Fleurage Inc. is a public enterprise whose shares are traded in the over the countermarket. At December 31, 2020, Fleurage had 6,000,000 authorized shares of P10 parvalue common stock, of which 2,800,000 shares were issued and outstanding. Thestockholders' equity accounts at December 31, 2020, had the following balances..Transactions during 2021 and other information relating to the stockholders' equityaccounts were as follows:.. On January 5, 2021, Fleurage issued at P56 per share, 125,000 shares of P50 parvalue, 9% cumulative convertible preferred stock. Each share of preferred stock isconvertible, at the option of the holder, into two shares of common stock. Fleurage.had 600,000 authorized shares of preferred stock. The preferred stock has aliquidation value equal to 125% of its par value..Share Capital-OrdinaryShare Premium-OrdinaryRetained earnings.On February 1, 2021, Fleurage reacquired 25,000 shares of its common stock forP16 per share, Fleurage uses the cost method to account for treasury stock.On April 30, 2021, Fleurage sold 650,000 shares (previously unissued) of P10 parvalue common stock to the public at P17 per share.. On June 18, 2021, Fleurage declared a cash dividend of P1.50 per share ofcommon stock, payable on July 12, 2021, to stockholders' record on July 1, 2021.On May 13, 2021, Fleurage issued 540,000 stock rights. Five rights, plus P30 incash, are required to purchase one new Fleurage ordinary share. On the date ofissuance, Fleurage stock was selling for P75 per share.On November 10, 2021, Fleurage sold 10,000 shares of treasury stock for P24 pershare. On December 14, 2021, Fleurage declared the yearly cash dividend on preferredstock, payable on January 14, 2022, to stockholders of record on December 31,2021.ItemOn January 20, 2022, before the books were closed for 2021, Fleurage becameaware that the ending inventories at December 31, 2021 were understated byP300,000 (gross of tax; where income tax rate is 30%). The appropriate correctionentry was recorded the same day.. After correcting the 2021 ending inventory, net income for 2021 was P6,000,000.Required:Prepare a working paper (use template) and compute for (a) total shareholders' equityand (b) book value per ordinary share.Boga)b)****EndShareCapitalProforonc●xXxxxxShareCapital-OrdinarYXxxP28,000,0011,500,0008,450,000XXXShare SharePremium PremiumOrdinaryProforenc0XXXxxx0TKKXxRetaineCEarning$XXXXXTreasury Stock(xxx)DOTotalShareholdersEquityXxxx

Share capital transactions for Fleurage Inc during the year 2021 are given to us based on which the…

Required: Prepare a working paper (use template) and compute for (a) total shareholders' equity and (b) book value per ordinary share. Item Bog a) b) End Share Capital Proforonc X Share Share Share Capital - Premium Premium Ordinar Proforenc Ordinary xx XXX XX E Retaine Treasur y Stock Earning x 18 Tocal Shareholders Equity XX

Required: Prepare a working paper (use template) and compute for (a) total shareholders' equity and (b) book value per ordinary share. Item Bog a) b) End Share Capital Proforonc X Share Share Share Capital - Premium Premium Ordinar Proforenc Ordinary xx XXX XX E Retaine Treasur y Stock Earning x 18 Tocal Shareholders Equity XX

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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