Answer:
a.
Cash 27000 Dr
Common Stock 13500 Cr
Paid in capital in excess of par-Common stock 13500 Cr
b.
Cash 135000 Dr
Preferred Stock 135000 Cr
Explanation:
a.
When we issue stock at premium, we always record the amount received from such issuance of stock at full. So, the cash account will be debited for 4500 * 6 = 27000
However, we record the common stock issued at par value and the remaining is credited under the reserve account which is Paid in capital in excess of par.
Thus the common stock will be credited by its par value of 4500 * 3 = 13500 and the remaining 4500 * 3 will be credited to the Paid in Capital account.
b.
The par value of the preferred stock is 4500 * 30 = 135000
Thus the preferred stock is issued at par and we simply debit the cash received from the issue and credit the preferred stock.
Answer:
The answer is below
Explanation:
According to Article 17 of the Texas Constitution which is otherwise known as "Mode of Amending the Constitution of This State"
The first step in amending the Texas Constitution is that the Texas State Legislature must make a proposition of the amendment in a joint resolution, involving both the Texas State Senate and the Texas House of Representatives. This joint resolution, however, can emerge in either the House or the Senate.
GOOGLE DUH IT 2019 PEOPLE AND ARETN U SUPPOSE TO BE IN SCHOOL KIDDO
Answer:
$5,000
Explanation:
Calculation to determine what amount should Martin report as investment income from its ownership of Foster's shares
Using this formula
Amount to be reported as investment income=Net income*Percentage of outstanding shares purchased
Let plug in the formula
Amount to be reported as investment income=$25,000 x 20%
Amount to be reported as investment income= $5,000
Therefore The amount that Martin should report as investment income from its ownership of Foster's shares is $5,000
