Oriole Inc. (Ol) is a backyard pond design and installation company. Ol was incorporated during 2023, with an unlimited number of common shares, and 42,000 preferred shares with a $3 dividend rate authorized. Ol follows ASPE. The following transactions took place during the first year of operations with respect to these shares: Jan. 1 Jan. 15 Feb. 20 Mar. 3 May 10 Sept. 23 Nov. 28 Dec. 31 The articles of incorporation were filed and state that an unlimited number of common shares and 42,000 preferred shares are authorized. Dec. 31 25,200 common shares were sold by subscription to 3 individuals, who each purchased 8,400 shares for $42 per share. The terms require 8% of the balance to be paid in cash immediately. The balance was to be paid by December 31, 2024, at which time the shares will be issued. 58,800 common shares were sold by subscription to 7 individuals, who each purchased 8,400 shares for $42 per share. The terms require that 8% of the balance be paid in cash immediately, with the balance to be paid by December 31, 2023. Shares are to be issued once the full payment is received. 42,000 common shares were sold by an underwriter for $44 per share. The underwriter charged Ol a 4% commission on the sale. Ol paid $1,680 to a printing company for costs involved in printing common share certificates. As well, an invoice for legal fees related to the issue of common shares was received for $12,600. Ol issued a combination of 1,680 common and 840 preferred shares to a new shareholder for a total price of $168,000. Ol was unable to estimate a fair value of the preferred shares, and the most recent sale of common shares was used to estimate the value of the common share portion of the transaction. > Show Transcribed Text Ol wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 420 common shares for $44, to be paid by December 31, 2024. The employee accepted the offer and signed a note payable to Ol in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. Ol declared a dividend of $168,000 for 2023. Net income for the year was $672,000. Show Transcribed Text * Your answer is incorrect. Ĵ What was amount of the dividend per share declared on December 31? (Round answer to 2 decimal places, e.g. 5.25.) Dividend per share $ 0.99

Oriole Inc. (Ol) is a backyard pond design and installation company. Ol was incorporated during 2023, with an unlimited number of common shares, and 42,000 preferred shares with a $3 dividend rate authorized. Ol follows ASPE. The following transactions took place during the first year of operations with respect to these shares: Jan. 1 Jan. 15 Feb. 20 Mar. 3 May 10 Sept. 23 Nov. 28 Dec. 31 The articles of incorporation were filed and state that an unlimited number of common shares and 42,000 preferred shares are authorized. Dec. 31 25,200 common shares were sold by subscription to 3 individuals, who each purchased 8,400 shares for $42 per share. The terms require 8% of the balance to be paid in cash immediately. The balance was to be paid by December 31, 2024, at which time the shares will be issued. 58,800 common shares were sold by subscription to 7 individuals, who each purchased 8,400 shares for $42 per share. The terms require that 8% of the balance be paid in cash immediately, with the balance to be paid by December 31, 2023. Shares are to be issued once the full payment is received. 42,000 common shares were sold by an underwriter for $44 per share. The underwriter charged Ol a 4% commission on the sale. Ol paid $1,680 to a printing company for costs involved in printing common share certificates. As well, an invoice for legal fees related to the issue of common shares was received for $12,600. Ol issued a combination of 1,680 common and 840 preferred shares to a new shareholder for a total price of $168,000. Ol was unable to estimate a fair value of the preferred shares, and the most recent sale of common shares was used to estimate the value of the common share portion of the transaction. > Show Transcribed Text Ol wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 420 common shares for $44, to be paid by December 31, 2024. The employee accepted the offer and signed a note payable to Ol in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. Ol declared a dividend of $168,000 for 2023. Net income for the year was $672,000. Show Transcribed Text * Your answer is incorrect. Ĵ What was amount of the dividend per share declared on December 31? (Round answer to 2 decimal places, e.g. 5.25.) Dividend per share $ 0.99

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 19P: Anoka Company reported the following selected items in the shareholders equity section of its...

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