Question 3 of 11(a)Journalize the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manuallyIf me entry is requirt, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented inthe problems List al debit entries before credit entries)Account TitlesDateQuestion 3 of 11 <View PoliciesCurrent Attempt in ProgressJan 1224July 11Oct.Concord Corp, a private corporation, received its articles of incorporation on January 3, 2024. It is authorized to issue an unlimitednumber of common shares and $3 preferred shares. It had the following share transactions during the year1DebitIssued 54,000 common shares for $5 per shareIssued 1.030 common shares in payment of a $6.333 bill for legal servicesIssued 1.080 preferred shares for $25 per shareQuestion 4 of 11View PoliciesIssued 10,800 common shares in exchange for land. The land's fair value was estimated to be $59,400. Concord'saccountant estimated that the fair value of the shares issued might be as high as $6 per shareJan. 13CreditCurrent Attempt in ProgressBramble Ltd. is authorized to issue 9.000.54 concumulative preferred shares. On January 13, it issued 2.700 preferred shares for $90cash per share.Date Account TitlesPrepare the journal entry to record the transaction. (Credit account titles are automatically indented when the amount internt. Donot indent many if no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry beforecredit entry)DebitCredit

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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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Queenstown Corporation issues 4,000, $4 cumulative preferred shares at $80 each and 12,000 common shares at $18 at the beginning of 2022. Each preferred share is convertible into four common shares. During the years 2022 and 2023, the following transactions affected Queenstown Corporation's shareholders' equity accounts: 2022 Dec. 10 Declared and paid $12,000 of annual dividends to preferred shareholders. 2023 Dec. 10 Dec. 21 Required: a) b) Declared and paid the annual dividend to preferred shareholders and a $4,000 dividend to common shareholders. The preferred shares were converted into common shares. Journalize each of the 2022 and 2023 transactions. After the preferred shares are converted, what is the total number of common shares issued?
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.0 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40,300 common shares at $4.4 each. 20 Issued 6,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $32,000. 31 Issued 76,000 common shares in exchange for land, building, and equipment, which have fair market values of $356,000, $476,000, and $44,000, respectively. Mar. 4 Purchased equipment at a cost of $8,120 cash. This was thought to be a special bargain price. It was felt that at least $10,400 would normally have had to be paid to acquire this equipment. Dec. 31 During 2020, the company incurred a loss of $92,000. The Income Summary account was closed. 2021…
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.0 non-cumulative preferred shares. The following transactions are among those that occurred during the first three years of operations: 2020 Jan. 12 Issued 40,300 common shares at $4.4 each. 20 Issued 6,000 common shares to promoters who provided legal services that helped to establish the company. These services had a fair value of $32,000. 31 Issued 76,000 common shares in exchange for land, building, and equipment, which have fair market values of $356,000, $476,000, and $44,000, respectively. Mar. 4 Purchased equipment at a cost of $8,120 cash. This was thought to be a special bargain price. It was felt that at least $10,400 would normally have had to be paid to acquire this equipment. Dec. 31 During 2020, the company incurred a loss of $92,000. The Income Summary account was closed. 2021…
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The charter of a corporation provides for the issuance of 116,962 shares of common stock. Assume that 44,382 shares were originally issued and 3,124 were subsequently reacquired. What is the amount of cash dividends to be paid if a $3 per share dividend is declared? Oa. $123,774 Ob. $9,372 Oc. $133,146 Od. $350,886
View Policies Show Attempt History Current Attempt in Progress Ivanhoe Inc. (II) is a backyard pond design and installation company. Il was incorporated during 2023, with an unlimited number of common shares, and 47,000 preferred shares with a $3 dividend rate authorized. Il follows ASPE. The following transactions took place during the first year of operations with respect to these shares: Jan. 1 an. 15 Feb. 20 Mar. 3 Sept. 23 The articles of incorporation were filed and state that an unlimited number of common shares and 47,000 preferred shares are authorized. 28 28,200 common shares were sold by subscription to 3 individuals, who each purchased 9,400 shares for $47 per share. The terms require 9% of the balance to be paid in cash immediately. The balance was to be paid by December 31 2024 at which time the shares will be issued 31, 2024, at which time the shares will be issued. 65,800 common shares were sold by subscription to 7 individuals, who each purchased 9,400 shares for $47…
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Bridgeport SA uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 R$12 par ordinary shares. At no time has Bridgeport issued any potentially dilutive securities. Listed below is a summary of Bridgeport’s ordinary share activities. 1. Number of ordinary shares issued and outstanding at December 31, 2021 2,040,000 2. Shares issued as a result of a 12% share dividend on September 30, 2022 244,800 3. Shares issued for cash on March 31, 2023 1,870,000 Number of ordinary shares issued and outstanding at December 31, 2023 4,154,800 4. A 2-for-1 share split of Bridgeport’s ordinary shares took place on March 31, 2024 (a) Compute the weighted-average ordinary shares used in computing earnings per ordinary share for 2022 on the 2023 comparative income statement. enter a number of shares shares

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