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Nataliya [291]
3 years ago
11

EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 4% preferred

stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,500 shares of its own common stock at $14 per share.
Apr. 10 Reissued 1,250 shares of its common stock held in the treasury for $18 per share.
Jun. 12 Reissued 1,250 shares of common stock at $12 per share.
Journalize the transactions.
Business
1 answer:
xxMikexx [17]3 years ago
4 0

Answer:

          Ellajane Corporation - Journal Entries

Date       Particulars                       Debit         Credit

1-Mar      Treasury Stock              $35,000

                     To Cash                                       $35,000

               (Being 2500 shares of treasury stock purchased at $14 per share)

10-Apr       Cash A/c (1250*$18)    $22,500

                        To Treasury Stock (1250*14)      $17,500

                        To Additional Paid in Capital     $5,000

                 (Being 1250 shares of treasury stock sold at $18 per share)

12-Jun       Cash A/c (1250*12)                      $15,000

                  Additional Paid in Capital A/c   $2,500

                          To Treasury Stock (1250*14)                 $17,500

                   (Being 1250 shares of treasury stock sold at $12 per share)

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Answer:

discount on BP   8,000 debit

cash                592,000 debit

bond payable                       600,000 credit

-to record issuance of the bonds--

interest expense     15,416.67 debit

  interest payable                     15,000      credit

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--to record year-end adjustment entry--

interest payable   15,000      debit

interest expense   3,083.33 debit

  cash                                       18,000    credit

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Explanation:

proceeds from the bonds:  592,000

face value of the bonds.    (600,000)

discount on BP                        (8,000)

We amortize over the life of the bond in equal parts:

8,000 / 20 payment (10years x 2 payment per year) = 500

interest accrued from August 1st to December 31th:

face value x rate x time accrued

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accrued proportional amortization

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500 x 5/6 = 416.67

February 1st payment:

600,000 x 6% x 1/12 = 3,000 interest expense

cash outlay:

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