On January 1, 2023, Monty Corp. had 206,000 common shares outstanding. On April 1, 2023, 20,600 common shares were issued and on September 1, 2023, Bernard bought back 30,600 treasury shares. The market price of the common shares averaged $50 during 2023. The corporation's income tax rate is 40%. During 2023, there were 30,600 call options to buy common shares at $40 a share outstanding; and there were 20,600, $8, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares. During 2022, the corporation had issued $1,910,000 of 7% convertible bonds at face value. Each $1,000 bond is convertible into 20 common shares. The corporation reported $780,000 net income for calendar 2023. Post answers in table below Security Comon Shares Options Preferred Shares Bonds Net Income Adjustemt Adjusted Net Income Shares Adjustment Adjusted Shares EPS

On January 1, 2023, Monty Corp. had 206,000 common shares outstanding. On April 1, 2023, 20,600 common shares were issued and on September 1, 2023, Bernard bought back 30,600 treasury shares. The market price of the common shares averaged $50 during 2023. The corporation's income tax rate is 40%. During 2023, there were 30,600 call options to buy common shares at $40 a share outstanding; and there were 20,600, $8, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares. During 2022, the corporation had issued $1,910,000 of 7% convertible bonds at face value. Each $1,000 bond is convertible into 20 common shares. The corporation reported $780,000 net income for calendar 2023. Post answers in table below Security Comon Shares Options Preferred Shares Bonds Net Income Adjustemt Adjusted Net Income Shares Adjustment Adjusted Shares EPS

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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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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