Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Concord issued 10,400 shares of restricted stock units instead of 10,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record entries in the order displayed in the problem statement.)
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- Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.)Pearl Company had the following stockholders' equity as of January 1, 2020. Common stock, $5 par value, 21,100 shares issued $ 105,500 Paid-in capital in excess of par-common stock 304,000 Retained earnings 317,000 Total stockholders' equity $726,500 During 2020, the following transactions occurred. Feb. 1 Pearl repurchased 2,020 shares of treasury stock at a price of $ 21 per share. Mar. 1 740 shares of treasury stock repurchased above were reissued at $ 19 per share. Mar. 18 520 shares of treasury stock repurchased above were reissued at $ 14 per share. Apr. 22 550 shares of treasury stock repurchased above were reissued at $ 23 per share.(a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 5Aug. 1Sept. 20Dec. 19 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 5Aug. 1Sept. 20Dec. 19 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount…
- On December 31, 2023, Carla Vista Corporation, a public company, had the following shareholders' equity accounts: CARLA VISTA CORPORATION Balance Sheet (partial) December 31, 2023 Shareholders' equity Common shares (unlimited number of shares authorized, 95,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $18. Declared a 15% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $9: on December 30, $10, and on January 15, $9. July Dec. 15 Determined that profit before income tax for the year was $413,000. The company has a 30% income tax rate. 1 $1,145,000 560,000 $1,705,000 31Prepare the journal entries for the first year of the stock-option plan. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit >During its first year of operations, Bridgeport Corporation had the following transactions pertaining to its common stock. Jan. July 10 1 Issued 66,000 shares for cash at $6 per share. Issued 44,500 shares for cash at $10 per share.
- On December 31, 2024, Blossom Inc. borrowed $4,380,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $525,600; June 1, $876,000; July 1, $2,190,000; December 1, $2,190,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually 6-year, 10% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $219,000. 3. Interest revenue of $71,540 earned in 2025. $5,840,000 2,336,000 Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $On November 1, 2022, Crane Corp. adopted a stock option plan that granted options to key executives to purchase 49,800 common shares. The options were granted on January 2, 2023, and were exercisable two years after the date of grant if the grantee was still a company employee; the options expire six years from the date of grant. The option price was set at $37, and total compensation expense was estimated to be $522,000. Note that the calculation did not take forfeitures into account. On April 1, 2024, 3,900 options were terminated when some employees resigned from the company. The fair value of the shares at that date was $25. All of the remaining options were exercised during the year 2025: 34,900 on January 3 when the fair value was $47, and 11,000 on May 1 when the fair value was $53 a share. Assume that the entity follows ASPE and has chosen not to reflect forfeitures in its upfront estimate of compensation expense. (a) Prepare journal entries relating to the stock option plan…UNICHITAchpugi 33 Bridgeport Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During prosperous years, the company's profits, coupled with a conservative dividend policy, resulted in funds available for outside investment. Over the years, Bridgeport has had a policy of investing idle cash in equity securities. In particular, Bridgeport has made periodic investments in the company's principal vendor of mining equipment, Norton Industries. Although the firm currently owns 12% of the outstanding common stock of Norton Industries, Bridgeport does not have significant influence over the operations of Norton Industries. Cheryl Thomas has recently joined Bridgeport as assistant controller, and her first assignment is to prepare the December 31, 2025 year-end adjusting entries for the accounts that are valued by the "fair value" rule for financial reporting…
- On December 21, 2025, Blue Company provided you with the following information regarding its equity investments. Investments December 31, 2025 Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. (a) (b) (c) Cost $20,200 9,900 20,200 $50,300 Fair Value $19,300 8,900 20,790 $48,990 Unrealized Gain (Loss) $(900) (1,000) 590 (1,310) 0 $(1,310) During 2026, Colorado Co. stock was sold for $9,410. The fair value of the stock on December 31, 2026, was Clemson Corp. stock- $19,410; Buffaloes Co. stock-$20,700. None of the equity investments result in significant influence. Prepare the adjusting journal entry needed on December 31, 2025. Prepare the journal entry to record the sale of the Colorado Co. stock during 2026. Prepare the adjusting journal entry needed on December 31, 2026.Pharoah Company has a stock portfolio valued at $4,100. Its cost was $3,500. If the Fair Value Adjustment account has a debit balance of $130, prepare the journal entry at year-end. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit CreditWhispering Company has a stock portfolio valued at $3,800. Its cost was $3,200. If the Fair Value Adjustment account has a debit balance of $260, prepare the journal entry at year-end. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit 1187