Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value common shares authorized.  During 2021, the company had the following share transactions: Jan 2:  Issued 12,000 shares at $10 per share Mar 7: Issued 4,000 shares at $11 per share May 21: Purchased 1,500 shares at $12 per share and cancelled them. Jul 28: Issued 3,000 shares at $13 per share Aug 17: Issued 1,000 shares at $14 per share. The total amount in the Common Shares account at December 31, 2021, is:   Question 7 options:   $201,625   $217,000   $200,725   $199,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Morgan Financial Services, Inc. was incorporated on January 1, 2021, with 300,000 no par value common shares authorized.  During 2021, the company had the following share transactions:

Jan 2:  Issued 12,000 shares at $10 per share

Mar 7: Issued 4,000 shares at $11 per share

May 21: Purchased 1,500 shares at $12 per share and cancelled them.

Jul 28: Issued 3,000 shares at $13 per share

Aug 17: Issued 1,000 shares at $14 per share.

The total amount in the Common Shares account at December 31, 2021, is:

 
Question 7 options:
 

$201,625

 

$217,000

 

$200,725

 

$199,000

 

8) 

 Dervish Inc. had the following stock transactions in 2020:
  • Issued 120,000 shares at $10 per share
  • Issued 60,000 shares at $9 per share
  • Issued 40,000 shares at $11 per share
  • Declared a 2-for-1 stock split.
  • Issued a 10% stock dividend
  • Repurchased and cancelled 50,000 shares for $12

How many shares were outstanding at the end of 2020?

 
Question 8 options:
 

434,000

 

346,000

 

71,000

 

484,000

 

9)

 Marx Co. issued 4,000 five-year, 8% convertible bonds at par.  The bond pays interest annually.  Each $1,000 bond is convertible into 200 of Marx's common shares, which are currently trading at $25 each.  The current market rate for similar non-convertible bonds is 10%.  Assuming that Marx follows IFRS, the value to be recorded for the equity portion of the convertible bond is:
 
Question 9 options:
 

$319,417

 

$0

 

$303,263

 

$320,000

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