2. Cinema Company acquired 75 percent of Movie Corporation's shares on December 31, 2015, atunderlying book value of $98,000. At that date, the fair value of the noncontrolling interest was equalto 25 percent of the book value of Movie Corporation. Movie's balance sheet on January 1, 2018,contained the following balances:CashAccounts ReceivableInventoryBuildings and EquipmentLess: Accumulated DepreciationTotal Assets$50,000 Accounts Payable35,000 Bonds Payable40,000 Common Stock300,000 Additional Paid-In Capital(100,000) Retained Earnings$325,000 Total Liabilities and Equities$40,000100,00050,000Prepare the entries recorded on the books of each company.75,00060,000$325,000On January 1, 2018, Movie acquired 3,500 of its own $2 par value comm on shares fromNonaffiliated Corporation for $6 per share.

Subsidiary Company- A company that is partially or fully controlled and owned by another company,…

Answered: On January 1, 2018, Movie acquired…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

3. VUR Industries Inc. originally issued its 4,300 common shares at $32 per share and all are outstanding as of February 1, 2023. REQUIRED: Prepare general Journal entries for the following: 1) Feb 1, 2023 - Purchased and retired 433 common shares at $25/share. 2) Nov 1, 2023 - Purchased and retired 644 common shares at $46/share.
The balance sheet of Chunn Industries included the following shareholders’ equity section at December 31, 2018 ($ in millions): Common stock ($1 par value, authorized 100M shares, issued and outstanding 90M shares) $ 90 Paid-in capital—excess of par 540 Retained earnings 280 Total shareholders’ equity $910 On January 5, 2019, Chunn purchased and retired 1 million shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capital—excess of par and retained earnings accounts are:
answer in text form please (without image), Note: .Every entry should have narration please
Integrity Company, a newly formed company, had the following shares issued and outstanding as of April 1, 2022: Ordinary share, P20 par (20,000 shares originally issued for P60 per share) Preference share, P50 par (6,000 shares originally issued for P100 per share) How much is the Ordinary Share Capital, Preference Share Capital, and Share Premium, respectively? a. P400,000; P300,000; and P1,100,000 b. P1,200,000; P300,000; and P300,000 c. P400,000; P600,000; and P800,000 d. P1,200,000; P600,000; and P0
How much is the Ordinary Share Capital at year end? please kindly answer
For the year ended December 31, 2024, Norstar Industries reported net income of $980,000. At January 1, 2024, the company had 1,130,000 common shares outstanding. The following changes in the number of shares occurred during 2024: April 30 May 24 June 1 Sold 100,000 shares in a public offering Declared and distributed a 5% stock dividend Issued 114,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Show computations. Numerator Denominator Earnings per Share
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 Feb. 2 June 1 Dec 1 150,000 O 110,000 What is the number of ABC Corp.'s ordinary share outstanding at December 31, 2020? 120,000 number of shares authorized number of shares issued number of shares reacquired but not retired 2 for 1 share split O 115,000 80,000 60,000 5,000
The Silver Ray Corporation was organized on January 1, 2018 with authorized share capital consisting of 50,000 preference shares with a par value of P 50 and 1,000,000 of no-par ordinary shares with a stated value of P 10 per share. At December 31, 2018, the ledger included the following balances pertaining to shareholders’ equity. Preference Share Capital P 1,000,000 Preference Share Premium 120,000 Ordinary Share Capital 3,000,000 Ordinary Share Capital in Excess of Stated Value 4,500,000 10,000 preference shares were issued in exchange for equipment having a fair value of P 550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash. Required: Compute for the following: a) Number of preference shares issued for cash b) Price per share of preference share capital issued for cash c) Number of ordinary shares issued d) Average price…
Required: How much is the Ordinary Share Capital at year end?* How much is the Preference Share Capital at year end?* How much is the TOTAL subscribed share capital (assuming subscriptions receivable is collectible on January 5, 2022)?*
Ivanhoe Observation Inc. on May 1 2024, and was authorized to issue 500,000 common shares and 100,000 5%, non-participating, convertible preferred shares. During the remainder of 2024, the company entered into the following transactions: 1. Issued 32,000 common shares in exchange for $640,000. 2. Issued 5,000 preferred shares in exchange for $70,000. 3. Repurchased 3,000 common shares for $25.00 per share in the open market. The company entered into no other transactions that affected shareholders' equity during 2024. (a) Provide the journal entries for each of the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Carla Vista Corporation was organized on January 1, 2026 with the authorization of 1300000 shares of common stock with a par value of $6 per share. In 2026, the corporation had the following capital transactions: January 5 issued 650000 shares @ $11 per share July 28 purchased 76000 shares @ $11 per share December 31 sold the 76000 shares held in treasury @ $18 per share Carla Vista used the cost method to record the purchase and the reissuance of the treasury shares. What is the total amount of additional paid-in capital as of December 31, 2026? O $3782000. O $2558000. O $3250000. O $-0-.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

On January 1, 2018, Movie acquired 3,500 of its own $2 par value comm Nonaffiliated Corporation for $6 per share. Prepare the entries recorded on the books of each company. on shares from