The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your surname name initial. (Hint!!!! Example surname Manuel will use the initial M and that person should only use the info presented in line with the heading with their surname initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade.) (Please to rules above on double-barrel surnames) Issued ________shares of common stock. Stock has par value of ___ per share and was issued at $____ per share. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial # of Shares Issued Par Value Issue Price C, O, R, Y 15,000 $0.10 $30.00 Issued _______ shares of preferred stock at par value as payment in exchange for legal services. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial # of shares issued C, O, R, Y 5,000 Exchanged ______ shares of common stock for land with an appraised value of $______ and a building with an appraised value of $_____. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial #of shares issued value of land value of building C, O, R, Y 120,000 $300,000.00 $500,000.00 Earned Net income $______. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial Net Income C, O, R, Y $600,000.00 Paid dividends to preferred shareholders as well as $2 per share to common stockholders Using the info above and as a guide: Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings. Dividend paid. Close out dividend to retained earnings. 2. Prepare Osbourne Corporation Stockholders equity section of the balance sheet at December 31, 2021. (Hint!!!!!!!) The following information must be clearly stated/shown: information on par values, the number of shares authorized and issued where necessary. the sub total for the total paid in capital. Retained earnings. total stockholders’ equity.

The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your surname name initial. (Hint!!!! Example surname Manuel will use the initial M and that person should only use the info presented in line with the heading with their surname initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade.) (Please to rules above on double-barrel surnames) Issued ______shares of common stock. Stock has par value of _ per share and was issued at $ per share. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial # of Shares Issued Par Value Issue Price C, O, R, Y 15,000 $0.10 $30.00 Issued _ shares of preferred stock at par value as payment in exchange for legal services. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial # of shares issued C, O, R, Y 5,000 Exchanged shares of common stock for land with an appraised value of $ and a building with an appraised value of $_. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial #of shares issued value of land value of building C, O, R, Y 120,000 $300,000.00 $500,000.00 Earned Net income $____. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space) Surname Initial Net Income C, O, R, Y $600,000.00 Paid dividends to preferred shareholders as well as $2 per share to common stockholders Using the info above and as a guide: Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net income to retained earnings. Dividend paid. Close out dividend to retained earnings. 2. Prepare Osbourne Corporation Stockholders equity section of the balance sheet at December 31, 2021. (Hint!!!!!!!) The following information must be clearly stated/shown: information on par values, the number of shares authorized and issued where necessary. the sub total for the total paid in capital. Retained earnings. total stockholders’ equity.

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 9P

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The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information which is grouped according to your surname name initial. (Hint!!!! Example surname Manuel will use the initial M and that person should only use the info presented in line with the heading with their surname initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade.) (Please to rules above on double-barrel surnames)

Issued ________shares of common stock. Stock has par value of ___ per share and was issued at $____ per share. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space)

Surname Initial	# of Shares Issued	Par Value	Issue Price
C, O, R, Y	15,000	$0.10	$30.00

Issued _______ shares of preferred stock at par value as payment in exchange for legal services. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space)

Surname Initial	# of shares issued
C, O, R, Y	5,000

Exchanged ______ shares of common stock for land with an appraised value of $______ and a building with an appraised value of $_____. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space)

Surname Initial	#of shares issued	value of land	value of building
C, O, R, Y	120,000	$300,000.00	$500,000.00

Earned Net income $______. (please refer to table below and use only the info in line with your surname initial in the blank/underlined space)

Surname Initial	Net Income
C, O, R, Y	$600,000.00

Paid dividends to preferred shareholders as well as $2 per share to common stockholders

Using the info above and as a guide:

Prepare the journal entries with narrations to record the following:

The issuances of stock.
Close out net income to retained earnings.
Dividend paid.
Close out dividend to retained earnings.

2. Prepare Osbourne Corporation Stockholders equity section of the balance sheet at December 31, 2021. (Hint!!!!!!!) The following information must be clearly stated/shown:

- information on par values,
- the number of shares authorized and issued where necessary.
- the sub total for the total paid in capital.
- Retained earnings.
- total stockholders’ equity.

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