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a.) issued 14,500 shares of $30 par common stock a...

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a.) issued 14,500 shares of $30 par common stock at $48, receiving cash. b.) issued 8,000 shares of $120 par preferred 6% stock at $130, receiving cash. c.) issued $8,000,000 of 10-year, 7%bonds at 110, with interest payable semiannually. d.) declared a dividend of $.65 per share on common stock and $1.80 per share on preferred stock. On the date of record, 120,000 shares of common stock were outstanding, no treasury shares were held, and 22,500 shares of preferred stock were outstanding. e.) paid the cahs dividends declared in (d) f.) purchased 12,000 shares of Avocado Corp. at $31 per share, plus a $2,400 brokerage commission. The investment is classified as an available-for-sale investment. g.) purchased 9,500 shares of treasury common stock at $52 per share. h.) purchased 340,000 shares of Amigo Co. stock directly form the founders for $21 per share. Amigo has 1,000,000 shares issued and outstanding. Jordon Products Inc treated the investment as an equity method investment. i.) Declared a 2% stock divided on common stock and a $1.80 cash dividend per share on preferred stock. On the date of record, 120,000 shares of common stock had been issued, 9,500 shares of treasury stock were held, and 22,500 shares of preferred stock had been issued. j.) Issued the stock certificates for the stock dividends declared in (h) and paid the cash dividends to the preferred stockholders. k.) received $272,000 dividend from Amigo Co. investment in (h) l.) Purchased $86,000 of Game Gear Inc. 1-year, 6% bonds, directly from the issuing company at par value, plus accrued interest of $950. The bonds are classifed as a held-to-maturity long-term investment. m.) Sold, at $59.50 per share. 3,800 shares of treasury common stock purchased in (g). n.) Received a dividend of $1.45 per share from the Avacodo Corp. investment in (f). o.) Sold 2,000 shares of Avocado Corp. at $32.80, including commission. p.) Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization was determined using the straight-line method. q.) Accrued interest for three months on the Game Gear Inc. bonds purchased in (1). r.) Amigo Co. recorded total earnings of $478,000. jordon Products recorded equity earnings for its share of Amigo Co. net income. s.) the fair value for Avocado Corp. stock was $28.50 per share on December 31, 2010. The investment is adjusted to fair value using a valuation allowance account. Assume the Valution Allowance for Avaible-for-Sale Investments had a beginning balance of zero. Journalize all transactions,Hi How is my assignment coming alone?,Hi these are the checkpoints that my professor game us and I don't see any of them in your answer. Income Statement - Net income $788,820. Retained Earnings Statement - Ending Retained Earnings: $4,609,760 Balance Sheet - Investment in Amigo co. stock $ 7,030,520 Total Assets: $20,668,160 Total Liabilites: $ 8,995,000

 

Paper#4816 | Written in 18-Jul-2015

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