What was the capital transactions of Asp co during 20X1?
Asp Co. was organized on January 2, 20X1, with 30,000 authorized shares of $10 par common stock. During 20X1 the corporation had the following capital transactions: January 5: issued 20,000 shares at $15 per share. July 14: purchased 5,000 shares at $17 per share. December 27: reissued the 5,000 shares held in treasury at $20 per share.
What is the price of common stock in the US?
The common stock is currently selling for $15.25 per share. Common Stock, $8 Par, 106,000 shares authorized, 56,000 shares issued and outstanding $448,000 Paid−in Capital in Excess of Par—Common 123,000 Retained Earnings 303,000 Total Stockholders' Equity $874,000
How would the paid-in capital in excess of par—common account change?
The Paid−In Capital in Excess of Par—Common account would increase by $1,700. D. The Treasury Stock account would decrease by $23,800. B Nice International originally issued 104,000 shares of common stock at a price of $23 per share. A year later, it distributed a 10% stock dividend to shareholders.
How much is the $5 par value of common stock?
C. Common Stock—$5 Par Value is credited for $200,000. D. Retained Earnings is debited for $420,000. B Valley, Inc. has 7,000 shares of preferred stock outstanding.
How much is Uno's dividend in 2024?
On November 1, 2024, Uno, Inc. declared a dividend of $4.25 per share. Uno, Inc. has 21,000 shares of common stock outstanding and no preferred stock. Which of the following is the journal entry needed to record the declaration of the dividend?
Is a journal entry made on the date of record?
D. No journal entry is made on the date of record.
Is the balance in common stock the same?
A. The balance in Common Stock remains the same .
What method does ASP use to record the purchase and re-issuance of the treasury shares?
Asp used the par value method to record the purchase and re-issuance of the treasury shares. In its December 31, 20X1, balance sheet, what amount should Asp report as additional paid-in capital in excess of par?
When is additional paid in capital credited?
Using the cost method of accounting, additional paid in capital from treasury stock is credited when treasury stock is reissued at excess.
What is the cost method of accounting for treasury stock?
The cost method of accounting for treasury stock treats the acquisition and reissue of the shares as two parts of one transaction. Thus, Seda Corp. would make the following entries:
What is implied value after new investment?
Implied value after new investment: $30,000 represents 25% of total value; therefore, the implied total value is $120,000 ($30,000 ÷ .25).
Does additional paid in capital increase in 20X2?
1 Additional paid-in capital increased in 20X2; no effect on net income.