Ac116 Unit 6 Wiley Plus

Problem 13-1A

Alexia Corporation was organized on January 1, 2012. It is authorized to issue 15,000 shares of 8%, $102 par value preferred stock, and 462,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Jan. 10		Issued 75,200 shares of common stock for cash at $6 per share.
Mar. 1		Issued 5,200 shares of preferred stock for cash at $109 per share.
Apr. 1		Issued 25,000 shares of common stock for land. The asking price of the land was $89,100. The fair value of the land was $88,300.
May 1		Issued 82,000 shares of common stock for cash at $7.06 per share.
Aug. 1		Issued 10,600 shares of common stock to attorneys in payment of their bill of $41,900 for services provided in helping the company organize.
Sept. 1		Issued 11,600 shares of common stock for cash at $8 per share.
Nov. 1		Issued 1,570 shares of preferred stock for cash at $113 per share.


	

(a)

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
Jan. 10









Mar. 1









Apr. 1









May 1









Aug. 1









Sept. 1









Nov. 1








Problem 13-2A

Brandon Corporation had the following stockholders’ equity accounts on January 1, 2012: Common Stock ($5 par) $506,100, Paid-in Capital in Excess of Par-Common Stock $177,040, and Retained Earnings $105,840. In 2012, the company had the following treasury stock transactions.

Mar. 1		Purchased 6,120 shares at $8 per share.
June 1		Sold 1,230 shares at $12 per share.
Sept. 1		Sold 1,170 shares at $10 per share.
Dec. 1		Sold 1,280 shares at $7 per share.

Brandon Corporation uses the cost method of accounting for treasury stock. In 2012, the company reported net income of $31,180.


	

(a)

Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2012, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
Mar. 1






June 1









Sept. 1









Dec. 1









Dec. 31






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(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.



	

(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.