Prior to June 30, a company has never had any treasury stock transactions. The company repurchased 150 shares of its $1 par common stock on June 30 for $38 per share. On July 20, it reissued 75 of these shares at $42 per share. On August 1, it reissued 60 of the shares at $36 per share. What is the journal entry necessary to record the reissuance of treasury stock on July 20?

On December 1, Watson Enterprises signed a $25,800, 60-day, 4% note payable as replacement of an account payable with Erikson Company. What amount of interest expense is accrued at December 31 on the note? Note: Use 360 days a year.

Ultimate Sportswear has $230,000 of 7% noncumulative, preferred stock outstanding. Ultimate Sportswear also has $630,000 of common stock outstanding. In the company’s first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $43,000. This dividend should be distributed as follows:

During August, Boxer Company sells $354,000 in merchandise that has a one year warranty. Warranty expense is estimated at 5% of sales. The warranty liability account has a credit balance of $11,600 before adjustment. The entry to record the estimated warranty expense for the month is:

Cantrell Company is required by law to collect and send sales taxes to the state. If Cantrell has $12,000 of cash sales that are subject to an 9% sales tax, what is the journal entry to record the cash sales?

At the end of the first pay period of the year, Dan earned $5,100 of salary. Withholdings from Dan’s salary include Federal Insurance Contributions Act (FICA) Social Security taxes at the rate of 6.2%, Federal Insurance Contributions Act (FICA) Medicare taxes at the rate of 1.45%, $612 of federal income taxes, $180 of medical insurance deductions, and $16 of life insurance deductions. Compute Dan’s net pay for this first pay period.

A company reported that its bonds with a par value of $50,000 and a carrying value of $58,500 are retired for $61,800 cash, resulting in a loss of $3,300. The amount to be reported under cash flows from financing activities is:

A corporation issued 6,600 shares of $10 par value common stock in exchange for some land with a market value of $102,000. The entry to record this exchange is:

A machine with a cost of $139,000 and accumulated depreciation of $89,500 is sold for $59,000 cash. The cash flow amount that should be reported in the operating activities section reported under the direct method is:

On July 1, Shady Creek Resort borrowed $370,000 cash by signing a 10-year, 7% installment note requiring equal payments each June 30 of $52,680. What is the journal entry to record the first annual payment?