Star Corporation issued both common and preferred stock during 20X6. The stockholders’ equity sections of the

Chapter Two and Three Problems1. Issuance of stock Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:Jackson Corporation has common stock with a par value of $1 per share.Royal Corporation has no-par common with a stated value of $5 per share.French Corporation has no-par common; no stated value has been assigned2. Analysis of stockholders’ equity Star Corporation issued both common and preferred stock during 20X6. The stockholders’ equity sections of the company’s balance sheets at the end of 20X6 and 20X5 follow. 20X6 20X5 Preferred stock, $100 par value, 10%$580,000$500,000Common stock, $10 par value2,350,0001,750,000   Paid-in capital in excess of par value  Preferred24,000—Common4,620,0003,600,000Retained earnings8,470,0006,920,000Total stockholders’ equity$16,044,000$12,770,000Compute the number of preferred shares that were issued during 20X6.Calculate the average issue price of the common stock sold in 20X6.By what amount did the company’s paid-in capital increase during 20X6?Did Star’s total legal capital increase or decrease during 20X6? By what amount?3. Bond computations: Straight-line amortizationSouthlake Corporation issued $900,000 of 8% bonds on March 1, 20X1. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow.Case A—The bonds are issued at 100.Case B—The bonds are issued at 96.Case C—The bonds are issued at 105.Southlake uses the straight-line method of amortization.Instructions: Complete the following table:    Case ACase BCase CCash inflow on the issuance date_____________________Total cash outflow through maturity_____________________Total borrowing cost over the life of the bond issue_____________________Interest expense for the year ended December 31, 20X1_____________________Amortization for the year ended December 31, 20X1_____________________Unamortized premium as of December 31, 20X1_____________________Unamortized discount as of December 31, 20X1_____________________Bond carrying value as of December 31, 20X1_____________________4. Product costs and period costs The costs that follow were extracted from the accounting records of several different manufacturers:Weekly wages of an equipment maintenance workerMarketing costs of a soft drink bottlerCost of sheet metal in a Honda automobileCost of president’s subscription to Fortune magazine Monthly operating costs of pollution control equipment used in a steel millWeekly wages of a seamstress employed by a jeans makerCost of compact discs (CDs) for newly recorded releases of Rush, Billy Joel, and Bryan AdamsDetermine which of these costs are product costs and which are period costs.For the product costs only, determine those that are easily traced to the finished product and those that are not.5. Definitions of manufacturing concepts Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:Materials and supplies usedBrass $75,000Repair parts 16,000Machine lubricants 9,000Wages and salaries Machine operators 128,000Production supervisors 64,000Maintenance personnel 41,000Other factory overhead Variable 35,000Fixed 46,000Sales commissions 20,000Compute:Total direct materials consumedTotal direct laborTotal prime costTotal conversion cost6. Schedule of cost of goods manufactured, income statement The following information was taken from the ledger of Jefferson Industries, Inc.:Direct labor$85,000 Administrative expenses$59,000Selling expenses34,000 Work in. process Sales300,000 Jan. 129,000Finished goods  Dec. 3121,000Jan. 1115,000 Direct material purchases88,000Dec. 31131,000 Depreciation: factory18,000Raw (direct) materials on handIndirect materials used10,000Jan. 131,000 Indirect labor24,000Dec. 3140,000 Factory taxes8,000   Factory utilities11,000Prepare the following: A schedule of cost of goods manufactured for the year ended December 31.An income statement for the year ended December 31.7. Manufacturing statements and cost behaviorTampa Foundry began operations during the current year, manufacturing various products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost information for the year just ended follows.Per Unit Variable Cost Fixed Cost Direct materials$4.50$ —Direct labor6.5—Factory overhead950,000Selling—70,000Administrative—135,000Production and sales totaled 20,000 rolls and 17,000 rolls, respectively There is no work in process. Tampa carries its finished goods inventory at the average unit cost of production.Instructions: Determine the cost of the finished goods inventory of light-gauge aluminum.Prepare an income statement for the current year ended December 31On the basis of the information presented:Does it appear that the company pays commissions to its sales staff? Explain.What is the likely effect on the $4.50 unit cost of direct materials if next year’s production increases? Why?

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