The Shareholders' Equity of Jackie Company as of December 31, 2021 is as follows: [Refer to the figure]. The following transactions occurred during 2022. January 15 - It issued 1,300 treasury shares for P40 each. February 1 - Sold 180, P1,000, 9% bonds due February 1, 2032 at 103 with one detachable share warrant to each bond. Interest is payable annually February 1. The fair market value of the bonds without the share warrants is 95. The warrants have a fair value of P50 each and will expire on February 1, 2023. Each warrant entitles the holder to purchase 10 ordinary shares at P40 per share. March 6 - 2,800 ordinary shares were subscribed at P44 each. 40% of the subscription was collected. March 20 - The balance due on 2,400 shares was received and those shares were issued. November 1 - There were 110 share warrants detached from the bonds and exercised. The company's net income for 2022 is P950,000 Ordinary Share Capital, P2 par value, 1,000,000 shares authorized, 177,580 shares outstanding 360,000 Share Premium- Issuance 3,640,000 Share Premium- Treasury 45,000 Retained Earnings 649,378 Treasury Shares 145,200 Total Shareholders' Equity 4,459,178 Questions: 1. Compute the ending balance of the Treasury Shares account. 2. Compute the ending balance of the Total Shareholders' 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 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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The Shareholders' Equity of Jackie Company as of December 31, 2021 is as follows: [Refer to the figure]. The following transactions occurred during 2022.

January 15 - It issued 1,300 treasury shares for P40 each.
February 1 - Sold 180, P1,000, 9% bonds due February 1, 2032 at 103 with one detachable share warrant to each bond. Interest is payable annually February 1. The fair market value of the bonds without the share warrants is 95. The warrants have a fair value of P50 each and will expire on February 1, 2023. Each warrant entitles the holder to purchase 10 ordinary shares at P40 per share.
March 6 - 2,800 ordinary shares were subscribed at P44 each. 40% of the subscription was collected.
March 20 - The balance due on 2,400 shares was received and those shares were issued.
November 1 - There were 110 share warrants detached from the bonds and exercised.

The company's net income for 2022 is P950,000

Ordinary Share Capital, P2 par value, 1,000,000 shares authorized, 177,580 shares outstanding	360,000
Share Premium- Issuance	3,640,000
Share Premium- Treasury	45,000
Retained Earnings	649,378
Treasury Shares	145,200
Total Shareholders' Equity	4,459,178