The number of shares traded in the market for Company (S) amounted to 100,000 ordinary shares with a nominal value of 1 dinar. Those shares were issued at a price of 10 dinars per share. The following operations took place in that company. 1. The company purchased 12,000 of its shares as treasury shares at a price of 30 dinars per share. 2. 5,000 treasury shares were resold at a price of 38 dinars per share. 3. 4,000 treasury shares were resold at a price of 27 dinars per share. Required: Make the necessary daily entries to record the previous operations using the cost method.
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- On January 20, HK Corporation was formed with the capital of 100.000 TL by issuing 100.000 shares of stock with " 1 par value. Stocks were sold for 1.21 TL each, 1.000 TL commission was charged for selling stocks and the remaining receipts were deposited to the bank account of the business. a. 120.000 TL debit to 102-Bank; 1.000 TL debit to 653-Com. Expense and 100.000 TL credit to 110-Stocks; 21.000 TL credit to 645-MS Capital Gain O b. 120.000 TL debit to 102-Bank; 1.000 TL debit to 653-Com. Expense and 100.000 TL credit to 501-Unpaid Capital; 21.000 TL credit to 520-A. Paid-in Capital O c. 121.000 TL debit to 102-Bank and 100.000 TL credit to 501-Unpaid Capital; 20.000 TL credit to 520-A. Paid-in Capital; 1.000 TL credit to 653-Com. Expense d. 120.000 TL debit to 102-Bank; 1.000 TL debit to 653-Com. Expense and 100.000 TL credit to 110-Stocks; 21.000 TL credit to 520-A. Paid-in CapitalThe issued share capital of a company consists of 3,360,000 ordinary shares of £1 each. Half way through its financial year the company made a rights issue of 2 for 6 at an exercise price of £1.58 a share. The market value of the company's shares was £2.04 a share just before the rights issue.. The company reported a net profit after taxation for the year of £2,016,000. The market value of each ordinary share at the end of the year was £2.31. The theoretical ex-rights value per share is £1.93, and the adjustment factor is 1.059740. The weighted average number of shares issued for the year is 4,020,364. Calculate, correct to the nearest whole number, the earnings per share which would be reported in the company's income statement for the year.Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 5,500 shares of common stock for cash at $20 per share. b. Issued 1,500 shares of common stock for cash at $23 per share. 4. Incentive Corporation has $45,000 in the company's bank account. At year-end, the accounts reflected a profit of $100. What is the maximum amount of cash dividends the company can declare and distribute? Maximum amount of cash dividends $ 100
- Give the journal entries of the following: Received payments in full for half of the share subscriptions and payments on account on the rest of the subscriptions. Total cash received was P8,400,000. Share certificates were issued for the subscriptions paid in full. Net income for the first year of operations was P3,600,000. Declared a cash dividend of P10 per share on preference shares and P20 per share on ordinary shares, payable on February 10 to shareholders of record on January 15.Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. The company then resells 400 of these shares for $20 per share. Which of the following is recorded at the time of the resale? a. Credit Common Stock for $400. b. Credit Treasury Stock for $8,000. c. Credit Common Stock for $8,000. d. Credit Additional Paid-In Capital for $1,600.The issued share capital of a company consists of 1,680,000 ordinary shares of £1 each. Half way through its financial year the company made a rights issue of 2 for 4 at an exercise price of £1.66 a share. The market value of the company's shares was £2.19 a share just before the rights issue.. The company reported a net profit after taxation for the year of £672,000. The market value of each ordinary share at the end of the year was £2.82. Calculate the theoretical ex-rights value per share in £ to two decimal places.
- Suppose a company purchases 2,000 shares of its own $1 par value common stock for $16 per share. Which of the following is recorded at the time of the purchase? a. Debit Treasury Stock for $32,000. b. Debit Common Stock for $30,000. c. Debit Common Stock for $32,000. d. Debit Treasury Stock for $2,000.Blossom Corporation earned $272,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of $18 per share during the period. Also outstanding were 13,800 warrants that could be exercised to purchase one share of common stock for $12 for each warrant exercised. a. Are the warrants dilutive? b. Compute basic earnings per share. (Round answer to 2 decimal places, e.g. 2.55.) Basic earnings per share $ c. Compute diluted earnings per share. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $The issued share capital of a company consists of 840,000 ordinary shares of £1 each. Half way through its financial year the company made a rights issue of 3 for 7 at an exercise price of £1.63 a share. The market value of the company's shares was £2.22 a share just before the rights issue.. The company reported a net profit after taxation for the year of £504,000. The market value of each ordinary share at the end of the year was £2.66. The theoretical ex-rights value per share is £2.04, and the adjustment factor is 1.086637. Calculate the weighted average number of shares which will be used in the calculation of earnings per share for the year.
- Wildhorse Corporation earned $422,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of $15 per share during the period. Also outstanding were 14,700 warrants that could be exercised to purchase one share of common stock for $10 for each warrant exercised. a. Are the warrants dilutive? b. Compute basic earnings per share. (Round answer to 2 decimal places, e.g. 2.55.) Basic earnings per share $ c. Compute diluted earnings per share. (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $The issued share capital of a company consists of 840,000 ordinary shares of £1 each.Half way through its financial year the company made a rights issue of 3 for 7 at an exercise price of £1.63 a share.The market value of the company’s shares was £2.22 a share just before the rights issue..The company reported a net profit after taxation for the year of £504,000.The market value of each ordinary share at the end of the year was £2.66.The theoretical ex-rights value per share is £2.04, and the adjustment factor is 1.086637.Calculate the weighted average number of shares which will be used in the calculation of earnings per share for the year.(maybe the answer is 1056388,but I don't know why)The issued share capital of a company consists of 1,680,000 ordinary shares of £1 each. Half way through its financial year the company made a rights issue of 3 for 6 at an exercise price of £1.85 a share. The market value of the company's shares was £2.52 a share just before the rights issue. The company reported a net profit after taxation for the year of £1,008,000. The market value of each ordinary share at the end of the year was £2.99. The theoretical ex-rights value per share is £2.30. Calculate the adjustment factor (correct to 5 decimal places) to use to calculate earnings per share for the year. Do NOT calculate earnings per share - just the adjustment factor.