or Head is a privately-owned company. On October 1, Gator exchanged 3,000 shares of its private common stock for a building. There is no readily available estimate of the stock's fair value. The building currently is selling for $100,000. The journal entry to record this transaction includes: Question 10 options: Credit: Stock revenue, $100,000. Credit: Cash, $100,000. Debit: Building, $100,000. No entry is recorded for this exchange.

or Head is a privately-owned company. On October 1, Gator exchanged 3,000 shares of its private common stock for a building. There is no readily available estimate of the stock's fair value. The building currently is selling for $100,000. The journal entry to record this transaction includes: Question 10 options: Credit: Stock revenue, $100,000. Credit: Cash, $100,000. Debit: Building, $100,000. No entry is recorded for this exchange.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...

See similar textbooks

Similar questions

On May 1, Carla Vista Corporation purchased 2,800 shares of its $10 par value common stock at a cash price of $13/share. On July 15, 750 shares of the treasury stock were sold for cash at $18/share. Journalize the two transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit May 1 Treasury Stock 36400 Cash 36400 Jul. 15 Cash Treasury Stock Paid-in Capital from Treasury Stock Save for Later Attempts: 1 of 4 used Submit Answer
On July 1, Raney Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 300 shares of the treasury stock for cash at $11 per share.Journalize the two treasury stock transactions. (Record journal entries in the order presented in the problem. 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.)
Lei Inc.’s $10 par value common stock is actively traded at a market price of $15 per share. Lei issues 5,000 shares to purchase land advertised for sale at $85,000.Journalize the issuance of the stock in acquiring the land. (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.)
Sheffield Inc's $10 par value common stock is actively traded at a market price of $13 per share. Sheffield issues 6.000 shares to purchase land advertised for sale at $90,000. Journalize the issuance of the stock in acquiring the land. (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
Smith Company exchanges assets to acquire a building. The market price of the Smith stock on the exchange date was $20 per share and the building’s book value on the books of the seller was $211,000.Which of the following journal entries is correct for Smith Company when Smith issues 11,100 shares of $10 par value common stock and pays $21,100 cash in exchange for the building? Please see picture attached.
Windsor, Inc. issues 9,600 shares of $102 par value preferred stock for cash at $115 per share.Journalize the issuance of the preferred stock. (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.) Account Titles and Explanation Debit Credit 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
On July 1, Marin Inc. purchases 510 shares of its $5 par value common stock for the treasury at a cash price of $10 per share.Journalize the treasury stock transaction. (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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a debit amount
The following was in the financial press pertaining to Florence Inc.: Florence Inc. stock was sold for $23 per share during its opening day of trading. Florence Inc. sold 60 million shares at-its IPO. quired: Record the issuance of stock, assuming the stock was no-par value common stock. (If no entry is required for a transaction/event, elect "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 500,000 should be entered as 5.5).)
On July 1, Culver Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 250 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date > Account Titles and Explanation Debit Credit
Riverbed Inc's $10 par value common stock is actively traded at a market price of $16 per share. Riverbed issues 6,000 shares to purchase land advertised for sale at $77,500. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Windsor, Inc. issues 8,500 shares of $105 par value preferred stock for cash at $114 per share. Journalize the issuance of the preferred stock. (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.) Account Titles and Explanation Debit Credit
Shamrock, Inc. issues 9,100 shares of $106 par value preferred stock for cash at $114 per share.Journalize the issuance of the preferred stock. (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.) Account Titles and Explanation Debit Credit 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