Exercise 18-11 (Algo) Retirement of shares [LO18-5] In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borlan $1 par common stock at $29 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each Note: If no entry is required for a transaction/event, select "No journal entry required" in the F 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 18-11 (Algo) Retirement of shares [LO18-5] In 2024, Borland Semiconductors entered into the transactions described below. In 2021, Borlan $1 par common stock at $29 per share. Required: Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each Note: If no entry is required for a transaction/event, select "No journal entry required" in the F 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

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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Current Attempt in Progress Sunland Company acquired 22000 shares of its own common stock at $21 per share on February 5, 2020, and sold 11000 of these shares at $28 per share on August 9, 2021. The fair value of Sunland's common stock was $25 per share at December 31, 2020, and $26 per share at December 31, 2021. The cost method is used to record treasury stock transactions. What account(s) should Sunland credit in 2021 to record the sale of 11000 shares? O Treasury Stock for $231000 and Retained Earnings for $77000. O Treasury Stock for $275000 and Retained Earnings for $33000. O Treasury Stock for $308000. O Treasury Stock for $231000 and Paid-in Capital from Treasury Stock for $77000.
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Jakarta Corporation decided to issue common stock and used the $120,000 proceeds to retire all of its outstanding bonds on January 1, 2021. The following information is available for the company for 2020 and 2021. 2021 2020 Net income $120,000 $100,000 Average stockholders' equity 1,000,000 800,000 Total assets 1,200,000 1,200,000 Current liabilities 100,000 100,000 Total liabilities 360,000 480,000 Instructions(1) Compute the return on common stockholders' equity for both years.(2) Explain how it is possible that net income increased, but the return on common stockholders' equity decreased.(3) Compute the debt to assets ratio for both years, and comment on the implications of this change in the company's solvency.
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P16.3 Brondon Corp. purchased a put option on Mykia common shares on July 7, 2023, for $480. The put option is for 350 shares, and the strike price is $50. The option expires on January 31, 2024. The following data are available with respect to the put option: Date Sept. 30, 2023 Dec. 31, 2023 Jan. 31, 2024 Instructions Prepare the journal entries for Brondon for the following dates: July 7, 2023: Invests in put option on Mykia shares. 1 September 30, 2023: Brondon prepares financial statements. 1. December 31, 2023: Brondon prepares financial statements. January 31, 2024: Put option expires. Fair Value of Option $250 100 O Market Price of Mykia Shares $56 per share $58 per share $62 per share
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