Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 2, Problem 11Q
To determine
Explain the manner in which Company S record the issuance of the shares.
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Ayayai Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions:
Jan. 5 Issued 49,000 common shares for $2.50 per share.
Jan. 20 Issued 2.700 common shares to settle legal expenses. The value of the legal expenses was $8,818.
Feb. 10 Issued 11,000 preferred shares for $50.00 per share.
Aug 12 Repurchased 14,700 common shares for $2.40 per share.
Oct. 1 Issued 5,300 common shares for $2.25 per share.
Dec. 15 Repurchased 22,000 common shares for $2.70 per share.
Record the above 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. Record journal entries in the order presented in the
problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, eg. 5.75 and final answers to 0 decimal
places, eg 5,275)
Clark Corporation purchased 200 shares of its own $1 par value common stock for $20 per share. What journal
entry should be made to record this transaction?
On January 1, Year 4, Pane Corp. exchanged 150,000 shares of its $20 par value common
stock for all of Sky Corp.s common stock. At that date, the fair value of Panes common stock
issued was equal to the fair value of the identifiable assets acquired and liabilities assumed.
Both corporations continued to operate as separate businesses, maintaining accounting
records with years ending December 31. In its separate statements, Pane accounts for the
investment using the equity method. Information from separate company operations
follows:PaneSkyRetained earnings -- 12/31/Yr 3$3, 200, 000$925,000 Dividends paid
-- 3/25/Yr 4750, 000200, 000lf consolidated net income was $800,000, what amount of
retained earnings should Pane report in its December 31, Year 4, consolidated balance sheet?
A. $3,250,000B. $3,050,000C. $4, 125, 000D. $4, 925,000
Chapter 2 Solutions
Advanced Accounting
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Ch. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - Which of the following does not represent a...Ch. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - Prob. 7PCh. 2 - When does gain recognition accompany a business...Ch. 2 - Prob. 9PCh. 2 - Prob. 10PCh. 2 - Prob. 11PCh. 2 - On June 1, Cline Co. paid 800,000 cash for all of...Ch. 2 - On May 1, Donovan Company reported the following...Ch. 2 - Prob. 14PCh. 2 - Prob. 15PCh. 2 - Prob. 16PCh. 2 - Prob. 17PCh. 2 - On its acquisition-date consolidated balance...Ch. 2 - On its acquisition-date consolidated balance...Ch. 2 - Prob. 20PCh. 2 - Prob. 21PCh. 2 - Prob. 22PCh. 2 - The following book and fair values were available...Ch. 2 - Prob. 24PCh. 2 - Prob. 25PCh. 2 - Prob. 26PCh. 2 - Prob. 27PCh. 2 - Prob. 28PCh. 2 - SafeData Corporation has the following account...Ch. 2 - Prob. 34PCh. 2 - Prob. 35PCh. 2 - Prob. 39APBCh. 2 - Prob. 40APB
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