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AC300- Phelps Corporation received a charter granting the right to




Question;On January 5, 2012, Phelps Corporation received a charter granting the right toissue 5,200 shares of $103 par value, 8% cumulative and nonparticipating preferred stock,and 53,800 shares of $11 par value common stock. It then completed these transactions.Jan.11Issued 20,490 shares of common stock at $17 per share.Feb. 1Issued to Sanchez Corp. 4,500 shares of preferred stock for the following assets: equipment with a fair valueof $59,700, a factory building with a fair value of $166,100, and land with an appraised value of $326,700.July29Purchased 1,990 shares of common stock at $19 per share. (Use cost method.)Aug.10Sold the 1,990 treasury shares at $15 per share.Dec.31Declared a $0.35 per share cash dividend on the common stock and declared the preferred dividend.Dec.31Closed the Income Summary account. There was a $175,820 net income.(a) Record the journal entries for the transactions listed above. (Round answers to 0 decimalplaces, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter 0 forthe amounts. Credit account titles are automatically indented when amount is entered. Do notindent manually. Record entries in the order displayed in the problem statement.)DateJanuary 11February 1July 29August 10December 31December 31Account Titles and ExplanationDebitCredit(b) Prepare the stockholders? equity section of Phelps Corporation?s balance sheet as ofDecember 31, 2012. (For preferred stock, common stock and treasury stock enter the accountname only and do not provide the descriptive information provided in the question.)PHELPS CORPORATIONStockholders? EquityDecember 31, 2012$$$


Paper#42218 | Written in 18-Jul-2015

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