INTERMEDIATE ACCOUNTING LL W/ ACCESS 540
10th Edition
ISBN: 9781264688715
Author: SPICELAND
Publisher: MCG
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Chapter 18, Problem 18.2BE
Stock issued
• LO18–4
Penne Pharmaceuticals sold 8 million shares of its $1 par common stock to provide funds for research and development. If the issue price is $12 per share, what is the
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Question 10 of 17
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Crane Company issued 9000 shares of its $5 par value common stock having a fair value of $20 per share and 14000 shares of its
$10 par value preferred stock having a fair value of $20 per share for a lump sum of $510000. How much of the proceeds would be
allocated to the common stock?
O $180000
O $310435
O $199565
O $206250
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Exercise 18-10 (Algo) Retirement of shares [LO18-5]
Borner Communications' articles of incorporation authorized the issuance of 125 million common shares. The transactions described
below effected changes in Borner's outstanding shares. Prior to the transactions, Borner's shareholders' equity included the following:
Shareholders' Equity
Common stock, 110 million shares at $1 par
Paid-in capital - excess of par
Retained earnings
($ in millions)
$ 110
330
220
Required:
Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares),
record the appropriate journal entry for each of the following transactions:
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers
in millions (i.e., 10,000,000 should be entered as 10).
1. On January 7, 2024, Borner reacquired 4 million shares at $6.00 per share.
2. On August 23, 2024, Borner reacquired 6…
Exercise 19-12 (Algo) EPS; shares issued; stock dividend [LO19-5, 19-6]
For the year ended December 31, 2021, Norstar Industries reported net income of $985,000. At January 1, 2021, the company had
1,150,000 common shares outstanding. The following changes in the number of shares occurred during 2021:
Apr. 30 Sold 105,000 shares in a public offering.
May 24 Declared and distributed a 5% stock dividend.
June
1 Issued 120,000 shares as part of the consideration for the purchase of assets from a subsidiary.
Required:
Compute Norstar's earnings per share for the year ended December 31, 2021. (Enter your answers in thousands. Round "EPS"
answer to 2 decimal places. Do not round intermediate calculations.)
Numerator
Denominator
Earnings per Share
%3D
%3D
Chapter 18 Solutions
INTERMEDIATE ACCOUNTING LL W/ ACCESS 540
Ch. 18 - Identify and briefly describe the two primary...Ch. 18 - Prob. 18.2QCh. 18 - Prob. 18.3QCh. 18 - Prob. 18.4QCh. 18 - Prob. 18.5QCh. 18 - Prob. 18.6QCh. 18 - Prob. 18.7QCh. 18 - What is meant by a shareholders preemptive right?Ch. 18 - Terminology varies in the way companies...Ch. 18 - Most preferred shares are cumulative. Explain what...
Ch. 18 - The par value of shares historically indicated the...Ch. 18 - Prob. 18.12QCh. 18 - How do we report components of comprehensive...Ch. 18 - The balance sheet reports the balances of...Ch. 18 - At times, companies issue their shares for...Ch. 18 - Prob. 18.16QCh. 18 - The costs of legal, promotional, and accounting...Ch. 18 - When a corporation acquires its own shares, those...Ch. 18 - Discuss the conceptual basis for accounting for a...Ch. 18 - The prescribed accounting treatment for stock...Ch. 18 - Brandon Components declares a 2-for-1 stock split....Ch. 18 - What is a reverse stock split? What would be the...Ch. 18 - Suppose you own 80 shares of Facebook common stock...Ch. 18 - Prob. 18.24QCh. 18 - Comprehensive income LO181 Schaeffer Corporation...Ch. 18 - Stock issued LO184 Penne Pharmaceuticals sold 8...Ch. 18 - Prob. 18.3BECh. 18 - Prob. 18.4BECh. 18 - Prob. 18.5BECh. 18 - Retirement of shares LO185 Agee Storage issued 35...Ch. 18 - Treasury stock LO185 The Jennings Group...Ch. 18 - Prob. 18.8BECh. 18 - Prob. 18.9BECh. 18 - Property dividend LO187 Adams Moving and Storage,...Ch. 18 - Stock dividend LO188 On June 13, the board of...Ch. 18 - Prob. 18.14BECh. 18 - Stock split LO188 Refer to the situation...Ch. 18 - Prob. 18.16BECh. 18 - Prob. 18.2ECh. 18 - Earnings or OCI? LO182 Indicate by letter whether...Ch. 18 - Stock issued for cash; Wright Medical Group LO184...Ch. 18 - Issuance of shares; noncash consideration LO184...Ch. 18 - Prob. 18.6ECh. 18 - Share issue costs; issuance LO184 ICOT Industries...Ch. 18 - Prob. 18.14ECh. 18 - Prob. 18.16ECh. 18 - Prob. 18.20ECh. 18 - Prob. 18.22ECh. 18 - Prob. 18.25ECh. 18 - Various stock transactions; correction of journal...Ch. 18 - Prob. 18.1DMPCh. 18 - Prob. 18.6DMPCh. 18 - Prob. 18.8DMP
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