Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. show all work: on january 5,2022, bigfork co

show all work: On January 5,2022, Bigfork Corporation received...

90.2K

Verified Solution

Question

Accounting

show all work:
image
image
On January 5,2022, Bigfork Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed the following transactions. January 11, 2022 - Issued 20,000 shares of common stock at $16 pe share. February 1, 2022 - Issued to Sanchez Corp, 4,000 shares of preferred stock for the following assets: Equipment -fair value of $50,000 Factory Building - fair value of $160,000 Land with an appraised value of $270,000 July 29,2022 - Purchased 1,800 shares of common stock at $17 per share. (Use the cost method) August 10,2022 - Sold the 1,800 treasury shares at $14 share December 31,2022 - Declared a $.25 per share cash dividend on the common stock and declared the preferred dividend. December 31, 2022 - Closed the Income Summary account. There was a $175,000 net income. Required: 1. Record the journal entries for the transactions listed above. 2. Prepare the stockholders' equity section of BigFork Corporation's balance sheet as of December 31, 2022. NOTE: Assume beginning of the vear retained earnings is zere

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Consider three, separate samples of gas: ammonia, chlorine, and argon. Each sample hsa a volume...

Chemistry
Q

Problem 3. How many arrangements of MATHEMATICS are there that have ALL of the following properties: TH...

Basic Math
Q

An earth of mass orbits along along a circular orbit C at a height 2R...

Physics
Q

Simplify using conditional disjunction equivalence Example 3 Pg 28 p q p OAT OB q...

Basic Math
Q

What geometric shape represents a cardboard paper towel roll sphere cone O cylinder rectangular prism

Algebra
Q

Question 6 of 10 Novak Co. sells product P-14 at...

Accounting
Q

help During and after the pandemic, just-in-time became controversial as an...

Accounting
Q

Goodwill is an intangible asset. True or False True False

Accounting
Q

View Policies Current Attempt in Progress Presented here are selected transactions for the Sandhill Company...

Accounting
Q

Solve the Worksheet

Accounting
Q

The Pioneer Petroleum Corporation has a bond outstanding with an $90 annual interest payment, a...

Finance
Q

New project analysis 7. Refer to the Web Tax Appendix to correctly answer this question....

Finance