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kykrilka [37]
3 years ago
10

On January 1, Lorain Corporation had 2,000 shares of $5 par common stock authorized and outstanding. These shares were originall

y issued at a price of $26 per share. In addition, 500 shares of $50 par preferred stock were outstanding. These were issued at a price of $75 per share. During the year, the following stock transactions occurred:1. March 3: Lorain reacquired 100 shares of its own common stock at a cost of $24 per share.2. April 27: It sold 25 shares of the common stock acquired on March 3 for $33 per share.3. July 10: It sold 25 shares of the common stock acquired on March 3 for $22 per share.4. October 12: It retired the remaining shares acquired on March 3.
Business
1 answer:
Dovator [93]3 years ago
6 0

Answer:

Journal Entry

Explanation:

The Journal Entry is shown below:-

1. Treasury Stock                $2,400  (100 Shares × $24)

            To Cash   $2,400

(Being treasury stock is recorded)

2. Cash  Dr, $825  (25 shares × $33)

     To Treasury Stock $600 (25 shares × Cost $24)

      To Additional Paid in Capital-Treasury Stock $225

(Being the sale of acquired share is recorded)

3. Cash Dr, $550 (25 shares × $22)

Additional Paid in Capital-Treasury Stock Dr, $50

      To Treasury Stock $600 (25 shares × Cost $24)

(Being the sale of acquired share is recorded)

4. Common Stock Dr, $250  (50 Shares × $5 par value)

Additional Paid in Capital-Treasury Stock Dr, $175 (225 - $50)

Retained Earnings Dr, $775

       To Treasury Stock $1,200 ($2400 - $600 - $600)

(Being retired share is recorded)

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Answer:

$16,875

Explanation:

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Elena-2011 [213]

The current share price is approximately $69.47

<h3>What is the Share price?</h3>
  • The cost of one share of a group of marketable equity shares of a firm is known as the share price.
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  • Analysts estimate the behavior of asset prices, especially share prices in stock markets, using random walk approaches in economics and financial theory.
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Fraud risk can be regarded as the

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What is an entitlement?
madam [21]

Hey! Let's do this together.

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That shows us that we can sum up our answer to "A".

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