24. What shall be the proper treatment of donated shares from stockholders? Group of answer choices They shall be credited to share premium at cost at the date of donation. They shall be credited to share premium at fair value at the date of donation. They shall be credited to share premium at par value at the date of donation. They are recorded by memorandum entry at the date of donation but the reissue or resale of donated shares increases assets and donated capital from share premium.
24. What shall be the proper treatment of donated shares from stockholders? Group of answer choices They shall be credited to share premium at cost at the date of donation. They shall be credited to share premium at fair value at the date of donation. They shall be credited to share premium at par value at the date of donation. They are recorded by memorandum entry at the date of donation but the reissue or resale of donated shares increases assets and donated capital from share premium.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 10C: Treasury Stock For numerous reasons, a corporation may reacquire shares of its own capital stock....
Related questions
Question
24. What shall be the proper treatment of donated shares from stockholders?
Group of answer choices
They shall be credited to share premium at cost at the date of donation.
They shall be credited to share premium at fair value at the date of donation.
They shall be credited to share premium at par value at the date of donation.
They are recorded by memorandum entry at the date of donation but the reissue or resale of donated shares increases assets and donated capital from share premium.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning