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- Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.DDD Company had the following ordinary share transactions for the current year: January 1 Beginning balance, 120,000 shares, P50 par June 1 Issued 12,000 shares at P60 per share September 30 Purchased 24,000 shares at P55 per share to be held as treasury The entity reported net income of P3,630,000, after an expropriation loss of P605,000 for the current year. Questions: 1. Compute for the average shares outstanding. 2. Compute for the basic earnings per share.At the beginning of current year, BFAR Company was organized and authorized to issue 100,00 shares with P50 par value. During the current year, the entity had the following transactions relating to Shareholders' Equity • Issued 10,000 shares at P70 per share • Issued 20,000 shares at P80 per share Purchased 1,000 Treasury shares at P100 per share. Reported net income of P1,000,000. • Declared cash dividends of P200,000. ● Compute the total Shareholders' Equity at year-end. 7,200,000 O 8,000,000 O2,200,000 O 3,000,000
- Manny Company had the following beginning balances:: Preference Share Capital (P10 par) - 200,000 Ordinary Share Capital (P5 par) - 50,000 Share Premium - 100,000 Retained Earnings - 600,000 The following transactions occurred during the year: Purchased 2,000 shares of its own outstanding ordinary shares for P20 per share. Reissued 700 treasury shares for equipment valued at P25,000. Issued 5,000 preference shares at P15 per share. Declared and issued a 10% stock dividend on the outstanding ordinary shares when its fair value is P12 each. Declared and paid the annual P1 per share dividend on preference shares and P0.50 per share dividends on ordinary shares. Appropriated retained earnings for plant expansion, P350,000. Appropriated retained earnings for treasury shares. How much is the ending balance of the Preference Share Capital account? How much is the ending balance of the Ordinary Share Capital account?At the beginning of the current year, Bella Company was organized and authorized to issue100,000 shares with P50 par value. During the current year, the entity had the following transactions relating to shareholders' equity:• Issued 10,000 shares at P70 per share• Issued 20,000 shares at P80 per share• Reported net income of P1,000,000• Paid dividends of P200,000• Purchased 3,000 treasury shares at P100 per share What is the total shareholders' equity at year-end?A. P2,800,000B. P3,300,000C. P2,000,000D. P3,000,000Jackie Company had the following beginning balances:: Preference Share Capital (P10 par) - 200,000 Ordinary Share Capital (P5 par) - 50,000 Share Premium - 100,000 Retained Earnings - 600,000 The following transactions occurred during the year: Purchased 2,000 shares of its own outstanding ordinary shares for P20 per share. Reissued 700 treasury shares for equipment valued at P25,000. Issued 5,000 preference shares at P15 per share. Declared and issued a 10% stock dividend on the outstanding ordinary shares when its fair value is P12 each. Declared and paid the annual P1 per share dividend on preference shares and P0.50 per share dividends on ordinary shares. Appropriated retained earnings for plant expansion, P350,000. Appropriated retained earnings for treasury shares. 1. How much is the ending balance of the Preference Share Capital account? 2. How much is the ending balance of the Ordinary Share Capital account? 3. How much is the ending balance of the Share Premium account?…
- An entity was organized at the beginning of the current year and was authorized to issue sharecapital of 200,000 ordinary shares with par value of ₱20. The following transactions occurred duringthe year:• Received subscriptions at par value from incorporators equal to 45% of the authorized sharecapital• Received 60% down payment on the subscriptions from the incorporators• Received full payment on 50,000 shares originally subscribed• An equipment was acquired by issuing 5,000 shares. Share are currently traded at this timeat ₱25/share.• Received cash subscriptions to 10,000 shares at ₱28/share• Partially collected 50% of the amount subscribed on the latest subscriptions.• Collected in full 90% of the latest subscription. 10% defaulted, thus the corporation offered theshares on a public auction and awarded it to the highest bidder who paid the delinquencybalance and the incurred ₱5,000 auction expense.• Net income for the year-ended was ₱800,000. Requirements:A. Prepare all necessary…A Company had the following long-term investments at the beginning of the current year: Investment in SMC preference shares, 12% P200 par, 5,000 shares 1,200,000 Investment in Benguet ordinary shares, 10,000 shares 1,000,000 During the current year, the following transactions were completed: 1 Purchased 4,000 ordinary shares of SMDC for P300,000. 2 Received 2,000 ordinary shares of Benguet Company in lieu of cash dividends of P10 per share. On this date, Benguet ordinary share has a quoted market of P60. 3 Purchased 6,000 ordinary shares of SMDC for P420,000. 4 Received semiannual dividend on SMC Company. 5 SMDC ordinary share was split on a 2-for-1 basis. 6 Sold 8,000 SDMC shares at P85 less transaction costs of 5%. Use average approach. Required: Prepare a summary of the portfolio of investments stating the number of shares and the corresponding costs. B Company had the following transactions: 2018 Aug-01 Purchased 1,000 shares of Star Company for P60,000. Oct-01 Purchased 8,000…At the beginning of the current year, Relay Company was organized with authorized capital of 100,000 shares of P200 par value. January 10 Issued 25,000 shares at P220 a share. March 25 Issued 1,000 shares for legal services when the fair value was P240 a share. September 30 Issued 5,000 shares for a tract of land when the fair value was P260 a share. What amount should be reported for share premium? O P540,000 O P840,000 O P500,000 O P800,000
- At the beginning of the current year, Salonga Company was organized with an authorization of 1,000,000 ordinary shares with a par value of P10 per share. During the current year, the entity had the following share capital transactions: February 14 – Issued 500,000 shares at P20 per share March 10 – Reacquired 50,000 treasury shares at P15 per share August 25 – Reissued 30,000 treasury shares at P18 per share The entity used the cost method to record the reacquisition and reissuance of the treasury shares. What total amount should be reported as share premium at year-end? a. P5,240,000 b. P5,090,000 c. P5,000,000 d. P5,400,000Noelle Company began operations on January 1. Authorized were 120,000 shares of P10 par value ordinaryshares and 240,000 shares of 10%, P100 par value preference shares. The following transactions involvingshareholders’ equity occurred during the first year of operations:Jan 1 Issued 30,000 ordinary shares to the corporation promoters in exchange for land valued atP1,020,000 and services valued at P420,000. The property had cost the promoters P540,000three (3) years before and was carried on the promoters’ books at P300,000.Feb 23 Issued 60,000 preference shares with a par value of P100 per share. The shares were issuedat a price of P150 per share, and the company paid P450,000 to an agent for selling the shares.Mar 10 Sold 18,000 ordinary shares for P390 per share. Issue costs were P150,000.Apr 10 24,000 ordinary shares were sold under share subscriptions at P450 per share. No shares areissued until full payment of a subscription contract. No cash was received as a down payment.July…At the beginning of the current year, Relay Company was organized and authorized to issue 100,000 shares with P50 par value. During the current year, the entity had the following transactions relating to shareholders' equity: • Issued 10,000 shares at P70 per share • Issued 20,000 shares at P80 per share Reported net income of P1,000,000 • Paid dividends of P200,000 • Purchased 3,000 treasury shares at P100 per share What is the total shareholders' equity at year-end? O P2,800,000 O P3,000,000 O P2,000,000 O P3,300,000