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

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This topic is about Corporation. Please answer the ff questions How much is the authorized share capital? How much is the issued share capital? How many shares of stock have been issued?
ANSWERED Sunday, May 29, 2022 BUSINESS ACCOUNTING Journalize the following transaction: Mining corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It's also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transaction: 1-May issued 3,000 shares of preferred stock for Cash at $750 per share. 23-May issued 6,000 shares of common stock at $12.50 Per share. Jun.10 issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share. Journalize the transactions √x 8
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…
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 Feb. 2 June 1 Dec 1 150,000 O 110,000 What is the number of ABC Corp.'s ordinary share outstanding at December 31, 2020? 120,000 number of shares authorized number of shares issued number of shares reacquired but not retired 2 for 1 share split O 115,000 80,000 60,000 5,000
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
S7.
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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Item Nos. 12 and 13 are based on the following information:ddet01oM mat Bravo Company was organized at the beginning of this year with dones authorized capital of 100,000 ordinary shares with a par value of P 200 per hatini share. During the year, Bravo had the following transactions affecting the shareholders' equity: 01 Fon Jan. 10 Issued 25,000 shares at P 220 per share. .000 Mar. 25 Issued 1,000 shares for legal services when the fair value was P 240 per share. dw.or Sep. 30 Issued 5,000 shares for a tract of land when the fair value was P 260 per share.

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