Munabhai Brief Exercise 18-6 (Algo) Retirement of shares [LO18-5]Agee Storage issued 43 million shares of its $1 par common stock at $18 per share several years ago. Last year, for the first time, Ageereacquired 1 million shares at $16 per share.Assuming that Agee retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount willAgee's total paid-in capital decline if it now reacquires 1 million shares at $22 per share? (Enter your answer in millions (i.e..10,000,000 should be entered as 10).)Total paid-in capital will decline bymillion:

The shares are issued by the company to get the required funds for business needs. However, the…

Answered: Brief Exercise 18-6 (Algo) Retirement…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 21DQ

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Exercise 18-11 (Algo) Retirement of shares [LO18-5] In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borland had issued 170 million shares of its $1 par common stock at $29 per share. Required: Assuming that Borland retires shares it reacquires, 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 2, 2024, Borland reacquired 13 million shares at $28.00 per share. 2. On March 3, 2024, Borland reacquired 13 million shares at $31 per share. 3. On August 13, 2024, Borland sold 1 million shares at $37 per share. 4. On December 15, 2024, Borland sold 2 million shares at $31 per share. View transaction list
Exercise 18-10 (Static) Retirement of shares [LO18-5] Borner Communications' articles of incorporation authorized the issuance of 130 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, 100 million shares at $1 par Paid-in capital excess of par Retained earnings ($ in millions) $100 300 210 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: (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, 2021, Borner reacquired 2 million shares at $5 per share. 2. On August 23, 2021, Borner reacquired 4 million…
Exercise 19-24 (Algo) New shares; contingently issuable shares [LO19-6,19-12] During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share. January 2 Issued 75 million common shares for cash. January 2 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2025 based on the earnings of Berry in 2025. If net income exceeds $120 million, the president will receive 1 million shares; 2 million shares if net income exceeds $130 million. March 31 Issued 4 million shares in exchange for plant facilities. Net income for 2024 was $125 million. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
Exercise 19-24 (Algo) New shares; contingently issuable shares [LO19-6,19-12] During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 100 million common shares, $1 par per share. January 2 Issued 55 million common shares for cash. January 2 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2025 based on the earnings of Berry in 2025. If net income exceeds $140 million, the president will receive 1 million shares; 2 million shares if net income exceeds $150 million. March 31 Issued 4 million shares in exchange for plant facilities. Net income for 2024 was $148 million. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Basic Diluted Numerator + +…
Exercise 19-13 (Algo) EPS; treasury stock; new shares; stock dividends; two years [LO19-5, 19-6] The Alford Group had 340,000 shares of common stock outstanding at January 1, 2021. The following activities affected common shares during the year. There are no potential common shares outstanding. 2021 Feb. 28 Purchased 30,000 shares of treasury stock. Oct. 31 Sold the treasury shares purchased on February 28. Nov. 30 Issued 120,000 new shares. Dec. 31 Net income for 2021 is $495,000. 2022 Jan. 15 Declared and issued a 2-for-1 stock split. Dec. 31 Net income for 2022 is $495,000. Required: 1. Determine the 2021 EPS. (Do not round intermediate calculations.) 2. Determine the 2022 EPS. 3. At what amount will the 2021 EPS be presented in the 2022 comparative financial statements? (For all requirements, Enter your answers in thousands.) Numerator / Denominator = Earnings per Share 1. %3D 2. %3D 3. %3D
n Problem 21-2 (ACP) the following issuance of equity shares: At the beginning of current year, Alegro Company reported 200,000 shares at P20 250,000 shares at P25 shares was a. The share has a P15 par value. b. The share is no par with stated value of P20. per share. at P20, and these shares were reissued at year-end at P25 During the current year, the entity reacquired 50,000 shares Required: assuming: Prepare journal entries to record the foregoing transactions 745 4,000,000 6,250,000
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Current Attempt in Progress ketch (or try the short Snip & Sketch Sheridan Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,850,000 shares of $12 par common stock. At no time has Sheridan issued any potentially dilutive securities. Listed below is a summary of Sheridan's common stock activities. 1. 2. 3. 4. (a) Number of common shares issued and outstanding at December 31, 2023 Shares issued as a result of a 12% stock dividend on September 30, 2024 Shares issued for cash on March 31, 2025 Number of common shares issued and outstanding at December 31, 2025 A 2-for-1 stock split of Sheridan's common stock took place on March 31, 2026 2,060,000 247,200 shares 2,060,000 4,367,200 Compute the weighted-average number of common shares used in computing earnings per common share for 2024 on the 2025 comparative income statement.
1
47 In January 2022, Yoko Corporation, a newly formed company, issued 10,000 shares of its P10 par ordinary shares for P15 per share. On July 1, 2022, Yoko Corporation reacquired 1,000 shares of its outstanding shares for P12 per share. The acquisition of these treasury shares Group of answer choices decreased the number of issued shares. increased total shareholders’ equity. decreased total shareholders’ equity. did not change total shareholders’ equity.
5
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