Instructions a. Journalize the transactions. b. Post to the equity accounts. (Use J5 as the posting reference.) c. Prepare the share capital section of the statement of financial position at December 31, 2020.
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- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?Jamaica Corp. organized on June 1,2020, was authorized to issue shares as follows: 9%, 800,000, P100 par, convertible preference shares 2,000,000, P2.50 par value, ordinary shares During the remainder of the fiscal year ended May 31,2021, the following transactions were completed in the order given: 240,000 preference shares were subscribed for at P105, and 720,000 ordinary shares were subscribed for at P26. Both subscriptions were payable 30% upon subscription, the balance in one payment. The second subscription payment was received, except one subscriber for 48,000 ordinary shares defaulted on payment. The full amount paid by this subscriber was returned, and all of the fully paid shares was issued. 120,000 ordinary shares were reacquired by purchase at P28. Each preference share was converted into four ordinary shares. The treasury shares were exchanged for machinery with a fair value market value of P3,440,000. There was a 2 for 1 split and the par value of the new ordinary…
- On 1 January 2020, the company "A" S.A. had a common share capital of 2,000,000€, differences from the issue of common shares at an premium of 5,000,000€ and reserve funds of 13,000,0000. On 5 January 2020, "A SA" acquired 10,000 own common shares with a nominal value of 10€ instead of 30€ per share. On January 15, "A S.A." sold 1000 shares of those it had purchased instead of 40€ per share. On January 27, the remaining 9,000 shares were sold instead of 35€ per share. Requested: To carry out the necessary calendar entries for the registration of the above transactions,Integrity Company, a newly formed company, had the following shares issued and outstanding as of April 1, 2022: Ordinary share, P20 par (20,000 shares originally issued for P60 per share) Preference share, P50 par (6,000 shares originally issued for P100 per share) How much is the Ordinary Share Capital, Preference Share Capital, and Share Premium, respectively? a. P400,000; P300,000; and P1,100,000 b. P1,200,000; P300,000; and P300,000 c. P400,000; P600,000; and P800,000 d. P1,200,000; P600,000; and P0On May 2020 GSW was organized with 3,000,000 authorized shares of P10 par value ordinary shares, and 300,000 of its ordinary shares were issued for P3,300,000. Net income through December 31, 2020 was P125,000. On July 23, 2021, when the shares were selling at P13 per share, GSW issued 500,000 of its ordinary shares in exchange of a real estate properties which were fairly valued at P6,250,000. A 5% share dividend was declared on October 2, 2021, to shareholders of record on October 23, 2021. The market value of the ordinary shares was P11 per share on the declaration date. GSW net income for the year ended December 31, 2021 was P350,000. During 2022, GSW had the following transactions: In February, GSW reacquired 15,000 of its treasury shares for P12 per share. In June, GSW sold 15,000 of its treasury shares for P12 per share. In September, each shareholder was issued (for each share held) one right to purchase two additional ordinary shares for P13 per share. The rights shall expire…
- Kk128. Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. journalize issues of sharesP15-1 (LO1,2,3,4) Equity Transactions and Statement Preparation On January 5, 2020, Phelps Corporation received a charter granting the right to issue common and preferred stock as provided below: Cumulative and nonparticipating preferred stock: Number of shares authorized 5,000 shares Par value $ 100 per share Dividend rate 8% Common stock: Number of shares authorized 50,000 shares Par value $ 10 per share It then completed these transactions. Jan. 11 Issued common stock Number of shares 20,000 Issue price per share $ 16.00 Feb. 1 Issued preferred stock to Sanchez Corp. for assets with the following values: Fair value of equipment $ 50,000 Fair value of a factory building $ 160,000 Appraised value of land $ 270,000 Number of shares issued…TJH Corporation was organized on January 1, 2020, with authorized capital of 200,000 shares of P10 par value ordinary share. During 2020, TJH had the following transactions:Jan. 12- Issued 80,000 shares for P12 per shareJune 23- Issued 4,000 shares for legal services when the market price was P14 per shareWhat should be the amount of share premium at December 31, 2020?
- "The following are found in the trial balance of M Corporation at December 31, 2021: Authorized ordinary share, P50 par value P3,000,000; Subscription receivable P200,000; Unissued ordinary share P1,000,000; Subscribed ordinary share P500,000; Share premium ordinary P100,000. What is the total number of shares available for subscription?"35. On March 1, 2021, a company issued 1,000 shares of its P20 par value ordinary share and 2,000 shares of its P40 par value convertible preference share for a total consideration of P160,000. At this date, the company’s ordinary shares were selling at P36 per share, and the convertible preference shares were selling at P54 per share. Determine the amount to be credited to share premium for the convertible preference share.On 1/5/2021, Al-Saada Company obtained approval from the Securities Commission giving it the right to issue 100,000 preferred shares with a nominal value of 10 dinars per share (8% - combined and non-participating profits), and 200,000 ordinary shares with a par value of 5 dinars per share. Then, during the current year and the following year, the following transactions were completed: On 15/1/2021, 50,000 ordinary shares were issued for trading at a price of 8 dinars per share. - On 30/1/2021, it issued 15,000 premium shares to Royal Company in exchange for acquiring (purchasing) the following assets: Equipment with a fair value of 30,000 dinars, buildings with a fair value of 80,000 dinars and land with a fair value of 90,000 dinars. - On May 12, 2021 it bought 10,000 of its common stock at a price of 6 dinars per share (use the cost method) - On 06/18/2021 it sold 10,000 treasury shares at a price of 8 dinars per share. - On 31/12/2021, dividends were announced for preferred shares,…