ined earnings 5,700,000 Share capital transactions for the year 2021: March 10 - Reacquired 80,000 ordinary shares at P30 per share April 20 - Reissued 28,000 ordinary treasury shares at P38 per share April 25 - Reissued 27,000 ordinary treasury shares at P22 per share May 13 – Retired 25,000 ordinary treasury shares.   Journal entry on May 13 should include: a. Credit to Share premium - ordinary shares - P250,000 b. Credit to Treasury shares - P700,000 c. Debit to Retained Earnings - P42,000

Q: Bernabe Company reported the following equity accounts in January 1, 2020: Share Capital, P20 par…

A: Formula: Share premium = Beginning share premium - Shares reacquired value

Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity:   Preference share…

A: Depreciation expense is the portion of cost of the fixed assets to be written off periodically in…

Q: The entry to record the sale on the books of Image should include:

A: A. Total par value of share = P 360000 B. Total number of treasury share = 2000 C. Par value of each…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: Total cost of Treasury stock = P360,000+(2000*225)                                              =…

Q: The stockholders' equity account balances of Image Corporation as of December 31, 2020 are as…

A: Total cost of Treasury stock = P360,000+(2000*225)                                              =…

Q: XYZ Corporation reported the following in its statement of shareholders' equity on January 1 2021…

A: When the company declares the share split, then the no. of shares increases in the split ratio, and…

Q: The stockholders' equity account balances of Image Corporation as of December 31, 2020 are as…

A: Total cost of Treasury stock = P360,000+(2000*225)                                              =…

Q: apital (P25 par value, 100,000 shares) 2,500,000 Share premium 3,000,000 Retained earnings…

A: Heaven Inc discovered late in 2021 that 2020 depreciation expense was overstated by 500,000.…

Q: Elston Limited had the following equity accounts on January 1, 2020: Share Capital—Ordinary ($5 par)…

A: Answer -  Part 1 -  Journal Entries             Date Particulars Debit  Credit…

Q: BananaQ Company was organized on January 1,2020, with an authorization of 400,000 ordinary shares, a…

A: Share premium refers to the excess amount received over the par value of the shares on the issue of…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: the par value of shares     25000000/25000              100 share premium…

Q: JOURNALIZING McAllister Co.'s shareholders' equity on December 31, 2020 shows the following accounts…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What should be reported as total shareholders’ equity on December 31, 2020?

A: Total Shareholders' equity computation includes: a) Outstanding shares  b) additional paid up…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: Total cost of Treasury stock = P360,000+(2000*225)                                              =…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A: Total cost of Treasury stock = P360,000+(2000*225)                                              =…

Q: n January 01, 2021, Pagaduan Corporation provided you the following information: Ordinary share…

A: Solution: Treasury shares are those shares which are purchased by a corporation of its own shares.…

Q: On December 31, 2019, JnT Co. had 2,000,000 shares of ordinary shares standing. On January 1, 2020,…

A: Earnings per share (EPS) can be defined as the ratio of total net income available for common…

Q: The shareholders’ equity of Jungkook Corporation as of October 1, 2020 is presented below: Ordinary…

A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…

Q: The stockholders/ equity section of Glavine Company revealed the following information on December…

A: solution concept legal capital means that capital which remains for longer term with the company or…

Q: The stockholders’ equity account balances of Image Corporation as of December 31, 2020 are as…

A:

Q: On January 01, 2021, ABC Corporation provided you the following information: Ordinary share…

A: The journal entries are prepared to keep the record of day to day transactions of the business. The…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.