Issuance of the company stock
Powerdrive Co. issued 2000 shares of its RM10 par value common stock for RM70 000. Powerdrive also incurred RM1500 of costs associated with issuing the stock. Prepare Powerdrive's journal entry to record the issuance of the company's stock.
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MediSecure, Inc., produces clear plastic containers for pharmacies in a process that starts in the Molding Department. Data concerning that department's operations in the most recent period appear.
Assuming the under- or overapplied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of goods sold.
Assume that the land has a fair market value of $28,000 and an adjusted basis of $31,000 on the date of the distribution. How would your answer to (a) change?
In November of the current year, Sapphire Corporation declared a dividend of $2 per share (the shareholder record date is December 15). Assume that Sapphire has sufficient current E&P to cover the dividend payment.
The net income reported on the income statement for the current year was $275,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000 respectively.
New Rich Company was incorporated at the beginning of this calendar year. Its articles of incorporation authorized 500,000 share of common stock, of which 100,000 were issued immediately.
The balance sheets at the end of each of the first two years of operations indicate the following:Total current assets year 2006 600,000 year 2005 $560,000
New Rich Company was incorporated at the beginning of this calendar year. Its articles of incorporation authorized 500,000 share of common stock.
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