Question: P11-1A Gão Limited Was Organized On January 1, 2017. It Is Authorized To Issue 10,000 8%, HK$1,000 Par Value Preference Share... P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10,000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HK$20 per share. The following share transactions were completed during the first year. Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Issued 100,000 ordinary shares for cash at HK$48 per share. Issued 5,000 preference shares for cash at HK$1,050 per share. Issued 18,000 ordinary shares for land. The asking price of the land was HK$980,000. The fair value of the land was HK$920,000. Issued 80,000 ordinary shares for cash at HK$45 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize. Issued 10,000 ordinary shares for cash at HK$50 per share. Issued 1,000 preference shares for cash at HK$1,060 per share. a) Journalize the transactions b) post to the equity accounts (use J5 as the posting refrence) c) prepare the share capital section of the statement of financial position at december 31, 2017

Question: P11-1A Gão Limited Was Organized On January 1, 2017. It Is Authorized To Issue 10,000 8%, HK$1,000 Par Value Preference Share... P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10,000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HK$20 per share. The following share transactions were completed during the first year. Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Issued 100,000 ordinary shares for cash at HK$48 per share. Issued 5,000 preference shares for cash at HK$1,050 per share. Issued 18,000 ordinary shares for land. The asking price of the land was HK$980,000. The fair value of the land was HK$920,000. Issued 80,000 ordinary shares for cash at HK$45 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize. Issued 10,000 ordinary shares for cash at HK$50 per share. Issued 1,000 preference shares for cash at HK$1,060 per share. a) Journalize the transactions b) post to the equity accounts (use J5 as the posting refrence) c) prepare the share capital section of the statement of financial position at december 31, 2017

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 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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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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