Business, 03.04.2021 01:30 pandamaknae2003

Whispering Winds Corporation began business in 2017 by issuing 94000 shares of $5 par common stock for $9 per share and 23000 shares of 9%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2017 balance sheet, Whispering Winds would report Preferred Stock ( 10.500 shares) $525,000
Paid-in Capital in Excess of Parâreferred 73,500
Common Stock (68, 500 shares) 342,500
Paid-in Capita' in Excess o' ParâCommon Stock 700000
Retained Earning 310,000

During 2020, the following transactions occurred.
Feb.1 Issued 2,000 shares of preferred stock for land having a fair value of $125,000.
Mar.1 Issued 1,300 shares of preferred stock for cash at $70 per share.
July 1 Issued 16,000 shares of common stock for cash at $7 per share.
Sept. 1 Issued 400 shares of preferred stock for a patent. The asking price of the patent was $28,000. Market price for the preferred stock was $70 and the fair value for the patent was indeterminable.
Dec. 1 Issued 8,000 shares of common stock for cash at $7.50 per share.
Dec. 31 Net income for the year was $260,000. No dividends were declared.

Required:
Journalize the transactions and the closing entry for net income.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 19:40

the question using the following data, which show all available techniques for producing 20 units of a particular commodityresource resource prices possible production techniques#1 #2 #3 #4 #5land $4 2 4 2 4 4labor 3 1 2 4 1 3capital 3 5 2 3 1 2entrepreneurial ability 2 3 1 1 4 1assuming that the firm is motivated by self-interest and that the 20 units that can be produced with each technique can be sold for $2 per unit, the firm will

Answers: 1

Answer

Business, 21.06.2019 22:00

Sharon had some insider information about a corporate takeover. she unintentionally informed a friend, who immediately bought the stock in the target corporation. the takeover occurred and the friend made a substantial profit from buying and selling the stock. the friend told sharon about his stock dealings, and gave her a pearl necklace because she "made it all possible." the necklace was worth $10,000, but she already owned more jewelry than she desired.

Answers: 2

Answer

Business, 21.06.2019 23:30

Actual usage for the year by the marketing department was 70,000 copies and by the operations department was 330,000 copies. if a dual-rate cost-allocation method is used, what amount of copying facility costs will be budgeted for the operations department?

Answers: 2

Answer

Business, 23.06.2019 02:30

Markets and competition in a perfectly competitive market, all producers sell identical goods or services. additionally, there are many buyers and sellers. because of these two characteristics, both buyers and sellers in perfectly competitive markets are pricetakers . true or false: the market for lettuce does exhibit the two primary characteristics that define perfectly competitive markets. true false

Answers: 2

Answer

You know the right answer?

Whispering Winds Corporation began business in 2017 by issuing 94000 shares of $5 par common stock f...

Questions