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Ravonette Corporation issued 300 shares of \(10 par value common stock and 100 shares of \)50 par value preferred stock for a lump sum of \(13,500. The common stock has a market price of \)20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance.

Mary Tokar is comparing a GAAP-based company to a company that uses IFRS. Both companies report equity investments. The IFRS company reports unrealized losses on these investments under the heading 鈥淩eserves鈥� in its equity section. However, Mary can find no similar heading in the GAAP-based company financial statements. Can Mary conclude that the GAAP-based company has no unrealized gains or losses on its non-trading equity investments? Explain.

Why is the distinction between paid-in capital and retained earnings important?

On February 1, 2017, Buffalo Corporation issued 3,000 shares of its \(5 par value common stock for land worth \)31,000. Prepare the February 1, 2017, journal entry.

Explain each of the following terms: authorized capital stock, unissued capital stock, issued capital stock, outstanding capital stock, and treasury stock.

Moonwalker Corporation issued 2,000 shares of its \(10 par value common stock for \)60,000. Moonwalker also incurred $1,500 of costs associated with issuing the stock. Prepare Moonwalker鈥檚 journal entry to record the issuance of the company鈥檚 stock.

Indicate how each of the following accounts should be classified in the Equity section.

1. Share Capital鈥擮rdinary.
2. (b) Retained Earnings.
3. Share Premium鈥擮rdinary.
4. Treasury Shares.
5. Share Premium鈥擳reasury
6. Share Capital鈥擯reference
7. Accumulated Other Comprehensive Income.

What is meant by par value, and what is its significance to stockholders?

Hinges Corporation issued 500 shares of \(100 par value preferred stock for \)61,500. Prepare Hinges journal entry.

Kaymer Corporation issued 300 shares of \(10 par value ordinary shares for \)4,500. Prepare Kaymer鈥檚 journal entry.