13. Krystian Company acquired 20,000 ordinary shares of Hina Company on October 1, 2017, at accost of P4,400,000. On April 1, 2018, Hina  distributed a 10% stock dividend when the market price of the share was P300. On December 30, 2018, Krystian sold 2,000 shares for P640,000.   For the year ended December 31, 2018, how much should Krystian report as gain on sale?

Q: On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip’s Company's common shares on the open…

A: Given Information:

Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity:   Preference share…

A: The dividend is declared and paid to the shareholders from the retained earnings of the business.

Q: n April 8, 2019, GODLY Corporation declared and issued a 25% ordinary share capital dividend. Prior…

A: The amount to be debited to retained earnings will be equal to the total par value of shares issued…

Q: On June 1, 2020, Sunny Corporation declared a share capital dividend entitling its shareholders to…

A: Treasury stocks are the stocks held by the company itself pursuant to its purchase from the market.

Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity:   Preference share…

A: Accumulated depreciation related to a fixed asset means the total amount of depreciation charged on…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: When the share split occurs, it increases the number of shares but the overall value of shares does…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: Share split in the business is one in which one share of the company is split or broken into…

Q: were declared on January 5 payable to shareholders as of February 10. MEOW Company shares were split…

A: Initial carrying value of investment on the date of acquisition is the investment cost 10,000…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: No. of treasury shares after split = treasury shares x 5/1 = 50000  x 5/1 = 250,000 shares

Q: During its first year of operations, Cupola Fan Corporation issued 40,000 of $1 par Class B shares…

A: Journal entries            No.  Date  account titles and explanation   Debit…

Q: BOY Co. acquired 50,000 ordinary shares of GIRL Co. on September 30, 2019 for P8,250,000. On October…

A: 1. Details of GIRLS Co. shares held by BOYS Co. before and after the share split. Date Cost of…

Q: ABC Company was incorporated on January 1, 2018 with 100,000 ordinary shares, no par value, stated…

A: Capital employed is the amount of money which is contributed by the owner or owners of a business…

Q: Jay-ar Corp. issued 20,000 shares of P5 par common stock at P10 per share. On December 31, 2017,…

A: when we prepare the balance sheet of the company then generally there are two category equity and…

Q: In 2014, Rona Company issued 5,000 shares of P10 par value for P100 per share. In 2015, the entity…

A: When accounting for the retirement of stock, common stock and additional paid-in capital are removed…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: Balance in ordinary shares before split=Number of shares×Par value=400,000×P25=P 10,000,000

Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity:   Preference share…

A: The retained earnings of the business comprises of accumulated profits of previous year profits and…

Q: On January 2, 2022, MAMBA Inc. purchased 5,000 shares of the 20,000 shares outstanding of BLACK…

A: Acquiring the outstanding common shares of a company gives the ownership rights to the buyer. The…

Q: On July 1, 2021, Luke Corp. has 200,000 shares of P100 par common stock outstanding and the market…

A: A company has several sources from where it can raise funds. It can issue equity shares and the…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: Number of shares outstanding after split = Number of shares outstanding before split x Split ratio…

Q: In 2018, Lakers Corporation acquired 3,000 shares of its P 20 par value ordinary share capital at…

A: Treasury shares are those shares which are being reacquired or repurchased by the company from its…

Q: On March 1, 2016 Chris Company purchased 10,000 ordinary shares of LV Corp. at P80 per share. On…

A: An employee stock option gives the right to employees to purchase a pre specified number of shares…

Q: Harbottle Corporation was organized on January 3, 2021, with an authorized capital of 100,000 shares…

A: Loss on reissue of treasury shares  = no. of treasury shares  reissued x (Purchase price - reissue…

Q: Blue Corporation has 50,000 shares of P10 par ordinary shares authorized. The following transactions…

A: total contributed capital amounted = Total of Common stock at par + Additional paid in capital…

