Download the attach file Chapter 13: Corporation?
Lab #5 ? Chapter 13
1) Brockbank Corporation was organized on July 15, 2012. The state authorized 30,000 shares of 7%
noncumulative $20 par value preferred stock and 100,000 shares of $2 par value common stock.
Record the journal entries for Brockbank to account for the following:
a) Brockbank gave 6,000 shares of common stock to its attorney in return for her help in
incorporating the business. Fees for this work was $18,000. (Note: The debit is to Legal
b) Brockbank gave 15,000 shares of common stock to an individual who contributed a building
c) Brockbank issued 5,000 shares of preferred stock at $25 per share.
d) Peter Brockbank paid $70,000 cash for 30,000 shares of common stock.
2) Metz Motors Corporation has 2,000,000 authorized shares of $10 par value common stock. As of
June 30, 2010, there were 1,000,000 shares issued and outstanding. On June 30, 2010, the board
of directors declared a $0.20 per share cash dividend to be paid on August 1, 2010, to
shareholders of record on July 15, 2010. Prepare the necessary entries in journal form to be
recorded on (a) the date of declaration, (b) the date of record, and (c) the date of payment.
3) Prepare in proper form the stockholders? equity section of the balance sheet from the following
selected accounts and balances taken from the adjusted trial balance of Pathway Corporation on
June 30, 2010.
Partial Adjusted Trial Balance
Common Stock?$10 stated value, 50,000 shares authorized,
45,000 shares outstanding
Preferred Stock?$100 par value, 8 percent cumulative convertible,
3,000 shares authorized and outstanding
Additional Paid-in Capital, Preferred
Additional Paid-in Capital, Common
June 30, 2010
Preferred stock?$100 par value, 8 percent cumulative
convertible, 3,000 shares authorized and outstanding??????. $
Additional paid-in capital, preferred?????????????????. ____________ $
Common stock?$10 stated value, 50,000 shares authorized,
45,000 shares outstanding??????????????????????. $
Additional paid-in capital, common?????????????????? ____________ ____________
Total contributed capital????????????????????????.
Total Stockholders? equity
4) Duncan Corporation has 2,000 shares of $100 par value, 6 percent cumulative preferred stock
and 20,000 shares of $10 par value common stock outstanding. In its first four years of
operation, Duncan Corporation paid cash dividends as follows: 2007, $15,000; 2008, $0; 2009,
$20,000; 2010, $25,000. Calculate the total cash dividends and the dividends per share received
by owners of preferred and common stock in each year.
5) Poquito Corporation had both the following transactions occur on the same day:
a. Issued 30,000 shares of its $5 par value common stock for $360,000 cash.
b. Issued 10,000 shares of its $5 par value common stock in exchange for land and a building.
The building is estimated to have a market value of $90,000.
Prepare the entries in journal form to record the above transactions.
6) Prepare the entries in journal form necessary to record the following stock transactions of
Fitzgerald Corporation. These transactions represent all treasury stock transactions entered into
by the company.
June 1 Purchased 2,000 shares of its own $30 par value common stock for $70 per share, the
June 10 Sold 500 shares of treasury stock purchased on June 1 for $80 per share.
June 20 Sold 700 shares of treasury stock purchased on June 1 for $58 per share.
June 30 Retired the remaining shares purchased on June 1. The original issue price was $42 per
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