PROBLEM 28 (AICPA Adapted)Miraflores owned 10,000 shares in Maquiling Company acquired several years ago atP100 per share to be held as a long-term investment. Beginning in 2015, Mirafloresreceived a dividend of P40 per share. Maquiling Company notifies the investor that aportion of this amount represented earnings and the balance as liquidating dividends.The allocation to be made as follows:Earned DividendLiquidating Dividend2015P402016P10P302017P15P252018P20P202019P25P15Requirements:1. Prepare jourmal entries on the books of the investor from 2015 to 2019.

Liquidating dividends are the capital or returns of capital appreciation given by a company to its…

Answered: PROBLEM 28 (AICPA Adapted) Miraflores…

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 6MCQ: Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were...

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Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were originally issued at an average price of $10 per share. Later it resells 6,000 of the shares for $15 per share and the remaining 4,000 shares for $17 per share. How much gain or loss should Ames report on its income statement as a result of these transactions? $38.000 gain $0 $20,000 loss $20,000 loss and $38,000 gain
Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.
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

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PROBLEM 28 (AICPA Adapted) Miraflores owned 10,000 shares in Maq P100 per share to be held as a long-ter received a dividend of P40 per share. M portion of this amount represented ear The allocation to be made as follows: Farned Dividend