Delta Corporation issued 25,000 shares of $5 par value common stock at a market price of $15. As a result of this accounting event, the amount of stockholders' equity would: a) increase by $125,000 b) increase by $250,000 c) increase by $375,000 d) be unaffected
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- Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).(a) A company has 100,000 shares of $1 par value common stock outstanding with a current market price of $100 per share. If the corporation issues a 2-for-1 stock split, what will be the approximate market price of the stock after the stock split? (b) What does the balance of Retained Earnings at the end of the year represent?
- National Supply's shareholders' equity included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 5 million shares at $1 par Paid-in capital-excess of par Retained earnings Required: $ 5,000,000 25,000,000 74,500,000 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate assumptions: the shares are (a) retired and (b) accounted for as treasury stock. February 15, 2024 Reacquired 160,000 shares at $8 per share. February 17, 2025 Reacquired 160,000 shares at $5.50 per share. November 9, 2026 Sold 95,000 shares at $7 per share (assume FIFO cost). 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2026, assuming the shares are (a) retired and (b) accounted for as treasury stock. Net income was $13 million in 2024, $14 million in 2025, and $15 million in 2026. No dividends were paid during…The YZA Corporation has 100,000 ordinary shares authorized, par value P10. As of the end of reporting period, 60,000 of the shares are outstanding. Required: Compute the earnings per share assuming the company has a profit of: A. P10,000 B. P70,000 C. P90,000 D. P150,000 E. P180,00014)If Mande Corp issues 7,000 shares of $30 par value common stock for $240,000, the account a)Common Stock will be debited for $210,000. b)Cash will be debited for $210,000. c)Paid-in Capital in Excess of Par Value will be credited for $180,000. d)Paid-in Capital in Excess of Par Value will be credited for $30,000.
- (19) Miller Corporation issued 7,000 shares of its $5 par value common stock in payments for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The journal entry for this transaction would include a credit to: A. Legal expenses for $70,000 B. Common stock for $70,000 C. Paid - in Capital in Excess of Par-Common for $70,000. D. Paid - in Capital in Excess of Par-Common for $35,000.On July 1, Davidson Corporation had the following capital structure: Common stock ( $3 par value) Additional paid-in capital Retained earnings Treasury stock Required: $ 600,000 1,030,000 780,000 Complete the table below for each of the two following independent cases: Note: Round "Par value per share" amounts to 2 decimal places. Case 1: The board of directors declared and issued a 40 percent stock dividend when the stock was selling at $5 per share. Case 2: The board of directors announced a 6-for-5 stock split. The market price prior to the split was $5 per share. > Answer is complete but not entirely correct. Items Before Dividend After Stock Dividend After Stock Split and Split Common stock account $ 600,000 $ 600,000 $ Par value per share $ 3.00 $ 3.00 $ 0.50 x Shares outstanding 0 ☑ 0 ☑ Additional paid-in capital Retained earnings Total stockholders' equity $ SASS $ 1,030,000 $ 1,030,000 $ 1,030,000 $ 780,000 $ 780,000 $ 780,000 0 $ 0 $ 0 ☑(a) Your answer is correct. Determine the weighted-average number of shares outstanding as of December 31, 2026. (b) The weighted-average number of shares outstanding eTextbook and Media X Your answer is incorrect. Earnings per share 1751425 Assume that Ivanhoe Corp. earned net income of $3,500,000 during 2026. In addition, it had 101,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2026. Compute earnings per share for 2026, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. 2.55.) 34.66 Attempts: 1 of 3 used
- On January 1, 2021, Oriole Corporation had 1,020,000 shares of common stock outstanding. On March 1, the corporation issued 120,0O0 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 450,000 of its own outstanding shares and retired them. Compute the weighted average number of shares to be used in computing earnings per share for 2021. The weighted average number of sharesMarlene Co. had 300 million shares of $1 par common stock outstanding at January 1, 2021. In October 2021, Marlene Co.’s Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $60 per share. In recording this transaction, Marlene would: a. Debit retained earnings for $180 million. b. Credit paid-in capital—excess of par for $180 million. c. Credit common stock for $180 million. d. None of these answer choices correct.At the end of 20X6, Home Ltd. reported the following in shareholders' equity: Common shares, no par value; authorized, unlimited shares; issued, 14,400,000 shares Retained earnings $ 18,800,000 52,840,000 $71,640,000 At this time, the shares were trading in the range of $4 to $6 per share on public stock markets. The company's board of directors is contemplating two alternative courses of action: 1. Declaring a 50% stock dividend, or 2. Executing a 3-for-2 stock split. Required: 1. Prepare the shareholders' equity section for each alternative, assuming that market value is used to capitalize the stock dividend. 2. What would be the expected share price in each case? 3. Which alternative would shareholders prefer? Explain. 4. Which alternative would the company prefer? Explain.
