ACC 291 WEEK 4 INDIVIDUAL ASSIGNMENT – EXERCISES
Complete Problem 11-6A.
Need Help Writing an Essay?
Tell us about your assignment and we will find the best writer for your essay.
Write My Essay For MeE11-15
Before Action After Stock Dividend After Stock Split
Stockholders’ equity
Paid-in capital
Common stock $600,000 $630,000 $600,000
In excess of par value 0 3,000 x ($14-$10)=
12,000
0
Total paid-in capital 600,000 642,000 600,000
Retained earnings 900,000 $900,000-(3,000 x $14)
858,000
900,000
Total stockholders’
equity
1,500,000$ $1,500,000 $1,500,000
Outstanding shares 60,000 63,000 120,000
Book value per share $25.00 $23.81 $12.50
P11-6A
(a) Prepare the journal entries for the:
(1) Issuance of preferred stock for land.
Land 296,000
Preferred Stock 240,000 (2,400 x $100)
Paid-in Capital in Excess of Par Value—Preferred 56,000
(2) Issuance of common stock for cash.
Cash 7,700,000 ($2,000,000 + $5,700,000)
Common Stock2,000,000 (400,000 x $5)
Paid-in Capital in Excess of Stated Value—Common 5,700,000
(3) Purchase of common treasury stock for cash.
Treasury Stock 33,000 (1,500 x $22)
Cash 33,000
(4) Sale of treasury stock for cash.
Cash 14,000 (500 x $28)
Common Treasury Stock 11,000 (500 x $22)
Paid-in Capital from Treasury Stock 3,000 (500 x $6)
(b) Prepare the stockholders’ equity section at December 31, 2011.
Welcome to our trusted essay writing website with track record among students. We specialize in connecting students in need of high-quality essay assistance with skilled writers who can deliver just that. Explore the ratings of our essay writers and choose the one that best aligns with your requirements. When you rely on our online essay writing service, rest assured that you will receive a top-notch, plagiarism-free A-level paper. Our experienced professionals write each paper from scratch, carefully following your instructions. Request a paper from us and experience 100% originality.