Problem
I. On January 1st, ZYX company purchased 1,100 shares of its own stock at $31 per share. On January 20th, ZYX later reissues or sells 488 shares of treasury stock for $13 per share. On January 20th, the balance in Additional paid in capital-Treasury stock is credit balance of $70,000.
What is the amount debited to Additional Paid in Capital- Treasury Stock on January 20th?
II. ABC issues 13,000 shares of preferred stock to investors on January 1 for cash. The 5% $12 par value preferred shares are sold $14 per share.
What is the amount applied to preferred stock?
III. On January 1st, ZYX company purchased 1,000 shares of its own stock at $38 per share. On January 20th, ZYX later reissues or sells 428 shares of treasury stock for $45 per share.
What is the amount debited to Treasury stock on January 1st?
IV. On January 1st, ABC company issues a stock dividend of 10%. ABC has 116,000 shares outstanding with a par value of $1. ABC also has 210,000 shares authorized. The market price per share January 1st is $27.
What is number of new shares issued for stock dividend?
V. ABC issues 18,000 shares of common stock to investors on January 1 for cash, with the investors paying cash of $20 per share. The par value of the stock is $5 per share.
What is the amount applied to common stock?