4. The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 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 first name initial. (Hint!!!! Example first Manuel will use the initial M and that person should only use the info presented in line with the heading with their first name 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.) My first name initial is S. A. Issued_shares of class A common stock. Stock has par value ofper share and was issued at $pershare. (Please refer to table below and use only the info in line with your first name initial in the blank/underlinedspace).firstname Initial# of shares issuedA, P, I, E, VC, 0, R, Y|К, 0, М, FS, W, G, ZD, T,L, UN, B, J, X, H|Par value20.00|Issue Price$28.00$40.0030% of authorised shares $20% of authorised shares$30.0040% of authorised shares45.0050% of authorised shares$62.00$75.00$45.0060% of authorised shares$48.00$105.0080% of authorised shares$60.00$125.00B. Issuedshares of no-par class B stock (Please refer to table below and use only the info in line with yourfirst name initial in the blank/underlined space).firstname Initial # of shares issuedA, P, I, E, VC, 0, R, YK, Q, M, FS, W, G, ZD, T, L, U|N, B, J, Х, НIssue Price25.0038.0030% of authorised shares$20% of authorised shares40% of authorised shares$60.0070.0098.00118.0050% of authorised shares$60% of authorised shares$80% of authorised shares C. Issued_shares of preferred stock at par value. (Please refer to table below and use only the info in linewith your first name initial in the blank/underlined space).firstname Initial # of shares issuedA, P,I, E, VC, 0, R, Y|к, О, М, FS, W, G, ZD, T, L, UN. B, J, X, HPar Value50% of authorised shares$100.0040% of authorised shares110.0030% of authorised shares$125.0025% of authorised shares$145.0020% of authorised shares10% of authorised shares168.00$192.00D. Exchangedshares of class A common stock for Office Fumiture and Equipment with an appraised value of$and Motor Truck with an appraised value of $- (Please refer to table below and use only the info in linewith your first name initial in the blank/underlined space).firstname Initial# of shares issuedA, P,IE, VC, O, R, Y|К, Q, М, FS. W, G,ZD, T,L,UN, B, J, X, H|Office Furniture Motor truck40% of authorised shares $ 4,000,000.00 $ 10,000,000.0050% of authorised shares $4,000,000.00 $ 10,000,000.00| 40% of authorised shares $ 4,000,000.00 $ 10,000,000.0040% of authorised shares $ 4,000,000.00 $ 10,000,000.00| 40% of authorised shares $ 4,000,000.00 $ 10,000,000.0020% of authorised shares $ 4,000,000.00 $ 10,000,000.00

The journal entries are meant to record daily transactions of the business.

Answered: The owners are desirous of comparing…

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 5P: Alert Companys shareholders equity prior to any of the following events is as follows: The company...

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4. The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 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 first name initial. (Hint!!!! Example first Manuel will use the initial M and that person should only use the info presented in line with the heading with their first name 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.)

My first name initial is S.

A. Issued
_shares of class A 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 first name initial in the blank/underlined
space).
firstname Initial# of shares issued
A, P, I, E, V
C, 0, R, Y
|К, 0, М, F
S, W, G, Z
D, T,L, U
N, B, J, X, H
|Par value
20.00
|Issue Price
$28.00
$40.00
30% of authorised shares $
20% of authorised shares
$
30.00
40% of authorised shares
45.00
50% of authorised shares
$62.00
$75.00
$
45.00
60% of authorised shares
$
48.00
$105.00
80% of authorised shares
$
60.00
$125.00
B. Issued
shares of no-par class B stock (Please refer to table below and use only the info in line with your
first name initial in the blank/underlined space).
firstname Initial # of shares issued
A, P, I, E, V
C, 0, R, Y
K, Q, M, F
S, W, G, Z
D, T, L, U
|N, B, J, Х, Н
Issue Price
25.00
38.00
30% of authorised shares
$
20% of authorised shares
40% of authorised shares
$
60.00
70.00
98.00
118.00
50% of authorised shares
$
60% of authorised shares
$
80% of authorised shares

C. Issued
_shares of preferred stock at par value. (Please refer to table below and use only the info in line
with your first name initial in the blank/underlined space).
firstname Initial # of shares issued
A, P,I, E, V
C, 0, R, Y
|к, О, М, F
S, W, G, Z
D, T, L, U
N. B, J, X, H
Par Value
50% of authorised shares
$
100.00
40% of authorised shares
110.00
30% of authorised shares
$
125.00
25% of authorised shares
$
145.00
20% of authorised shares
10% of authorised shares
168.00
$
192.00
D. Exchanged
shares of class A common stock for Office Fumiture and Equipment with an appraised value of
$and Motor Truck with an appraised value of $
- (Please refer to table below and use only the info in line
with your first name initial in the blank/underlined space).
firstname Initial# of shares issued
A, P,IE, V
C, O, R, Y
|К, Q, М, F
S. W, G,Z
D, T,L,U
N, B, J, X, H
|Office Furniture Motor truck
40% of authorised shares $ 4,000,000.00 $ 10,000,000.00
50% of authorised shares $4,000,000.00 $ 10,000,000.00
| 40% of authorised shares $ 4,000,000.00 $ 10,000,000.00
40% of authorised shares $ 4,000,000.00 $ 10,000,000.00
| 40% of authorised shares $ 4,000,000.00 $ 10,000,000.00
20% of authorised shares $ 4,000,000.00 $ 10,000,000.00

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