Problem 3-17 Sunrise Company reported the following shareholders' equity on December 31, 2019: Preference share capital, 12% cumulative and fully participating P100 par, authorized 20,000 shares, issued 15,000 shares of which 1,000 shares are in the treasury and the last dividend was in 2014 1,500,000 110,000 200,000 130,000 Treasury preference shares, at cost Subscribed preference share capital Subscription receivable - preference Ordinary share capital, par value P100, authorized 50,000 shares, issued 30,000 shares of which 1,000 are reacquired Treasury shares - ordinary Subscribed ordinary share capital Subscription receivable - ordinary Share premium Retained earnings Appropriated Retained Earnings 3,000,000 70,000 500,000 200,000 300,000 968,000 680,000 Required: Compute the book value per ordinary share and per preference share on December 31, 2019.

Problem 3-17 Sunrise Company reported the following shareholders' equity on December 31, 2019: Preference share capital, 12% cumulative and fully participating P100 par, authorized 20,000 shares, issued 15,000 shares of which 1,000 shares are in the treasury and the last dividend was in 2014 1,500,000 110,000 200,000 130,000 Treasury preference shares, at cost Subscribed preference share capital Subscription receivable - preference Ordinary share capital, par value P100, authorized 50,000 shares, issued 30,000 shares of which 1,000 are reacquired Treasury shares - ordinary Subscribed ordinary share capital Subscription receivable - ordinary Share premium Retained earnings Appropriated Retained Earnings 3,000,000 70,000 500,000 200,000 300,000 968,000 680,000 Required: Compute the book value per ordinary share and per preference share on December 31, 2019.

Name: Problem 3-17Sunrise Company reported the following shareholders' equi
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Description: Problem 3-17Sunrise Company reported the following shareholders' equity on December 31, 2019:Preference share capital, 12% cumulative andfully participating P100 par,authorized 20,000 shares, issued 15,000 sharesof which 1,000 shares are in the trea

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 22E

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Exercise 1-41 Stockholders Equity OBJECTIVE o On January 11 2019, Mulcahy Manufacturing Inc., a newly formed corporation, issued 1,000 shares of common stock in exchange for $150,000 cash. No other shares were issued during 2019, and no shares were repurchased by the corporation. On November 1, 2019, the corporations major stockholder sold 300 shares to another stockholder for $50000. The corporation reported net income of $37,500 for 2019. Required: Prepare the stockholders equity section of Mulcahys balance sheet at December 31, 2019.
Problem 10-86A Stock Dividends and Stock Splits Lance Products balance sheet includes total assets of $587,000 and the following equity account balances at December 31, 2019: Lances common stock is selling for $12 per share on December 31, 2019. Required: How much would Lance Products have reported for total assets and retained earnings on December 31, 2019, if the firm had declared and paid a $15,000 cash dividend on December 31, 2019? Prepare the journal entry for this cash dividend. How much would Lance have reported for total assets and retained earnings on December 31, 2019, if the firm had issued a 15% stock dividend on December 31, 2019? Prepare the journal entry for this stock dividend. CONCEPTUAL CONNECTION How much would Lance have reported for total assets and retained earnings on December 31, 2019, if the firm had effected a 2-for-l stock split on December 31, 2019? Is a journal entry needed to record the stock split? Why or why not?
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