Answered: Problem 4 (Ada

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 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...

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Problem 4 (Adapted)
The shareholders equity of Joyce corporation on Dec. 31, 2018 shows the following account
balances:
10% preference share, 10,000 shares, 100 par 1,000,000
12% preference share, 12,000 shares, 100 par 1,200,000
Ordinary share, 20,000 shares, 40 par 800,000

Share premium 640,000
Accumulated profits 960,000
The 10% preference share is cumulative and fully participating, while the 12%
preference share is non-cumulative and fully participating. The last payment of dividends was
on Dec. 31, 2016. What is the book value per share of ordinary shares?

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