Q: On July 1, 2010, Bettina Company's board of directors declared a 10% share dividend. The market…

A: No. of shares issued under share dividend = outstanding ordinary shares x dividend rate = 400,000  x…

Q: Pangan Corp. acquired 4,000 shares of Agustin, Inc. ordinary shares on Oct. 20, 2017 for P 660,000.…

A: As Augstin Inc distributed  stock dividend  of 10%

Q: On October 31,2020, Red Ball Corporation declared dividends to its 100,000 ordinary shares payable…

A: Journal entries are records of financial transactions flowing in and out of business.   Given…

Q: What is the weighted-average number of shares outstanding for 2020?

A: Stock Dividends and Stock splits:- When Stock Dividend or stock split occurs, the company needs to…

Q: 10 On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for…

A: The investment in shares (assets) gets increased with income and decrease with dividend received.

Q: Mitch Company was organized on January 1, 2021 and issued 100,000 P20 par value shares at P23 per…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…

Q: On June 1, 2020, Sunny Corporation declared a share capital dividend entitling its shareholders to…

A: No. of shares issued and outstanding = No. of shares issued - shares in the treasury = 65000 shares…

Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity:   Preference share…

A: Cash sale of additional ordinary shares means cash will be received for the sale of additional…

Q: Pluto Company began operations on January 1, of 500,000 preference shares of P5 par value of which…

A: Contributed Capital is the amount a company receives on the account of issue of common and preferred…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: Number of shares outstanding after split = Number of shares outstanding before split x Split ratio…

Q: On December 31, 2017, Dow Corporation had 600,000 shares of common stock and 300,000 shares of 8%,…

A: SOLUTION- Given information is:   Net Income = $21,00,000   Dividend to preference shareholders =…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: Number of shares outstanding after split = Number of shares outstanding before split x Split ratio…

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A: A share is the division in the capital of the company. A shareholder is entitled to receive division…

Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity:   Preference share…

A: Retained earnings are the earnings that have been accumulated over a period of time. The ending…

Q: Santol Inc. issued 200,000 shares of P5 par value at P10 per share. On January 1, 2021, the retained…

A: Solution: Amount should be credited to share capital on issuance = Nos of shares issued * Par value…

Q: 25. On January 1, 2013, P Company purchased 80 percent of the outstanding shares of S Company at a…

A: Calculation of net income from subsidiary - Particulars Amount Net income from subsidiary…

Q: What is the weighted-average number of shares outstanding for 2020? *

A: Stock Dividends and Stock splits:- When Stock Dividend or stock split occurs, the company needs to…

Q: Badang, Inc. has 200,000 shares of P2 par value stock outstanding. Bading Corp. acquired 60,000…

A: Ownership percentage January 1, 2018 = No. of shares held /Total shares outstanding = 60,000 shares…

Q: According to the statements, prepare the appropriate journal entries, and calculate the differences…

A: 1) Date General Journal Debit Credit Jan 1 FV- OCI Investment  $900,000     Cash   $900,000…

Q: On June 1, 2016, Pat Corporation declared a bonus issue entitling its shareholders to one additional…

A: The journal entries are prepared to record daily transactions of the business.

Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity:   Preference share…

A: Total stockholders equity is the source of company's assets. Total Stockholders equity = Total…

Q: Terry’s Concrete acquired 20% of the outstanding common stock of Blakeley, Inc. on January 1, 2010,…

A: A significant influence: The power to participate in an entity's operational and financial policy…

Q: On July 1, 2021, Funk Company has 400,000 shares of P25 par ordinary outstanding and the market…

A: Number of shares outstanding after split = Number of shares outstanding before split x Split ratio…

Q: On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On…

A: Stock dividend is declared when the company wants to enhance its shareholders' wealth or to praise…

Q: BARK Corporation acquired 10,000 Company shares on February 5, 2016 at P50 which include P10 per…

A: A dividend is the payout of a portion of a company's worth to a group of shareholders chosen by the…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.