Vine Corporation has a single class of common stock outstanding. Tia owns 1,000 shares, which she purchased five years ago for $180,000. Vine declares a stock dividend payable in 8% preferred stock having a $130 par value. Each shareholder receives one share of preferred stock for ten shares of common stock. On the distribution date January 2 of the current year-the common stock was worth $247 per share, and the preferred stock was worth $130 per share. On April 1 of the current year, Tia sells half of her preferred stock for $11,000. Read the requirements.

Brilliant Ltd is a private limited by shares incorporated under Cap. 622. It has firstly issued 5,000 ordinary shares, and subsequently 10,000 8% redeemable preference shares. Both types of shares are issued at $2 each. All monies have been collected for the issued shares.The articles of association of Brilliant states that the preference dividend of the preference shares is to be paid out of yearly profits, and that the holders of the shares only have the right to vote at a meeting of the company when their dividend has not been paid or their rights are being varied.Brilliant has made substantial profits in the initial years and accumulated handsome profits on reserve. In recent years it applied some profits for expansion, but its business deteriorated after expansion. Though it still has positive profits reserve, it has not generated profits for a few years until the last year. In the past three years it did not declare a dividend. The preference shareholders are unhappy about not…

Trish owns 250 shares of stock, with a basis of $2,500. The stock split 2 for 1. Trish now owns ______ shares at ______ per share.500 shares at $5 per share.500 shares at $10 per share.250 shares at $5 per share.250 shares at $10 per share.

At the end of 20x6, Jabba the Hutt's Hot Dog Hut had 350,000 shares of $1 par value common stock issued and outstanding. In addition, Jabba had 94,000 shares of $5 par value, 10% cumulative preferred stock as part of his shareholder's equity. All of Jabba's stock, both common and preferred, has been outstanding since the company was incorporated at the beginning of 20x5. Jabba did not declare any dividends in 20x5, but he declares and pays a $140,000 cash dividend on December 31, 20x6. Determine the amount of cash that will be distributed to each class of Jabba's stockholders' equity for this two-year-old company. Calculation of preferred dividend: Total cash dividend To preferred shareholders To common shareholders Par Value per Preferred Share $ 0 Dividend Rate % Dividend per Number of Preferred Preferred Share Shares Preferred Dividend for two years

The D asenso corp issued 5000 shares of common stock at 100.00 per share. Of this, Eugene owns 500 shares which he acquired at 100 per share. In December, 2013 the corporation declared and paid 25% stock dividend payable in preferred stock. Eugene sold all his stock dividend shares at 120 per share on February 10, 2014. Required: a. Compute the gain or loss on sale of stock dividend shares, assuming that at the time of payment of the stock dividend, the fair market value of the shares of stock are: Common: 110 per share Preferred: 110 per share b. Compute the capital gain due on said sale

Vine Corporation has a single class of common stock outstanding. Tillie owns 1,000 shares, which she purchased five years ago for $120,000. Vine declares a stock dividend payable in 8% preferred stock having a $230 par value. Each shareholder receives one share of preferred stock for ten shares of common stock. On the distribution date—December 16 of the current year—the common stock was worth $437 per share, and the preferred stock was worth $230 per share. On April 1 of the next year, Tillie sells half of her preferred stock for $12,000.   How much gain or loss must Tillie recognize when she sells the preferred stock? (Ignore the implications of Sec. 306 .)    Do not give answer in image

EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 8% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 1,500 shares of its own common stock at $12 per share. Apr. 10 Reissued 750 shares of its common stock held in the treasury for $16 per share. Jun. 12 Reissued 750 shares of common stock at $10 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 Apr. 10   fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12     fill in the blank 14 fill in the blank 15 Jun. 12   fill in the blank 17 fill in the blank 18     fill in the blank 20 fill in the blank 21     fill in the…

California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $20 per share. Later in the year, the company decides to purchase 100 shares at a cost of $23 per share. Record the transaction if California Surf resells the 100 shares of treasury stock at $25 per share. Record the sale of treasury stock.

on January 1, T purchased both a bond and stock of CorporationX. The bond was purchased for $10,000, had a face value of $10,000 and paid 10% interest on December 31 of each year. The stock was purchased for $10,000 and paid a dividend of $1,000 on December 31. T sold both the stock and bond on July 1 of the same year. The bond sold for $10,300 and the stock for $11,000. What income, gain or loss, including character type (eg capital gain, interest, dividend, ordinary will T recognize as a result of the sales?

Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. It has issued only 40,000 of the common shares and none of the preferred shares. In its sixth year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $2 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a 5% stock dividend when the stock is trading at $20 per share. Aug. 5 Issues the stock dividend. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 Mar. 30   fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12 Jul. 10   fill in the blank 14 fill in the blank 15     fill in the blank 17 fill in the blank 18…