O10300000001LGOALGOALGOALGOALGOtycks hea mare contractod for cash 45,000 shares of $15 par cost $55, and on huary 27, for a130,000 shares of preferred stock, 15 perataanuary 4, AlterI an amount ox does not require an entry, leave it bankJan 22Fett: 27vWhatPain Capital in Excess of Par ConanPreferred StockSis eBookShow Me HowEntries for Issuing Par StockOn January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 65,000 shares of $15 par common stock at $51, and on February 27, it issued for cash130,000 shares of preferred stock, $5 par at $8.a. Journalize the entries for January 22 and February 27.If an amount box does not require an entry, leave it blank.Jan: 22Feb. 27b. What is the total amount invested (total paid-in capital) by all stockholders as of February 277

Shareholders' equity balance includes common stock, preferred stock, and additional paid-in capital.…

Answered: Entries for Issuing Par Stock On…

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 17E

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13. The following data were available for the portfolio of investment in stocks during 20X2: Cost Fair value (12/31/20X1) Fair Value (12/31/20X2) ABC 100,000 80,000 110,000 LMN 80,000 30,000 40,000 QRS 60,000 70,000 60,000 All the shares of ABC were sold on January 20X3 for P41,200 and incurred P1,200 transaction costs. What is the amount of gain (loss) on Dec 31, 20X1, Dec 31, 20X2 and Jan 20X3 respectively? (60,000); 30,000 ; (70,000) (60,000); (30,000); (20,000) (60,000); 30,000; (60,000) (60,000); 30,000; 30,000
Why do you deduct or subtract 1 to flotation cost? Example: Given; Annual dividend (D) = $4.75 Flotation cost (F) = 0.05 or 5% Number of shares issued (N) = 10,000 Stock price (P0) = $50 Formula; Total value able to receive = N * P0 * (1 - F) Total value able to receive = 10,000 * $50 * (1 - 0.05) Total value able to receive = $500,000 * 0.95 Total value able to receive = $475,000
PQR SAOG has issued and paid up capital of OMR 2 million OMR 1 par value common stock. The current market price of each share is OMR 3. The company board decided a 4 for 1 stock split. The Market capitalization value of share after stock split should be a. 8,000,000 b. 2,000,000 c. 6,000,000 d. 4,000,000
ABC Co. ‘s shareholders’ equity on December 31,2020 are as follows: 7%preference shares P100 par P3,000,000; Ordinary share capital, 50,000shares P1,500,000; Donated capital P500,000; Accumulated profitsP4,500,000. All preference dividends have been fully paid. If preferenceshares have total liquidation value of P3,200,000, how much is the bookvalue per ordinary share? A. P125.80B. P126.00C. P130D. P300E. answer not given
An investor bought 200 CYH shares with a par value of P1.00 per share at P50.00. He received cash dividends of P2.00 per share. The company also declares split dividend of 2-1. The market price after the payment of split is P30.00. Assuming that the investor sold all his shares, how much is the capital gains on the sale of shares of stocks (disregard commission and other charges)? a. 2,400 b. 14,400 c. 12,000 d. 14,000
يQ1:- SHATT ALAREB CO. issues 1000 shares of $5 par value commonstock and 500 shares of $50 par value preferred stock for a lump sum of$50,000.Instructionsa. Prepare the journal entry for the issuance when the market price of thecommon shares is $65 each and market price of the preferred is $120each. (Round to nearest dollar.)b. Prepare the journal entry for the issuance when only the market price ofthe common stock is known and it is $85 per share.
R360 000 being the proceeds of issuing 600 000 Ordinary shares of 50 cents each, has been posted from the Cash Book to the credit of the Share Capital account. How should this error be corrected? Dr Share Capital account R300 000, Cr Share Premium account R360 000 or Dr Cash account R360 000, Cr Share Capital account R300 000 and Cr Share premium R60 000 or Dr Suspense account R360 000 Cr Share Capital a/c R300 000 and Cr Share Premium R60 000 or Dr Share Capital account R60 000, Cr Share Premium R60 000
MOL Company has P200,000 available to pay dividends. It has 12,000 10% preference shares (of which, 300 shares are in the treasury), P100 par and 50,000 ordinary shares with a par of P40. The preference share is selling for P125 and the ordinary share is selling at P50 per share. Required: Determine the amount of dividends and dividends per share to be paid to each class of share for each of the following independent assumptions. - Preference share capital is non-participating and non-cumulative. - Preference share capital is non-participating and cumulative. Preference dividends are two years in arrears at the beginning of the year. - Preference share capital is fully participating and cumulative. Preference dividends are one year in arrears at the beginning of the year. - Preference share…
3. Akea Corp., reports this journal entry on May 15, 2020: Cash 75,000 Ordinary Share Capital 63,000 Paid in Capital in Excess of Par 12,000 The explanation reads. “Issued ordinary share capital for P50 per share”. Compute the no. of shares issued for this transaction?
answr with explanation and computation A Company's total number of shares issued and outstanding is 100,000 If the shares were issued 20% above par of P100, how much is the legal capital? a. P 2,000,000 b. P10,000,000 c. P12,000,000 d. P22,000,000
2. Akea Corp., reports this journal entry on May 15, 2020: Cash 75,000 Ordinary Share Capital 63,000 Paid in Capital in Excess of Par 12,000 The explanation reads. “Issued ordinary share capital for P50 per share”. What is the par value per share for this transaction?
1. Avalanche Inc. revealed the following information for the year ended December 31. 2021 Preference share. P100 par-P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par-P3.5 million, Share premium, ordinary-P1.5 million. Subscribed ordinary share - P100,000, Retained earnings - P2 million, Subscription receivable, ordinary - P20,000 How much is the legal capital? A.P6 million B.PB 1 million CP5.9 million D.P8 2 million 2.At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4- Issued 15.000 shares at P510 per share April 10- Issued 3,000 shares for services received (FMV of the services is P1.7 million). October 23-Issued 5,000 shares in exchange for a land (FMV) the land is P3 million) What amount should be reported as share premium? A.11.500.000 B. 23.000 C.850.000 D.12.350.000 3. At the beginning of 2021, DAI Corp. was…

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