Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value common shares authorized. During 2021, the company had the following share transactions:Jan 2: Issued 12,000 shares at $10 per shareMar 7: Issued 4,000 shares at $11 per shareMay 21: Purchased 1,500 shares at $12 per share and cancelled them.Jul 28: Issued 3,000 shares at $13 per shareAug 17: Issued 1,000 shares at $14 per share.The total amount in the Common Shares account at December 31, 2021, is: Question 7 options: $201,625 $217,000 $200,725 $199,000 8) Dervish Inc. had the following stock transactions in 2020:Issued 120,000 shares at $10 per shareIssued 60,000 shares at $9 per shareIssued 40,000 shares at $11 per shareDeclared a 2-for-1 stock split.Issued a 10% stock dividendRepurchased and cancelled 50,000 shares for $12How many shares were outstanding at the end of 2020? Question 8 options: 434,000 346,000 71,000 484,000 9) Marx Co. issued 4,000 five-year, 8% convertible bonds at par. The bond pays interest annually. Each $1,000 bond is convertible into 200 of Marx's common shares, which are currently trading at $25 each. The current market rate for similar non-convertible bonds is 10%. Assuming that Marx follows IFRS, the value to be recorded for the equity portion of the convertible bond is: Question 9 options: $319,417 $0 $303,263 $320,000

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Answered: Morgan Financial Services, Inc. was…

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 23P

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8)

Dervish Inc. had the following stock transactions in 2020:

Issued 120,000 shares at $10 per share
Issued 60,000 shares at $9 per share
Issued 40,000 shares at $11 per share
Declared a 2-for-1 stock split.
Issued a 10% stock dividend
Repurchased and cancelled 50,000 shares for $12

How many shares were outstanding at the end of 2020?

Question 8 options:

	434,000
	346,000
	71,000
	484,000

9)

Marx Co. issued 4,000 five-year, 8% convertible bonds at par. The bond pays interest annually. Each $1,000 bond is convertible into 200 of Marx's common shares, which are currently trading at $25 each. The current market rate for similar non-convertible bonds is 10%. Assuming that Marx follows IFRS, the value to be recorded for the equity portion of the convertible bond is:

Question 9 options:

	$319,417
	$0
	$303,263
	$320,000

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