# 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?

Calculate the price
Pages (550 words)
\$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Homework Mules
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Psychology
Thank you. I will forward critique once I receive it.
Customer 452467, July 25th, 2020
Psychology
I requested a revision and it was returned in less than 24 hours. Great job!
Customer 452467, November 15th, 2020
Political science
I like the way it is organized, summarizes the main point, and compare the two articles. Thank you!
Customer 452701, February 12th, 2023
Accounting
Thank you for your help. I made a few minor adjustments to the paper but overall it was good.
Customer 452591, November 11th, 2021
Political science
Thank you!
Customer 452701, February 12th, 2023
Technology
Customer 452551, October 22nd, 2021
Great paper thanks!
Customer 452543, January 23rd, 2023
Finance
Thank you very much!! I should definitely pass my class now. I appreciate you!!
Customer 452591, June 18th, 2022
Education
Thank you so much, Reaserch writer. you are so helpfull. I appreciate all the hard works. See you.
Customer 452701, February 12th, 2023
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend