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- 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, 2021. In addition, J&K Paint Shop 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. Issued 60%shares of class A common stock. Stock has par value of $48.00 per share and was issued at $105.00 per share. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). Issued 60%shares of no-par class B stock. Issue Price $98.00 Issued 20%shares of preferred stock at…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, 2021. In addition, J&K Paint Shop 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. Issued 60%shares of class A common stock. Stock has par value of $48.00 per share and was issued at $105.00 per share. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). Issued 60%shares of no-par class B stock. Issue Price $98.00 Issued 20%shares of preferred stock at…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, 2021. In addition, J&K Paint Shop 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. a. Issued 40% shares of class A common stock. Stock has par value of $45 per share and was issued at $62 per share. b. Issued 40% shares of no-par class B stock. (Issue price is at $60.00) C. Issued 30% shares of preferred stock at par value (Par value - $125). d. Exchanged 40% shares of class A common stock for Office Furniture and…
- 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, 2021. In addition, J&K Paint Shop 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 . Issued 40% of authorized shares of class A common stock. Stock has par value of $45 per share and was issued at $62 per share. Issued at $60, 40% of authorized shares of no-par class B stock. Issued 30% of authorized shares of preferred stock at par value $125. Exchanged 40% of authorized shares of class A common stock for Office…Can you also answer this? 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, 2021. In addition, J&K Paint Shop 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. a. Issued 40% shares of class A common stock. Stock has par value of $45 per share and was issued at $62 per share. b. Issued 40% shares of no-par class B stock. (Issue price is at $60.00) C. Issued 30% shares of preferred stock at par value (Par value - $125). d. Exchanged 40% shares of class A common stock…Discuss the accounting treatment, if any, that should be given to each of the following items in computing earnings per share of ordinary shares for financial statement reporting. a) Outstanding preference shares issued at a premium with a par value liquidation right. b) The exercise at a price below market value but above book value of an ordinary share option issued during the current fiscal year to officers of the corporation. c) The replacement of a machine immediately prior to the close of the current fiscal year at a cost 20% above the original cost of the replaced machine. The new machine will perform the same function as the old machine that was sold for its book value. d) The declaration of current dividends on cumulative preference shares. e) The acquisition of some of the corporation's outstanding ordinary shares during the current fiscal year. The shares were classified as treasury shares. f) A 2-for-1 share split of ordinary shares during the current fiscal year. g) A…
- Discuss the accounting treatment, if any, that should be given to each of the following items in computing earnings per share of ordinary shares for financial statement reporting. a. outstanding preference shares issued at a premium with a par value liquidation right. b. the exercise at a price below market value but above book value of an ordinary share option issued during the current fiscal year to officers of the corporation. c. the replacement of a machine immediately prior to the close of the current fiscal year at a cost of 20% above the original cost of the replaced machine. the new machine will perform the same function as the old machine that was sold for its book value.If the corporation when formed sets a par value for its shares low and issue common stock for a price above par, what is this amount above par called? Can this amount be treated as a gain, income, or profit for the corporation? Please give the reason for your answer. Assume one year later (2019) the company KY Jeweller’s Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. 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 fist name initial. The company’s charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues ___ () shares…Identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: Jan. 1, 2021 - ABC Bought an additional 15,000 shares of X Corp. for a total price of P3,800,000. The original shares are valued at P250 each. On the same date, ABC started providing essential technical information to X and that both corporations have an interchange of managerial personnel. Significant influence is established. There were no changes in the ordinary shares outstanding.
- Discuss the accounting treatment, if any, that should be given to each of the following items in computing earnings per share of ordinary shares for financial statement reporting. d) The declaration of current dividends on cumulative preference shares. e) The acquisition of some of the corporation's outstanding ordinary shares during the current fiscal year. The shares were classified as treasury shares. f) A 2-for-1 share split of ordinary shares during the current fiscal year. g) A provision created out of retained earnings for a contingent liability from a possible lawsuit.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. Issued 45,500 shares of common stock. Stock has par value of $0.30 per share and was issued at $30 per share. Issued 8,000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 160,000 shares of common stock for land with an appraised value of $ 400,000.00 and a building with an appraised value of $ 650,000.00. Earned Net income $650,000.00. 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…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. Issued 65,000 shares of common stock. Stock has par value of 0.40 per share and was issued at $30 per share Issued 10,000 shares of preferred stock at par value as payment in exchange for legal services Exchanged 200,000 shares of common stock for land with an appraised value of $ 500,000 and a building with an appraised value of $700,000. Earned Net income $750,000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: Prepare Osbourne Corporation Stockholders equity section of the balance sheet at December 31, 2021.…