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Rodriguez Corporation issues 8,000 shares of its common stock for $69,600 cash on February 20.

Exercise 11-3 (Algo) Accounting for par, stated, and no-par stock issuances LO P1

Rodriguez Corporation issues 8,000 shares of its common stock for $69,600 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.

1. The stock has a $6 par value.

2. The stock has neither par nor stated value.

3. The stock has a $3 stated value.

· Record the issue of 8,000 shares of $6 par value common stock for $69,600 cash.

Note: Enter debits before credits.

TransactionGeneral JournalDebitCredit1

· Record the issue of 8,000 shares of no-par, no-stated value common stock for $69,600 cash.

Note: Enter debits before credits.

TransactionGeneral JournalDebitCredit2

· Record the issue of 8,000 shares of $3 stated value common stock for $69,600 cash.

Note: Enter debits before credits.

TransactionGeneral JournalDebitCredit3

Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1

Sudoku Company issues 33,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $243,000 and the building at $372,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

Record the issue of 33,000 shares of $7 par value common stock in exchange for land valued at $243,000 and a building valued at $372,000.

Note: Enter debits before credits.

TransactionGeneral JournalDebitCredit1

QS 11-8 (Algo) Reporting a small stock dividend LO P2

The stockholders’ equity section of Jun Company’s balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 20% stock dividend. The stock’s per share market value on April 2 is $10 (prior to the dividend).

Prepare the stockholders’ equity section immediately after the stock dividend is distributed.

JUN COMPANY
Stockholders’ Equity
April 2 (after stock dividend)
Common stock
Paid-in capital in excess of par value, common stock
Total paid-in capital
Retained earnings
Total stockholders’ equity

Exercise 11-8 (Algo) Large stock dividend LO P2

Required information

Use the following information for the Exercises 8-9 below. (Algo)

On June 30, Sharper Corporation’s stockholders’ equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend.

Common stock—$10 par value, 82,000 shares issued and outstanding $ 820,000

Paid-in capital in excess of par value, common stock 360,000

Retained earnings 740,000

Total stockholders’ equity $ 1,920,000

(1) Prepare the updated stockholders’ equity section after the distribution is made.

(2) Compute the number of shares outstanding after the distribution is made.

· Prepare the updated stockholders’ equity section after the distribution is made.

SHARPER CORPORATIONStockholders’ Equity Section of the Balance SheetJune 30Common stock, no-par valuePaid-in capital in excess of par value, common stockRetained earningsTotal stockholders’ equity

Compute the number of shares outstanding after the distribution is made.

Number of common shares outstanding

Exercise 11-9 (Algo) Stock split LO P2

Use the following information for the Exercises 8-9 below. (Algo)

On June 30, Sharper Corporation’s stockholders’ equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend.

Common stock—$10 par value, 82,000 shares issued and outstanding $ 820,000

Paid-in capital in excess of par value, common stock 360,000

Retained earnings 740,000

Total stockholders’ equity $ 1,920,000

Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split.

(1) Prepare the updated stockholders’ equity section after the split.

(2) Compute the number of shares outstanding after the split.

Prepare the updated stockholders’ equity section after the split.

SHARPER CORPORATIONStockholders’ Equity Section of the Balance SheetJune 30Common stock dividend distributablePaid-in capital in excess of par value, common stockRetained earningsTotal stockholders’ equityCompute the number of shares outstanding after the split.Number of common shares outstanding

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Writers Solution

Morningstar equities Best Stock Ideas 2017_02_February, located in the Assessment Resources folder

 Assessment – 1Activity 1
Identify and explain some necessary characteristics of a qualitative researcher.
(Identify sources and parties that provide relevant information for research on financial products).
Activity 2
Much of the innovation that occurred in the 20th century financial services industry was about providing access to money. For example, credit cards gave consumers a chance to pay without needing the cash on hand, while automatic tellers gave 24-hour access to cash. However, financial services innovation in the early 21st century has been about access to information.
Undertake some research of your own and discuss how the ‘smart connected world, where
everyone and everything is connected, intelligent and measured’, is impacting the outlook for future financial products.
(Describe the current economic climate and forecasted outlook for relevant financial products).
Activity 3
With the rapid advance of digital technologies in the Australian financial services industry, the use of traditional financial forecasting techniques to assess financial product markets has declined. Explain and discuss.
(Explain financial forecasting techniques and tools to be used to assess the market for financial products).
Activity 4
Conduct some research to discover and explain how open-source data analytic products, like Hadoop, are impacting local and international markets for financial products.
(Identify and outline local and international financial markets and investment outlook for financial products).
Activity 5
Explain why policies are normally separated from procedures in organisational documentation. Provide an illustrative example involving research policy.
(Describe organisational policy, procedures and requirements relevant to products and research).
Activity 6
Summarise the key features of the Code of Practice which covers the independence of experts who undertake financial product research.
(Identify and describe key features of industry legislation and codes of practice relevant to product research, and protocols to be followed).
Activity 7
Describe the research technique of conjoint analysis using a worked example.
(Describe techniques and tools for evaluation and interpretation of research data).
Assessment – 2 Requirements:
1. Download and review the research report ‘Morningstar equities Best Stock Ideas
2017_02_February, located in the Assessment Resources folder.
2. Download and review the Morningstar report “Inghams IPO”, located in the Assessment
Resources folder.
Activity 1
Explain why a research entity, like Morningstar, publishes a monthly Best Stock Ideas report.
Activity 2
How does a research company like Morningstar protect itself from law suits from investors, who have followed the recommendations in a monthly Best Stock Idea report, and who have subsequently lost money on these investments?
Activity 3
The Ingham’s IPO report certainly complies with relevant statutory disclosure requirements for publishing details and opinions about Initial Public Offerings (IPO). If you were an investor, apart from reading the IPO report, where else would you look to obtain accurate and comprehensive information surrounding Ingham’s proposed IPO?
Activity 4
Explain why research organisations, like Morningstar, document research findings into IPO’s like Inghams, concisely and clearly, before they distribute their research reports

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    2017_02_February, located in the Assessment Resources folder

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