Homework Help is Here – Start Your Trial Now!
Business
Accounting
The 12/31/2018 balance sheet of Home Depot Inc. included the following:     Common stock, 25 million shares at $20 par $ 500 million   Paid-in capital—excess of par   3,000 million   Retained earnings   980 million                 In January 2018, Home Depot recorded a transaction with this journal entry:      Cash 150 million         Common stock       100  million   Paid-in capital—excess of par       50  million                     The transaction was for the:   a. Issue of 2 million shares of common stock at par b. Issue of common stock for $150 million in cash c. Receipt of $20 per share for a new stock issue d.All of these answer choices are correct

The 12/31/2018 balance sheet of Home Depot Inc. included the following:     Common stock, 25 million shares at $20 par $ 500 million   Paid-in capital—excess of par   3,000 million   Retained earnings   980 million                 In January 2018, Home Depot recorded a transaction with this journal entry:      Cash 150 million         Common stock       100  million   Paid-in capital—excess of par       50  million                     The transaction was for the:   a. Issue of 2 million shares of common stock at par b. Issue of common stock for $150 million in cash c. Receipt of $20 per share for a new stock issue d.All of these answer choices are correct

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
See similar textbooks
icon
Related questions
Question

The 12/31/2018 balance sheet of Home Depot Inc. included the following:

 

 

Common stock, 25 million shares at $20 par

$

500

million

 

Paid-in capital—excess of par

 

3,000

million

 

Retained earnings

 

980

million

 
           

 

In January 2018, Home Depot recorded a transaction with this journal entry: 

 

 

Cash

150

million

 

 

 

 

Common stock

 

 

 

100

 million

 

Paid-in capital—excess of par

 

 

 

50

 million

 
               

 

The transaction was for the:


 

a. Issue of 2 million shares of common stock at par
b. Issue of common stock for $150 million in cash
c. Receipt of $20 per share for a new stock issue
d.All of these answer choices are correct
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments and Financial instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS