A corporation was organized in January 2017 with authorized capital of $10 par value common stock. On February 1, 2020, shares were issued at par for cash. On March 1, 2020, the corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000. Additional paid-in capital would increase on February 1, 2020 March 1, 2020 а. Yes No b. Yes Yes C. No No d. No Yes

A corporation was organized in January 2017 with authorized capital of $10 par value common stock. On February 1, 2020, shares were issued at par for cash. On March 1, 2020, the corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000. Additional paid-in capital would increase on February 1, 2020 March 1, 2020 а. Yes No b. Yes Yes C. No No d. No Yes

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 4MC

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ANSWER IN GOOD ACCOUNTING FORM! THANK YOUUU.. Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P10 par value at P15 per share. The entity was authorized to issue 400,000 ordinary shares. During the period January 1, 2019 through December 31, 2020, the entity reported net income of P750,000 and paid cash dividend of P380,000. On January 5, 2020, the entity purchased 12,000 ordinary shares at P12 per share. On December 31, 2020, 8,000 treasury shares were sold at P8 per share and the remaining treasury shares were retired. The entity used the cost method of accounting for treasury shares. What amount should be reported as total shareholders' equity on December 31, 2020?
A. Bingo Corporation's board of directors declared a P950,000 cash dividend on March 1, 2018, payable on June 1, to shareholders of record on March 15. Prepare all appropriate entries needed on the declaration, record, and payment dates.
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Santiago Corporation's board of directors declared a P750,000 cash dividend onSept. 1, 2019, payable on Oct. 1, to shareholders of record on Sept. 15. Required:Prepare all appropriate entries needed on the declaration, record and paymentdates.
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Can I ask the solution to this problem? In good accounting form. Thank you. Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P10 par value at P15 per share. The entity was authorized to issue 400,000 ordinary shares. During the period January 1, 2019 through December 31, 2020, the entity reported net income of P750,000 and paid cash dividend of P380,000. On January 5, 2020, the entity purchased 12,000 ordinary shares at P12 per share. On December 31, 2020, 8,000 treasury shares were sold at P8 per share and the remaining treasury shares were retired. The entity used the cost method of accounting for treasury shares. What amount should be reported as total shareholders' equity on December 31, 2020?
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Benevolent Company had the following transactions: 2020 Aug. 1Purchased 1,000 shares of Star Company for P60,000. Oct. 1Purchased 8,000 shares of Star Company for P560,000. 2021 July 1Purchased 6,000 shares of Star Company for P480,000. Oct. 1Sold 5,000 shares of Star Company for P500,000. Use FIFO. 2022 Feb. 1Received 50% share dividend.Nov. 1Received share rights to purchase one new share at P60 for every 5rights tendered. On this date, the right is quoted at P10. Dec. 1Sold all share rights at P15 per right. Required:a.Prepare journal entries to record the transactions using average and FIFO. The share rights are accounted forseparately