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nikklg [1K]
2 years ago
6

Vaughn Manufacturing started business in 2012 by issuing 209000 shares of $21 par common stock for $28 each. In 2017, 25500 of t

hese shares were purchased for $40 per share by Vaughn Manufacturing and held as treasury stock. On June 15, 2018, these 25500 shares were exchanged for a piece of property that had an assessed value of $753000. Vaughn’s stock is actively traded and had a market price of $46 on June 15, 2018. The cost method is used to account for treasury stock. The amount of paid-in capital from treasury stock transactions resulting from the above events would beA. $153000.B. $743000.C. $453000.D. $218000.
Business
1 answer:
marshall27 [118]2 years ago
6 0

Answer:

A. $153,000

Explanation:

The Journal Entry is shown below:-

Property Dr,                                          $1,173,000

          To Treasure stock                     $1,020,000

           To additional paid-in-capital    $153,000

The computation is given below:-

For Property

= 25,500 × $46

= $1,173,000

For Treasure stock

= 25,500 × $40

= $1,020,000

For Additional paid-in-capital

= $1,173,000 - $1,020,000

= $153,000

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Explanation:

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8 0
2 years ago
Zen Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $47,000. The accountant preparing the
hram777 [196]

Answer:

Salaries and wages payable...................Dr                    $20,000

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Explanation:

As per accrual system, an expense is incurred when it is accrued irrespective of when it is paid. So, $20,000 was accrued in December 31, salary and wages expenses would have been debited then amounting to $20,000.

In order to rectify the mistake of double counting, the entry passed by the accountant would be reversed to nullify the effect.

Adjusting Journal entry:

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4 0
2 years ago
________ leaders inspire followers to transcend their self-interests for the good of the organization and can have an extraordin
dsp73

The answer to this question is Transformational leaders.

<span>Transformational leaders are leaders who inspire their subordinates / followers by being a role model in order for the members or followers to enhance their performance. Transformational leaders increase the morale of the members by creating a vision for them to be guided and inspire the members to do their best and be motivated always.</span>

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Answer:

TRUE

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(1) all events have occurred that establish the fact of the liability;

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Answer:

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6 0
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