Concord Corporation has 1,000,000 authorized shares of $25 par value common stock. As of June 30, 2020, there were 625,000 shares issued and outstanding. On June 30, 2020, the board ofdirectors declared a $0.50 per share cash dividend to be paid on August 1, 2020.Prepare the necessary journal entries to be recorded on (a) the date of declaration, (b) the date of record, and (c) the date of payment. (If no entry is required, select "No Entry" for the account titlesand enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)No. Account Titles and Explanation(a)(b)(c)DebitCredit

The dividend is declared to the shareholders from the retained earnings of the business. The…

Answered: Concord Corporation has 1,000,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ABC Co. was organized on January 1, 2019, with an authorization of 1.200.000 ordinary shares with a par value of Rp6 per share. During 2019, the corporation had the capital transactions as provided below. ABC Co. used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of share premium as of December 31, 2019?
Dakota Corporation had the following shareholders' equity account balances at December 31, 2018: Transactions during 2019 and other information relating to the shareholders' cquity accounts were as follows:1. Dakota's preferred and common shares are traded on the over-the-counter market. At December 31, 2018,Dakota had 100,000 authorized shares of $100 par, 10%, cumulative preferred stock; and 3,000,000 autho-rized shares of no-par common stock with a stated value of $5 per share.2. On January 9, 2019, Dakota formally retired all 30,000 shares of its treasury common stock and had them revert to an unissued basis. The treasury stock had been acquired on January 20, 2018. The shares were originally issued at $10 per share,3. Dakota owned 10,000 shares of Bush Inc, common stock purchased in 2016 for $750,000. The Bush stock was included in Dakota's short-term marketable securities portfolio at the end of 2018 at a value of $650,000.On February 13, 2019, Dakota declared a dividend in kind…
Prepare Jornal Entry and Ledger account. Attached Question and format of ledger
Bingo Corporation’s board of directors declared a P950,000 cash dividend on March 1, 2018, payable on June 1, to shareholders of record on March 15. Prepare all appropriate entries needed on the declaration, record, and payment dates.
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Tolkin Corporation was organized on January 1, 2019, with an authorization of 5,000,000 shares of $1 par value common stock. During 2019,Tolkin had the following common stock transactions: Jan. 4 Issued 300,000 shares @ $8 per share. Apr. 8: Issued 100,000 shares @ $6 per share. July 29: Purchased 90,000 shares (treasury) @ $7 per share. Oct. 18: Sold 60,000 shares held in treasury @ $9 per share. Dec. 31: Sold 30,000 shares held in treasury @ $6 per share. Tolkin had no other transactions affecting paid-in capital. At December 31, 2019, what is the total amount of paid-in capital? Select one: a. $3,120,000 b. $3,090,000 c. $2,660,000 d. $2,720,000 e. None of the above
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common stock, 112 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2021, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2022, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.8 million, but were purchased two years previously for $2.4 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2022, the corporation declared and distributed a 4 %…
Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2018, the company's board of directors declares a 50 percent stock dividend. This stock dividend will be distributed on January 20, 2019 to the stockholders of record on January 15, 2019. The market price of the company's stock is $10 per share on December 31, 2018. Prepare the journal entry.
Sheridan Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,050 shares of $50 par value preferred stock and 101,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,900; 2022, $13,600; and 2023, $27,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 9% and cumulative. 2021 2022 2023 Allocation to preferred stock Allocation to common stock
You were assigned to audit the shareholders’ equity of Glory Inc. for the year ended December31, 2019. Glory Corp. was incorporated in early 2018 when it was authorized by SEC to issue 500,000 ordinary shares (P10 par) and 100,000 convertible preference shares (P20 par). The following schedule reflects the company’s capital balances as of December 31, 2018: Ordinary shares, 100,000 shares issued during the company’s P 1,400,000 incorporation in exchange of a land with a fair value of P1.4 M. Preference shares, 50,000 shares issued during the company’s 2,500,000 incorporation at P50 per share. Each preference share is convertible to four ordinary shares Retained earnings, which is the company’s net income in 2018 540,000 Total shareholders’ equity P 3,440,000 Your inquiries and investigation revealed the following transactions, which occurred in 2019: a. On January 15, the company reacquired 20, 000 ordinary shares (from the 2018 issue) at P22 per share and reverted them to treasury…
Buffalo Limited has the following information available regarding its share capital at December 31, 2020: Preferred shares, $3.50 cumulative, 18,700 shares issued $935,000 Preferred shares, $4.50 noncumulative, 14,800 shares issued 740,000 Common shares, 296,000 shares issued 1,480,000 The shares were issued when the corporation began operations on January 1, 2019. No dividends were declared during 2019 and 2020. On October 30, 2021, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2021, to the shareholders of record on November 16, 2021. How much will be paid to each class of shares? Cumulative preferred shares $enter a dollar amount Noncumulative preferred shares $enter a dollar amount Common shares $enter a dollar amount Prepare journal entries on the appropriate dates…
What is the correct balance of ordinary share capital on December 31, 2021

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