independent appraiser at P3,000,000. Boom shares are currently traded at the stock exchange at P170. May 9, 2022 Collected fully half of the subscribed ordinary share capital for which issued the stock certificate. May 25, 2022 Reacquired 12,000 ordinary shares at P120 per share. Jun 1, 2022 Sold 5,000 Treasury shares at P100. The company uses FlIFO method. Jun 30, 2022 Shareholders approved a 2 for 1 ordinary share split. Received full payment of the subscribed preference share for which stock certificates were issued. Sep 30, 2022 Sold 7,500 treasury shares at P100 per share. Dec 1, 2022 Retired 5,000 of the remaining treasury shares. Dec 31,2022 Net income for the year is 2 million. Dec 31, 2022 Appropriated the retained earnings for the treasury shares cost. Requirements: A. Journalize the 2022 transactions. B. Prepare the shareholders' equity section in good form.
independent appraiser at P3,000,000. Boom shares are currently traded at the stock exchange at P170. May 9, 2022 Collected fully half of the subscribed ordinary share capital for which issued the stock certificate. May 25, 2022 Reacquired 12,000 ordinary shares at P120 per share. Jun 1, 2022 Sold 5,000 Treasury shares at P100. The company uses FlIFO method. Jun 30, 2022 Shareholders approved a 2 for 1 ordinary share split. Received full payment of the subscribed preference share for which stock certificates were issued. Sep 30, 2022 Sold 7,500 treasury shares at P100 per share. Dec 1, 2022 Retired 5,000 of the remaining treasury shares. Dec 31,2022 Net income for the year is 2 million. Dec 31, 2022 Appropriated the retained earnings for the treasury shares cost. Requirements: A. Journalize the 2022 transactions. B. Prepare the shareholders' equity section in good form.
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 10MC
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