QS 13-10 Issuance of preferred shares in exchange for land LO³ On October 3, 2014, Allarco Inc. issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for land with a fair market value of $52,480. a. Prepare the entries for October 3 and November 19. b. Calculate the average issue price per preferred
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- QS 15-11 (Algo) Accounting for stock investments LO P4 Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 420 common shares of XLT Company as a short-term investment at a cost of $54 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1.10 per share from XLT in dividends. View transaction list Journal entry worksheet 1 2 Purchases 420 common shares of XLT Company as a short-term investment at a cost of $54 per share. With this stock investment, Riley has an insignificant influence over XLT. Note: Enter debits before credits. Date April 18 General Journal Debit CreditProblem 4 On December 29, 2018, Blue Company was registered at the Securities and Exchange Commission with 100,00 authorized shares of P100 par value. The following were Blue's transactions: December 29, 2018 May 14, 2019 August 9, 2019 December 31, 2019 Issued 40,000 shares at P105 per share. Purchased 600 of its ordinary shares at P110 per share. 400 treasury shares were resold at P95 per share. Profit for 2019 is P830,000. Dividends paid P200,000. 34. What is the total outstanding shares? 35. What is the balance of treasury shares? 36. How many shares are entitled to receive dividends? 37. What is the total shareholders' equity? Problem 5 Partners A & B have capital balances of P600,000 and P400,000 and share profits and losses in the ratio of 3:2, respectively, before the admission of C. With the consent of B, A sells one-half of his equity to C, with C paying A the amount of P350,000. 38. What is A's capital balance after the admission of C? 39. What is the total partnership…Exercise 8-5 (Issuance of Share Capital on a Subscription Basis) On June 1, 2014, Simplicity, Inc. sold 35,000 shares of its P20 par value ordinary share capital on a subscription basis at P50 per share. Símplicity received a 60% down payment on the date of subscription. On September 8, 2014, Simplicity received the balance on the subscription and the stock certificates were issued. Instructions: Prepare journal entries to record the preceding transactions.
- View Policies Current Attempt in Progress On January 1, Blossom Enterprises had 90,000 no-par ordinary shares issued and outstanding. The shares have a stated value of €5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec. 1 15 Issued 20,000 additional ordinary shares for €15 per share. Declared a cash dividend of €1 per share to shareholders of record on June 30. Paid the €1 cash dividend. Issued 2,000 additional ordinary shares for €18 per share. Declared a cash dividend on outstanding shares of €1.20 per share to shareholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)MC Qu. 11-64 A company issues... A company issues 1 million shares of common stock with a par value of $0.14 for $16.20 a share. The entry to record this transaction includes a debit to Cash for: Multiple Choice $140,000 and a credit to Common Stock for $140,000. $16,200,000 and a credit to Common Stock for $16,200,000. $16,200,000, a credit to Common Stock for $140,000, and a credit to Additional Paid-in Capital for $16,060,000. $140,000, a debit to Capital Receivable for $16,060,000, a credit to Common Stock for $140,000, and a credit to Additional Paid-in Capital for $16,060,000.Problem #5 Issuance of Ordinary and Preference Shares On July 2, 2018, Victorino Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On July 17, it issued for cash 800 shares of P110-par 10% preference shares at P112. Required: 1. Prepare the journal entries for July 2 and July 17. 2. What is the total amount invested by all shareholders as of July 17?
- Question Content Area On January 1, Vermont Corporation had 47,300 shares of $11 par value common stock issued and outstanding. All 47,300 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 980 shares of treasury stock for $24 per share and later sold the treasury shares for $19 per share on March 1. The journal entry for the purchase of the treasury shares on February 1 would include a a. credit to a gain account for $2,940 b. credit to Treasury Stock for $23,520 c. debit to Treasury Stock for $23,520 d. debit to a loss account for $2,940op PROBLEM 23-4 Issuance of Treasury Shares On February 14, 2021 Karen Inc. exchanged 2,000 shares of its P100 par value ordinary shares held in treasury for a patent owned by Omero Co. The treasury shares were acquired in 2020 at a cost of P160,000. At exchange date, Karen's ordinary share was quoted at P110 per share and the patent had a net carrying value on Omero's book of P180,000. Karen should record the patent at P160,000 P180,000 a. b. 940 c. P140,000 d. P220,000EX 13-22 of operations: Name Number of Shares Cost Dust Devil, Inc. Gale Co. Whirlwind Co. Total 1,900 $ 81,700 850 68,000 ol) nis nooni ra 2,850 114,000 $263,700 The market price per share for the available-for-sale security portfolio on December 31, 2016, was as follows: Market Price per Share, Dec. 31, 2016 Dust Devil, Inc. Gale Co. Whirlwind Co. $40 75 42 a Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, 2016. -101-sidslievs h. Describe the income statement impact from the December 31, 2016, journal entry. ises inc abnab
- QS 11-3 (Algo) Issuance of par and stated value common stock LO P1 Prepare the journal entry to record Jevonte Company's issuance of 44,000 shares of its common stock assuming the shares have a: a. $3 par value and sell for $22 cash per share. b. $3 stated value and sell for $22 cash per share. View transaction list Journal entry worksheet 1 2 Record the issuance of 44,000 shares of common stock assuming the shares have a $3 par value and sell for $22 cash per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journalQuestion 1 The issued share capital of 1. Con January 1, 2015 was Ordinary Shares 50 cents each $6 million and 8% Preference Shares $2 million. The preference shares are non-redeemable The following share issue took place during the year to December 31, 2015: i. 31 March 2015-a bonus issue of one (1) new share for every ten (10) shares held ii. 1 July 2015 a rights issue of one new share at $1.50 for every five (5) shares held. The market price of shares the day before the rights issue was $2.40 is after tax profit for 2015 was $5,000,000. Hardwood's basic earnings per share in the year to 31 December 2015 was correctly disclosed at 55 cents. Calculate for Hardwood, for the year to 31 December 2015: A. The basic EPS for 2015. B. Restate the EPS for 2014. C. List the limitations of earnings per share as a measure of corporate performance.