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Chapter 15: Stockholders’ Equity

Intermediate Accounting (Kieso)
Pages: 774 - 833

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107 Questions for Chapter 15: Stockholders’ Equity

  1. On January 1, 2017, Agassi Corporation had the following stockholders’ equity accounts.

    Found on Page 825
  2. Twenty-five thousand shares reacquired by Elixir Corporation for $53 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange, the common stock was trading at $62 per share on an organized exchange.

    Found on Page 812
  3. Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders’ equity.

    Found on Page 819
  4. Faith Evans Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ. Faith Evans Corp. has issued 10,000 units. Each unit consists of a $500 par, 12% subordinated debenture and 10 shares of $5 par common stock. The units were sold to outside investors for cash at $880 per unit. Prior to this sale, the 2-week ask price of common stock was $40 per share. Twelve percent is a reasonable market yield for the debentures, and therefore the par value of the bonds is equal to the fair value.

    Found on Page 812
  5. Seles Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following transactions involving the issuance of shares of stock were completed. Each transaction is independent of the others.

    Found on Page 819
  6. Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.

    Found on Page 812
  7. Before Gordon Corporation engages in the treasury stock transactions listed on the next page, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share).

    Found on Page 819
  8. Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2017, Lindsey Hunter took part in the following selected transactions.

    Found on Page 812
  9. Washington Company has the following stockholders’ equity accounts at December 31, 2017.

    Found on Page 820
  10. Joe Dumars Company has outstanding 40,000 shares of $5 par common stock, which had been issued at $30 per share. Joe Dumars then entered into the following transactions.

    Found on Page 813

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