January 1, 2012 - Company issues $10,000,000 of no par common shares at $10 each. DR. Cash $10,000,000 CR. Common shares $10,000,000 January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were no other capital transactions and the company had not paid any dividends. How much contributed surplus would be generated on this transaction? Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Type your numeric answer and submit

January 1, 2012 - Company issues $10,000,000 of no par common shares at $10 each. DR. Cash $10,000,000 CR. Common shares $10,000,000 January 1, 2018 - Company reacquires 100,000 common shares in the open market at $8 each and cancels them immediately. There were no other capital transactions and the company had not paid any dividends. How much contributed surplus would be generated on this transaction? Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Type your numeric answer and submit

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 4RE: Sun Corporation issues 500 shares of 8 par common stock for a patent. The stock is currently selling...

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Subscriptions On August 3, 2019, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of 100 par preferred stock at 104 per share and 9,000 shares of 110-par, no-stated-value common stock for 22 per sl1are. The subscription contracts require a 10% down payment, with the balance due by November 1, 2019. Shares are issued to each subscriber upon full payment. On November 1, Quinn received the remaining balances for the shares of preferred stock and common stock. Required: Prepare journal entries to record all the transactions related to: 1. the preferred stock 2. the common stock
Treasury Stock, No Par Propst-Steele Production Corporations accounting records provide the following information: 1. Issued 5,000 shares of no-par common stock at 15 per share. 2. Issued an additional 5,000 shares of 110-par common stock at 17 per share. 3. Reacquired 500 shares of its no-par common stock at a cost of 12.50 per share. 4. Reissued 200 of its treasury shares at 14 per share. 5. Reissued the remaining treasury shares at 11 per share. Required: Prepare journal entries to account for the preceding stock transactions of Propst-Steele Production, assuming it uses the cost method for treasury stock.
Sun Corporation issues 500 shares of 8 par common stock for a patent. The stock is currently selling for 37 per share on the open market, and no significant impact on the market price is expected by the issuance of the additional shares. Prepare the journal entry to record this transaction.
Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
Common Dividends Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstand ing $5 par common shares. During 2019, Fusion entered into the following transactions: Declared a S0.30 per-share cash dividend on March 10. Paid the $0.30 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $18 each on May 2. Sold 1.500 unissued common shares for $23 per share on June 9. Declared a $0.45 per-share cash dividend on August 10. Paid the $0.45 per-share dividend on September 10. Declared and paid a 5% stock dividend on October 15 when the market price of the common stock was $25 per share. Declared a $0.50 per-share cash dividend on November 10. Paid the $0.50 per-share dividend on December 10. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) Determine the total dollar amount of dividends (cash and stock) for the year. CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
NEED ASAP. Solve correctly and show your computations. NXP Corporation issues P15 par value ordinary shares during 2021. The company received subscription from Mr. Navarro for 25,000 shares at P18 per share receiving 45% of the subscription price. On due date, Mr. Navarro failed to pay the balance of the subscription. The shares were subsequently declared delinquent and were advertised for sale at a public auction incurring P4,000 for advertising the sale. At the public auction, the company received bids from Mr. Pineda for 10,000 shares, Mr. De Torres for 9,000 shares, and Mr. Belen for 12,000 shares. The balance of the subscription price was outstanding for two months and was subject to 12% interest. How much cash was collected from the highest bidder?
E15-14 Various Journal Entries Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000 shares of 9%, $100 par preferred stock. It enters into the following transactions: 1. Accepts a subscription contract to 7,000 shares of common stock at $42 per share and receives a 30% down payment. 2.Collects the remaining balance of the subscription contract and issues the common stock. 3. Acquires a building by paying $3,000 cash and issuing 3,000 shares of common stock and 900 shares of preferred stock. Common stock is currently selling at $46 per share; preferred stock has no current market value. The building is appraised at $225,000. 4. Sells 1,000 shares of common stock at $47 per share. 5. Sells 900 shares of preferred stock at $112 per share. 6. Declares a three-for-one stock split on the common stock, reducing the stated value to $2.00 per share. Required: Prepare memorandum and journal entries to record the preceding transactions.
4-15. ABC Company retired 50,000 ordinary shares, P5 par value, which it held in the treasury at an average cost of P26 per share on December 31, 2021. The balance in ABC's shareholders' equity accounts before recording the retirement of the treasury shares are: Ordinary share capital 1,080,000 Share premium 1,500,000 Treasury shares (at cost) 1,300,000 Retained earnings 1,800,000 ABC should reported ordinary shares outstanding in its December 31, 2021 statement of financial position of?
On December 31, 2020, COVIVAX Company’s board of directors canceled 20,000 shares of P25 par value ordinary share held in treasury at an average cost of P130 per share. Before recording the cancelation of the treasury share. COVIVAX had the following balances in its shareholders’ equity: ordinary share (250,000 shares originally issued at P55) 6,250,000 Share Premium 7,500,000 Retained earnings 5,000,000 Treasury share, at cost 2,600,000 Your audit shows that in its statement of financial position at December 31, 2020, COVIVAX reported an ordinary share outstanding of P5,750,000. As an auditor, what should be the correct ordinary share outstanding? Answer in figures, ignore the peso sign.
E15.2B (L0 1) (Recording the Issuance of Common and Preferred Stock) National Gas Corporation was organized on June 1, 2020. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year: June 15 Issued 165,000 shares of common stock for cash at $5 per share.June 30 Issued 25,000 shares of preferred stock for cash at $102 per share.Aug. 15 Issued 20,000 shares of common stock for a factory building. The asking price of the factory building was $150,000; theappraised value of the factory building was $140,000.Sept. 1 Issued 200,000 shares of common stock for cash at $7 per share.Oct. 1 Issued 5,000 shares of common stock to attorneys in payment of their bill of $40,000 for services rendered in helping thecompany organize.Oct. 15 Issued 25,000 shares of common stock for cash at $8.50 per share.Nov. 1 Issued 6,000 shares…
in January 1st 2003, Pisces issue ceres 10000 share for $400000 In cash meaning there are 120000 shares outstanding. Some additional information is on November 1st, 2023, (1)Pisces declares a total cash of $180000 (2) Pisces reports $225000 net income for 2023. it’s stock price on December 31, 2023 is $38 (3) On November 1, 2024, Pisces announces a total divend of $270000 to be paid on January 2, 2025 (4) Pisces reports $360000 net income for 2024. Its stock price on December 31, 2024 is $44. (Q1)Prepare the journal entries in ceres book for the 2023 calendar year. (Q2) prepare journal entries for 2024 and 2025 calendar year
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