レ A Record the issue of 22,000 shares of $9 par value common stock in exchange for land valued at $242,000 and a building valued at $368,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
- Zedus Corp P11 par value common stock is actively traded at a market price of P14 per share. It issues 4,700 shares to purchase land advertised for sale at P71,000. Journalize the issuance of the stock in acquiring the land.Exercise 6-5 (Journalizing Share Capital Transactions) The BCD Corporation was organized on January 2, 2021 with authorized capital of 500,000 shares of P20 par value ordinary share capital. During the first two years, the following transactions took place: 2021 Jan Issued 125,000 shares to the incorporators at P26. 2 Issued 62,500 shares at P35. 2 Ma Ma Issued 25,000 in exchange for land valued at P350,000 and a building valued at P550,000. De 3 The Income Summary account showed a credit balance of P750,000 and this was transferred to the Retained Eamings account. 3 Declared cash dividends of P3.50 per share payable on January 31, 2022 to shareholders of record of January 15, 2022. 2022 Jan 3 Paid dividends declared on December 31. Fe b Ma Received subscriptions for 50,000 shares at P55, with a down payment of 35% 4 1 of total subscriptions. Received balance due on the subscription of February 14 and shares were issued to the subscribers. De 3 The Income Summary account showed a…Sudoku Company issues 18,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $227,000 and the building at $365,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A Record the issue of 18,000 shares of $8 par value common stock in exchange for land valued at $227,000 and a building valued at $365,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
- Sudoku Company issues 17,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $380,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A > Record the issue of 17,000 shares of $7 par value common stock in exchange for land valued at $238,000 and a building valued at $380,000. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Clear entry View general journal Record entryApr. 9. Issued 21,500 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $78,000, $427,000, and $97,000, respectively. Apr. 9. Land ✓ Buildings Equipment Common Stock Paid-In Capital in Excess of Par-Common Stock Feedback ✓ ✔ Check My Work Record the assets, and increase the common stock account by the par value of the shares. Record any amount above par in a separate paid-in capital equity account. Recall that shares of stock can be issued to acquire assets. At what value must the preferred stock and common stock accounts be recorded? June 14. Issued 20,000 shares of preferred stock at $77 for cash. June 14, Cash ✓ Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock ✓Item 2 Sudoku Company issues 24,000 shares of $8 par value common stock in exchange for land and a building. The land is valued at $237,000 and the building at $367,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.
- Exercise 6-5 (Journalizing Share Capital Transactions) The BCD Corporation was organized on January 2, 2021 with authorized capital of 500,000 shares of P20 par value ordinary share capital. During the first two years, the following transactions took place: 2021 Jan 2 Issued 125,000 shares to the incorporators at P26. Ma 2 Issued 62,500 shares at P35. r Issued 25,000 in exchange for land valued at P350,000 and a building valued at 1 Ма P550,000. The Income Summary account showed a credit balance of P750,000 and this 1 r De was transferred to the Retained Earnings account. 3 Declared cash dividends of P3.50 per share payable on January 31, 2022 to 1 shareholders of record of January 15, 2022. 2022 Jan Paid dividends declared on December 31. Fe Received subscriptions for 50,000 shares at P55, with a down payment of 35% of total subscriptions. Received balance due on the subscription of February 14 and shares were issued to the subscribers. Ma r De The Income Summary account showed a…Sudoku Company issues 25,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $238,000 and the building at $379,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building View transaction list Journal entry worksheet Record the issue of 25,000 shares of $7 par value common stock in exchange for land valued at $238,000 and a building valued at $379,000. Note: Enter debits before credits Record entry General Journal Clear entry Debit Credit View general journalExercise 11-4 Stock issuance for noncash assets LO P1 Sudoku Company issues 32,000 shares of $5 par value common stock in exchange for land and a building. The land is valued at $237,000 and the building at $366,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet Record the issue of 32,000 shares of $5 par value common stock in exchange for land valued at $237,000 and a building valued at $366,000. Note: Enter debits before credits. Transaction General Journal Debit Credit