Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. journalize issues of shares
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Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each
journalize issues of shares
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- Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Answer the following:a. On July 6, Omanair Corporation issued 4,500 ordinary shares with a RO 7.50 par value. The stated price of the shares on that date was RO 12.50 per share. Journalize the issuance of the shares. b. Duqm Corporation is authorized to issue 1,600,000 ordinary shares with a RO 1.75 par value. During 2020, the company has the following share transactions.Jan. 15 Issued 520,000 ordinary shares at RO 2.50 per share.Provide the journal entry for January 15.Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. During the years 2022 and 2023, the following transactions affected Queenstown Corporation's shareholders' equity accounts: 2022 Dec. 10 Declared and paid $12,000 of annual dividends to preferred shareholders. 2023 Dec. 10 Dec. 21 Required: a) b) Declared and paid the annual dividend to preferred shareholders and a $4,000 dividend to common shareholders. The preferred shares were converted into common shares. Journalize each of the 2022 and 2023 transactions. After the preferred shares are converted, what is the total number of common shares issued?
- 2. On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The entity had the following transactions in 2020: March 1 - Issued 15,000 shares. June 1 - Resold 2,500 shares of treasury. September 1 Completed a 2-for-1 share split. What is the number of shares issued on December 31, 2020? a. 117,500 b. 230,000 c. 250,000 d. 235,000 3. Mack Company reported the following outstanding share capital on December 31, 2020: - 30,000 preference shares, 5% cumulative, par value P10, fully participating as to dividends. No dividends were in arrears. - 200,000 ordinary shares, par value P1. On December 31, 2019, the entity declared dividends of P100,000. How much is the dividends per share for he Preference Shares? a. P2.00 b. P0.50 c. P1.50 d. P0.20The following data is available for Crane Corporation at December 31, 2025: Common stock, par $10 (authorized 31500 shares) $283500 Treasury stock (at cost $15 per share) $1080 Based on the data, how many shares of common stock are issued? O 28278. O 31428. O 31500. O 28350.On April 1, 2023, 400,000 common shares were issued at $0.90 per share. On June 1, the board of directors declared a 10% share dividend to shareholders of record on June 15; the distribution date was July 1. The market prices of the shares on June 1, June 15, and July 1 were $2.58, $2.06, and $2.36, respectively. On December 11, the board of directors declared a 2:1 share split to shareholders of record on December 15; the distribution date was December 20. Profit earned during the year was $1,547,500. Required: Prepare the company's equity section on the December 31, 2023, balance sheet.
- Paris Co. has a December 31 year-end date. Data for 2021 shows: • There were 60,000, $3, cumulative preferred shares outstanding as of January 1, 2021; each preferred share is convertible into 3 common shares. • There were 370,000 common shares outstanding as of January 1, 2021. • On April 30, 2021, 60,000 common shares were issued for $10 each. No other shares were issued in 2021. • On November 1, 2021, 30,000 common shares were reacquired from shareholders and cancele1. • Paris Co.'s net income for 2021 is $1,000,000, which includes a $100,000 after tax discontinued loss. • Dividends declared in 2021 on the preferred stock were $1 per share. • 25,000 warrants were outstanding throughout 2021; each warrant permits the owner to buy 2 common shares for $20 per share. · A $2,000,000, 6% convertible bond was issued on June 1, 2021; each $1,000 bond is convertible into 40 common shares. • The income tax rate for 2021 is 30%. • The average market price of common shares was $25 per share…A. The Banco de Plata was organized on April 1, 2018 and is authorized to issue 250,000 shares of Ordinary Share Capital. Thereafter, 62,500 shares were issued at P 25 per share. Prepare the journal entries to record the authorization of the share capital and the issuance of the 62,500 shares using the memorandum entry method and the journal entry method under of the following independent cases: a) Each ordinary share has a par value of P 20 b) Each ordinary share has a stated value of P 15 c) Each ordinary share have a no par value and no stated valueThe following accounts are found in the trial balance of Dawn Corporation as December 31, 2019. Authorized Ordinary share capital, P 100 par P1,000,000; Unissued Ordinary share capital P300,000; Subscribed Ordinary share P200,000; Ordinary share subscription receivable P100,000; Ordinary share premium P70,000. The total number of shares issued is _____. Using data above, the total number of shares still available for subscription is ______.
