Instructions: Compute for each of the items enumerated below. Number of preference shares issued for cash. 1. 2. Price per share of preference share capital issued for cash. 3. Number of ordinary share issued. 4. Average price per share of the ordinary share capital issued for cash. 5. Total preference share premium arising from issuance in exchange for equipment.
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- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for 5612,000 in the journal entry to record this transaction. Required: How many shares were issued on September 4, 2019?Problem2: The Dirge Corporation was organized on January 1, 2013 with authorized share capital consisting 50,000 preference shares with a par value of P 50 and 1,000,000 of no-par ordinary shares with a stated value of P 6. At December 31, 2013, the ledger included the following balances pertaining to shareholders' equity: Preference share capital P 1,000,000 Share premium – preference Ordinary share capital Paid in capital in excess of stated value - ordinary 120,000 3,000,000 4,760,000 Ten thousand preference shares were issued for equipment having a fair value of P 550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash. Compute for the: 3. Number of preference shares issued for cash. 4. Price per share of preference share capital issued for cash. 5. Number of ordinary share issued. 6. Average price per share of the ordinary share capital. 7. Total preference share premium arising from issuance in exchange for equipment.
- Problems 8- 5 (Reconstruction of Transactions) The Golden Rule Corporation was organized on January 1, 2014 with authorized share capital consisting of 50,000 preference shares with a par value of P50 and 1,000,000 of no-par edinary shares with a stated value of P10. At December 31, 2014, the ledger included the following balances pertaining to shareholders' equity. Preference Share Capital Preference Share Premium Ordinary Share Capital Ordinary Share Capital in Excess of Stated Value 1,000,000 120,000 3,000,000 4,500,000 Ten thousand preference shares were issued for equipment having a fair value of P550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash. Instructions: Compute for each of the items enumerated below. Number of preference shares issued for cash. Price per share of preference share capital issued for cash. Number of ordinary share issued. Average price per share of the ordinary share capital issued for cash. Total…Question(C) 1. On Septensber 1, 2015, Valdez Company reacquired 12,000 shares of ths$10par value ondinary shares for$15per share. Valdez uses the cost method to account for treasury shares. The joumal entry to record the reacquisition of the shares should debit a. Treasury Shares for$120,000. b. Share Capital-Ordinary for$120,000. c. Share Capital-Ordinary for$120,000and Share Premium-Ordinary for$60,000. 2. Long Co, issued 100,000 shares of$10par ordinary shares for$1,200,000. Long aequired 8,000 shares of its own shares at 515 per share. Three months later Long sold 4,000 of these shares at$19per share. If the cost method is used to record treasury shares transactions, to record the sale of the 4,000 treasury shares, Long should credit a. Treasury Shares for$76,000. b. Treasury Shares for$40,000and Share Premium-Treasury for$36,000. c. Treasury Shares for$60,000and Share Premium-Treasury Stock for$16,000. d. Treasury Shares for$60,000and Share Premium-Ordinary for$16,0003. Glavine…PROBLEM 2: JKL Corp. reported the following amounts in the shareholders' equity section of its December 31, 2015, statement of financial position: Preference shares, P10 par (100,000 shares authorized, 40,000 shares issued) Ordinary shares, P5 par (50,000 shares authorized, 20,000 shares issued) Share premium - Ordinary shares Accumulated profits P400,000 100,000 192,000 1,200,000 The following transactions occurred during 2016: a. At the beginning of 2016, the company paid the annual 2015 P1 per share dividend on preference shares and PO.50 per share dividend on ordinary shares. These dividends had been declared on December 1, 2015.Further investigations revealed that no entry has been made to account for the declaration of the said dividends. b. On February 13, the company purchased 4,000 shares of its own outstanding ordinary shares for P80,000. c. On March 30, the company declared and issued ordinary shares split-up (1 is to 2). d. On June 19, the company reissued 2,800 treasury…
- 7. On Dec. 31, 2018, selected accounts from the trial balance of Dimaculangan, Inc. shoed up the following balances. Debit Credit • Retained Earnings Subscribed Ordinary Shares, 2 000 shares P1 550 000 100 000 • Long-term Notes Payable 5% Preference Shares, P100 par Share Premium-Ordinary • Subscriptions Receivable Share Premium-Treasury • Organization Expense 600 000 1 500 000 1 350 000 P 120 000 280 000 200 000 Share Premium-Preference 850 000 • Ordinary Shares, P50 par • Donated Capital Treasury Stock, 450 shares at 2 500 000 590 000 40 000 Cost Dimaculangan was authorized by its articles of incorporation to issue 500 000 shares of P50 par ordinary shares and 25 000 shares of P100 par cumulative nonparticipating preference shares. Note that the subscriptions receivable are collectible next year. Required: Choose the appropriate shareholders' equity accounts from those listed above and prepare the shareholders' equity section of Dimaculangan, Inc.'s Dec. 31, 2018 statement of…PROBLEM 2: JKL Corp. reported the following amounts in the shareholders' equity section of its December 31, 2015,statement of financial position:Preference shares, P10 par (100,000 shares authorized,40,000 shares issued) P400,000Ordinary shares, P5 par (50,000 shares authorized, 20,000 shares issued) 100,000Share premium – Ordinary shares 192,000Accumulated profits 1,200,000The following transactions occurred during 2016:a. At the beginning of 2016, the company paid the annual 2015 P1 per share dividendon preference shares and PO.50 per share dividend on ordinary shares. These dividends had been declared onDecember 1, 2015.Further investigations revealed that no entry has been made to account for the declaration of thesaid dividends.b. On February 13, the company purchased 4,000 shares of its own outstanding ordinary shares for P80,000.c. On March 30, the company declared and issued ordinary shares split-up (1 is to 2).d. On June 19, the company reissued 2,800 treasury shares for an…Q. On August 1, 2018, Queen Corporation, a newly formed company had the following shares issued and outstanding: Preference Shares, P 50 par, 12,000 shares originally issued at P 65 Ordinary Shares, P 20 par, 25,000 shares originally issued at P 35 How should Queen shareholders' equity report the following? 1) Preference Share Capital 2) Ordinary Share Capital 3) Total Additional Paid in Capital 4) Total Contributed Capital
- S14-4 Issuing shares and interpreting shareholders' equity At 30 June, Adelaide Hills Ltd shows the following on its balance sheet (which includes the previous year's amounts for comparison): 30 June Current year Previous year $00 $000 Share capital (2 000 000 ordinary shares issued) (1 850 000 ordinary shares issued) Retained earnings $ 4000 $ 3 500 21 600 20 500 Requirements How much did total share capital increase during the current year? What caused total share capital to increase? How can you tell? 2 Did Adelaide Hills make a profit or a loss for the current year? How can you tell? 1Problem 8-6 (Reconstruction of Transaction) Shown below and on the next page are account balances found in the ledger of Humility Corporation at the end of 2014: Subscription Receivable - Preference Share Subscription Receivable - Ordinary Share 8% Preference Share Capital, P50 par value, authorized, 80,000 shares Issued Subscribed 360,000 182,000 P 1,440,000 720,000 2,160,000 Ordinary Share Capital, no par, P10 stated value, authorized, 320,000 shares Issued P 1,360,000 280,000 Subscribed 1,640,000 Paid-In Capital in Excess of Par or Stated Value Preference P. 216,000 Ordinary 328,000 544,000 Instructions: Compute for each of the items below. Number of preference shares issued. Number of ordinary shares issued. Number of subscribed preference shares. Number of subscribed ordinary shares. Average price per share received by the corporation on its preference share capital including subscribed shares. Average price per share received by the corporation on its ordinary share capital…Problem 1:- Following particulars are given from the books and records of Standard Products Ltd. Relating to issue and forfeiture of Equity Shares during January to April, 2016. The amount per share was payable as under: $ 3 on Application $ 5 on Allotment ( including $ 2 as premium) $ 4 on First & Final Call. No. of shares No. of shares allotted applied for Category I 20,000 30,000 Category II 10,000 10,000 5,000 ( application money refunded) Allotments were made pro- rata in Category I. Mr. Giri who applied for 450 shares in Category I failed to pay Allotment and Call Money and his shares were forfeited by the Directors. Subsequently 200 forfeited Shares were reissued to Mr. Puri as fully paid for $ 9 per share. Show Journal and Cash Book entries to record the above transactions.