Part (b) Sigma Corp common shares (FVOCI-elect) On January 15, 2022, Alpha Inc acquired 100,000 shares, representing 10% of the outstanding shares of Sigma Corp at a price of $13 per share plus brokerage commission of $6,000. On August 1, 2022, Sigma Corp declared and paid a dividend of $1.00 per share. On December 31, 2022, the shares of Sigma Corp were trading on the Stock Exchange at $14 per share. Required: Prepare journal entries to record the above transactions

Part (b) Sigma Corp common shares (FVOCI-elect) On January 15, 2022, Alpha Inc acquired 100,000 shares, representing 10% of the outstanding shares of Sigma Corp at a price of $13 per share plus brokerage commission of $6,000. On August 1, 2022, Sigma Corp declared and paid a dividend of $1.00 per share. On December 31, 2022, the shares of Sigma Corp were trading on the Stock Exchange at $14 per share. Required: Prepare journal entries to record the above transactions

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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On May 8, 2022, BFAR Corp. declared 10% share dividend to its preference shareholders to be distributed on June 15. On the date of record, the corporation had 39,000 shares of P20 par value preference shares that were outstanding. The fair market value of each share is P23 at the time of declaration and P26 at the time of distribution. As a result of the share dividend, how much will be debited to Accumulated Profits?
Oriole Corporation has 100000 shares of $10 par common stock authorized. The following transactions took place during 2025, the first year of the corporation's existence: Sold 20700 shares of common stock for $14.50 per share. Issued 20400 shares of common stock in exchange for a patent valued at $306000. At the end of Oriole's first year, total paid-in capital was $300150. $606150. $306000. O $120700.
"On January 1, 2020, ABC Company was established as a public shareholding company. ABC Company authorizes 12,000,000 shares of common stock. A par value of JD 1 per share. ABC Company offering for subscription 10,000,000 shares. The number of subscribed shares is 9,500,000 shares at the end date of subscription, the authorized capital of ABC Public Shareholding Company is" "2,500,000" "9,500,000" "12,000,000" "10.000.000" Moving to another question will save this response. « > 1134 AM arch 37°C Haze 9/1/2021 DELL F12 Priscr Insert Delete F8 F9 F4 F6 Num Lock & Backspace 8 TY G Y K Enter B Y N T M Alt Ctri
Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. During the years 2022 and 2023, the following transactions affected Queenstown Corporation's shareholders' equity accounts: 2022 Dec. 10 Declared and paid $12,000 of annual dividends to preferred shareholders. 2023 Dec. 10 Dec. 21 Required: a) b) Declared and paid the annual dividend to preferred shareholders and a $4,000 dividend to common shareholders. The preferred shares were converted into common shares. Journalize each of the 2022 and 2023 transactions. After the preferred shares are converted, what is the total number of common shares issued?
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On January 01, 2021, EFG Company had 100,000 P50 par value ordinary shares outstanding. In addition, on January 01, 2021, the entity had issued 15,000 convertible cumulative 10% preference shares with P100 par value. These preference shares were converted on August 01, 2021. Each preference share was converted into 4 ordinary shares. The preference dividends for the entire year were paid in full before conversion. The entity had no other potentially dilutive securities. Net income for the year was P6,400,000. Diluted EPS a. 51.20b. 39.06c. 40d. 50e. 62.50
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