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- Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.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. 3,370,000Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.
- EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
- The corporate charter of Alpaca Company authorized the issuance of 10 million, $1 par common shares. During 2024, its first year of operations, Alpaca had the following transactions: January 1 sold 8 million shares at $15 per share June 3 retired 2 million shares at $18 per share December 28 sold 2 million shares at $20 per share What amount should Alpaca report as additional paid-in capital—excess of par, in its December 31, 2024, balance sheetThe outstanding share capital of Sheng Inc. includes 45,000 shares of $9.60 cumulative preferred and 80,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends: Year 2021 2022 2023 2024 Total Dividends Declared Preferred Common $ e 460,000 1,028,000 460,000 Required: Determine the total dividends paid in each year to each class of shareholders. Also determine the total dividends paid to each clas over the four years. 2021 2022 otal Dividends 2023 2024 TotalHaru Corporation reported the following shareholders’ equity on January 1, 2020. > Ordinary Share Capital- P1,500,000 > Ordinary share Premium- P3,000,000 > Retained Earnings- P2,000,000 The corporation had 400,000 authorized shares of P 5 par value, of which 300,000 shares were issued and outstanding. On March 1, 2020, Haru Corporation acquired 50,000 shares for P10 per share to be held as treasury. These shares were originally issued at P8 per share. On December 31, 2020, the corporation declared and distributed property dividend with a carrying value of P750,000 and a P1,000,000 fair value. The net income for 2020 was P 2,500,000. What amount should be reported as Unappropriated Retained Earnings on December 31, 2020?
- meric Response Sample Corp. was organized on January 1, 2021, with authorized capital of 100,000 shares of P55 par value Ordinary Share Capital. Eighty-five thousand (85,000) shares were issued for cash at P77 per share. During the year, the company earned a profit of P1,250,000 and distributed dividends of P650,000. Instructions: Based on the given information, compute for each of the items listed below. 1. Balance of Retained Earnings account as of December 31, 2021. 2. Balance of ordinary share capital account as of December 31, 2021. 3. Total contributed capital as of December 31, 2021. 4. Total additional paid-in capital as of December 31, 2021. 5. Total shareholders' equity as of December 31, 2021.The equity section of Gunkel Corporation as of December 31, 2021, was as follows: Share capital—ordinary, par value P2; authorized 20,000 shares; issued and outstanding 10,000 shares, P20,000 Share premium—ordinary, P30,000 Retained earnings, P75,000 Total SHE, P125,000 On March 1, 2022, the board of directors declared a 15% share dividend, and accordingly 1,500 additional shares were issued. On March 1, 2022, the fair value of the share was P6 per share. For the two months ended February 28, 2022, Gunkel sustained a net loss of P10,000. What amount should Gunkel report as retained earnings as of March 1, 2022?Pisces Corporation was incorporated last August 1, 2020. It was authorized to issue 50,000 ordinary shares with a par value of $40 per share. As of December 31, 2020, 45% of the authorized shares were issued at $50 per share. Another 30% of the authorized shares were subscribed at par, to which the entire amount remains unpaid at year-end. The balance of the authorized shares remains unissued and unsubscribed. How many shares were unissued and unsubscribed as of December 31, 2020?