Minaret Corporation declares a "three for one" 3:1 stock spilt, effective immediately: Before the split: The Corporation has 12,000 Authorized Shares, 9,000 Issued Shares, and 7,000 Outstanding Shares Par Value before the split is $3.00 The Corporation will.. • Increase the Authorized Shares to 36.000 shares • Increase the Par Value of the shares to $9.00 True False
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- Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Aggregate Mining has the following transactions this year: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the splitSilva 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.Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).
- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Nevada Corporation has 63,600 shares of $16 par stock outstanding that has a current market value of $267. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be a.63,600 b.318,000 c.508,800 d.254,400Flaxsteel declared a 2 for 1 stock split on 8,000 shares of $6 per value common stock. If the market price on the stock had been $25 a share before the split, the par value, number of shares, and approximately market value after the split would be: Par Value - No. Of Share - Market Value A. $6.00 - 16,000 - $12.50 B. $6.00 - 8,000 - $25.00 C. $3.00 - 16,000 - $12.50 D. $3.00 - 16,000 - $25.00 A. Option B B. Option A C. Option D D. Option C
- Taha Company announces a 4:1 stock split. Prior to the stock split, Taha had 1,000,000 shares of common stock outstanding and the par value was $0.20 per share. After the stock split, Taha would have: 4,000,000 outstanding shares with a par value of $0.05 per share. 250,000 outstanding shares with a par value of $0.05 per share. 250,000 outstanding shares with a par value of $0.80 per share. 4,000,000 outstanding shares with a par value of $0.80 per share.VGG, Inc. declares a 2-for-5 stock split. The stock currently sells for $4 a share. A shareholder who owned 1000 shares of VGG stock prior to the split will now own OA. 2500 shares valued at about $1.60 a share. OB. 440 shares valued at about $1.60 a share. OC. 250 shares valued at about $11.60 a share. OD. 400 shares valued at about $10.00 a share.19. At the beginning of current year, Franta Company was authorized to issue share capital of 100,000 shares with P50 par value. The entity had the following share capital transactions during the year: Jan 1 Sold 80,000 shares at P60 per shareMay 1 Reacquired 4,000 treasury shares at P65 per shareJuly 1 Approved a share split of 5 for 1Oct 31 Issued a 10% share dividend when the market value of a share is P25.Dec 31 Reissued all of the treasury shares at P30Dec 31 Net income for the year was P3,000,000 a. What is the number of shares outstanding at year-end? b. What amount should be reported as share capital at year-end?c. What amount should be reported as share premium at year-end?d. What amount should be reported as total shareholders' equity at year-end?
- A corporation has 49,000 shares of $27 par value stock outstanding. If the corporation issues a 3-for-1 stock split, the number of shares outstanding after the split will be O a. 147,000 shares. O b. 49,000 shares. OC. 12,250 shares O d. 196,000 shares.Nevada corporation has 52,128 shares of $21 par stock outstanding that has a current market value of $207 per share. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be a.260,640 b.10,426 c.547,344 d.52,128Nevada Corporation has 65,772 shares of $23 par stock outstanding that has a current market value of $266 per share. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be Oa. 13,154 Ob. 328,860 O c. 756,378 Od. 65,772 A
