In 2023, Ivanhoe Corp. acquired 8500 of its own no par value common shares at $19 per share, to be held in the treasury. In 2024, Ivanhoe sold 6400 of these shares at $24 per share. What accounts and what amounts should Ivanhoe credit in 2024 to record this sale? Treasury Shares $121600 $121600 $121600 Contributed Surplus $32000 Retained Earnings $32000 $32000 Common Shares $121600 $32000

In 2023, Ivanhoe Corp. acquired 8500 of its own no par value common shares at $19 per share, to be held in the treasury. In 2024, Ivanhoe sold 6400 of these shares at $24 per share. What accounts and what amounts should Ivanhoe credit in 2024 to record this sale? Treasury Shares $121600 $121600 $121600 Contributed Surplus $32000 Retained Earnings $32000 $32000 Common Shares $121600 $32000

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 $77000.
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The investments of Harlon Enterprises included the following cost and fair value amounts ($ in millions): Fair Value, Dec. 31 2022 N/A $ 37 Equity Investments A Corporation shares B Corporation shares C Corporation shares. D Industries shares Totals Cost $ 20 35 15 45 $115 1 Increase 2 Amount Harlon accounts for its equity investment portfolio at fair value through net income. Harlon sold its holdings of A Corporation shares on June 1, 2022, for $15 million. On September 12, it purchased the C Corporation shares. $ 2021 $ 14 Required: 1. What is the effect of the sale of the A Corporation shares and the purchase of the C Corporation shares on Harlon's 2022 pretax $ 35 N/A 46 $95 earnings? 2. At what amount should Harlon's securities equity investment portfolio be reported in its 2022 balance sheet? (For all requirements, enter your answers in millions, (i.e., 10,000,000 should be entered as 10).) 14 50 $101 6 million 5 milion
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Answer is c. $125,000 Please explain the reasoning and calculations
Prepare the balance sheet..