At the beginning of current year, BLACKPINK Company had 480,000 P60 par value ordinary shares and 100,000, 10% 100 par value convertible cumulative preference shares outstanding. The preference shares are convertible into 100,000 ordinary shares before share dividend and share split. During the current year, the following transactions affected the ordinary shares. Issued 120,000 shares February 1 March 1 Issued a 20% share dividend May 31 Acquired 100,000 treasury shares Issued 3 for 1 share split June 1 October 31 Reissued 60,000 treasury shares The net income was $35,000,000 and the entity did not declare dividend on preference shares.

At the beginning of current year, BLACKPINK Company had 480,000 P60 par value ordinary shares and 100,000, 10% 100 par value convertible cumulative preference shares outstanding. The preference shares are convertible into 100,000 ordinary shares before share dividend and share split. During the current year, the following transactions affected the ordinary shares. Issued 120,000 shares February 1 March 1 Issued a 20% share dividend May 31 Acquired 100,000 treasury shares Issued 3 for 1 share split June 1 October 31 Reissued 60,000 treasury shares The net income was $35,000,000 and the entity did not declare dividend on preference shares.

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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