ADVANCED ACCT CUSTOM W/CONNECT
14th Edition
ISBN: 9781307697711
Author: Hoyle
Publisher: MCG/CREATE
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Chapter 2, Problem 11Q
To determine
Explain the manner in which Company S record the issuance of the shares.
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Sloane, Inc., issues 25,000 shares of its own common stock in exchange for all of the outstanding shares of Benjamin Company. Benjamin will remain a separately incorporated operation. How does Sloane record the issuance of these shares?
Ayayai Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions:
Jan. 5 Issued 49,000 common shares for $2.50 per share.
Jan. 20 Issued 2.700 common shares to settle legal expenses. The value of the legal expenses was $8,818.
Feb. 10 Issued 11,000 preferred shares for $50.00 per share.
Aug 12 Repurchased 14,700 common shares for $2.40 per share.
Oct. 1 Issued 5,300 common shares for $2.25 per share.
Dec. 15 Repurchased 22,000 common shares for $2.70 per share.
Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the
problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, eg. 5.75 and final answers to 0 decimal
places, eg 5,275)
Lagoon Company was organized at the beginning of the current year.The entity provided the following transactions affecting shareholders' equity:1. The corporation was authorized to issue 100,000 ordinary shares with par value ofP100.2. Twenty-five percent of the authorized ordinary capital was subscribed for at par value.3. Collected twenty-five percent of the subscription.4. Full collection was received on 10,000 shares originally subscribed.5. Issued the share certificates on the fully paid 10,000 shares.6. Land with fair value of P800,000 and a building thereon fairly valued at P2,500,000were acquired for 30,000 shares.7. Issued 10,000 shares for an outstanding bank loan of P1,300,000, including accruedinterest of P200,000. On this date, shares are quoted at P120 per share.8. Net income for the year amounted to P3,000,000.Required:a. Prepare journal entries using journal entry method.
b. Present the shareholders' equity
Chapter 2 Solutions
ADVANCED ACCT CUSTOM W/CONNECT
Ch. 2 - Prob. 1QCh. 2 - Describe the concept of a synergy. What are some...Ch. 2 - Prob. 3QCh. 2 - What does the term consolidated financial...Ch. 2 - Within the consolidation process, what is the...Ch. 2 - Prob. 6QCh. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - Which of the following does not represent a...Ch. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - Prob. 7PCh. 2 - When does gain recognition accompany a business...Ch. 2 - Prob. 9PCh. 2 - Prob. 10PCh. 2 - Prob. 11PCh. 2 - On June 1, Cline Co. paid 800,000 cash for all of...Ch. 2 - On May 1, Donovan Company reported the following...Ch. 2 - Prob. 14PCh. 2 - Prob. 15PCh. 2 - Prob. 16PCh. 2 - Prob. 17PCh. 2 - On its acquisition-date consolidated balance...Ch. 2 - On its acquisition-date consolidated balance...Ch. 2 - Prob. 20PCh. 2 - Prob. 21PCh. 2 - Prob. 22PCh. 2 - The following book and fair values were available...Ch. 2 - Prob. 24PCh. 2 - Prob. 25PCh. 2 - Prob. 26PCh. 2 - Prob. 27PCh. 2 - Prob. 28PCh. 2 - SafeData Corporation has the following account...Ch. 2 - Prob. 34PCh. 2 - Prob. 35PCh. 2 - Prob. 39APBCh. 2 - Prob. 40APB
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