On February 2019, AOT Corporation authorized 20,000 preference shares at P 125 par value per share and 100,000 no par value ordinary shares. On April 2019, 1,500 preference shares were issued for P 200 per share. During the same month, 5,000 no par ordinary shares were also issued for P 250,000. Provide the journal entry of the share issuance on April 2019

On February 2019, AOT Corporation authorized 20,000 preference shares at P 125 par value per share and 100,000 no par value ordinary shares. On April 2019, 1,500 preference shares were issued for P 200 per share. During the same month, 5,000 no par ordinary shares were also issued for P 250,000. Provide the journal entry of the share issuance on April 2019

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 8MCQ

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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. 3,370,000
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