Nov. 28Dec. 31Dec. 31BPrepare the shareholders' equity section of the SFP as at December 31, 2023.Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 470 commonshares for $49, to be paid by December 31, 2024. The employee accepted the offer and signed a note payable to Il inthe exchange. No interest was to be charged on the outstanding balance; however, the shares were issuedimmediately.25°COf the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted.According to the subscription contract, the defaulting subscribers would not be issued shares for any amount thathad been paid and no cash would be refunded.Il declared a dividend of $188,000 for 2023. Net income for the year was $752,000.Shareholders' EquityDRCommon SharesPreferred SharesIVANHOE INC.Shareholders' EquityDecember 31, 2023$ View PoliciesShow Attempt HistoryCurrent Attempt in ProgressIvanhoe Inc. (II) is a backyard pond design and installation company. Il was incorporated during 2023, with an unlimited number ofcommon shares, and 47,000 preferred shares with a $3 dividend rate authorized. Il follows ASPE. The following transactions tookplace during the first year of operations with respect to these shares:Jan. 1an. 15Feb. 20Mar. 3Sept. 23The articles of incorporation were filed and state that an unlimited number of common shares and 47,000 preferredshares are authorized.2828,200 common shares were sold by subscription to 3 individuals, who each purchased 9,400 shares for $47 pershare. The terms require 9% of the balance to be paid in cash immediately. The balance was to be paid by December31 2024 at which time the shares will be issued31, 2024, at which time the shares will be issued.65,800 common shares were sold by subscription to 7 individuals, who each purchased 9,400 shares for $47 pershare. The terms require that 9% of the balance be paid in cash immediately, with the balance to be paid byDecember 31, 2023. Shares are to be issued once the full payment is received.May 10 Il paid $1,880 to a printing company for costs involved in printing common share certificates. As well, an invoice forlegal fees related to the issue of common shares was received for $14,100.47,000 common shares were sold by an underwriter for $49 per share. The underwriter charged II a 5% commissionon the sale.Il issued a combination of 1,880 common and 940 preferred shares to a new shareholder for a total price of$188,000. Il was unable to estimate a fair value of the preferred shares, and the most recent sale of common shareswas used to estimate the value of the common share portion of the transaction.Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchara 170.

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Description: Nov. 28Dec. 31Dec. 31BPrepare the shareholders' equity section of the SFP as at December 31, 2023.Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 470 commonshares for $49, to be paid by December 31, 2

Shareholder Equity -Equity held by shareholders refers to the sum that a company's founders have…

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Nov. 28 Dec. 31 Dec. 31 3 Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 470 common shares for $49, to be paid by December 31, 2024. The employee accepted the offer and signed a note payable to Il in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. Il declared a dividend of $188,000 for 2023. Net income for the year was $752,000. repare the shareholders' equity section of the SFP as at December 31, 2023. IVANHOE INC. Shareholders' Equity Shareholders' Equity Common Shares R Preferred Shares December 31, 2023 $

Nov. 28 Dec. 31 Dec. 31 3 Il wanted to recognize the efforts of a key employee and offered him the opportunity to purchase 470 common shares for $49, to be paid by December 31, 2024. The employee accepted the offer and signed a note payable to Il in the exchange. No interest was to be charged on the outstanding balance; however, the shares were issued immediately. Of the 7 subscriptions issued on February 20, five subscriptions were paid in full and two subscribers defaulted. According to the subscription contract, the defaulting subscribers would not be issued shares for any amount that had been paid and no cash would be refunded. Il declared a dividend of $188,000 for 2023. Net income for the year was $752,000. repare the shareholders' equity section of the SFP as at December 31, 2023. IVANHOE INC. Shareholders' Equity Shareholders' Equity Common Shares R Preferred Shares December 31, 2023 $

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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On May 27, Kick Off Inc. reacquired 3,000 shares of its common stock at $54 per share. On August 3, Kick Off sold 1,700 of the reacquired shares at $57 per share. November 14, Kick Off sold the remaining shares at $53 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14
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Pronghorn Corp purchased 2,100 shares of its $10 par value common stock for $79,800 on August 1. It will hold these in the treasury until resold. Journalize the treasury stock transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 1
On August 1, Shamrock Finance Inc. buys 2,500 Datawave common shares for trading purposes for $95,000 cash. On October 15, Shamrock receives a cash dividend of $2.35 per share from Datawave. On December 1, Shamrock sells the shares for $100,000 cash. Prepare the journal entry to record the purchase of the shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Aug. 1 Investment in Associate Cash (To record purchase of investment.) Date Account Titles and Explanation Oct. 15 Prepare the journal entry to record the receipt of the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Cash Gain on Fair Value Adjustment-FVTPL (Collection of dividend.) Dec.…
On February 3, Year 1, Teel Corporation enters into a subscription contract with several subscribers for 7,000 shares of $5 par common stock at a price of $15 per share. The contract requires a down payment of 25%, with the remaining balance to be paid on May 3, Year 1. The stock will be issued to each subscriber upon full payment. The May 3 receipt of the full remaining balance from subscribers. The market price is currently $16 per share
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Problems 15 through 18 are based on the following information: On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $40 fair value in exchange for all of Webstat Company's outstanding voting shares. Webstat's precombination book and fair values are shown along with book values for TruData's accounts as follows: Revenues (1/1 to 7/1) Expenses (1/1 to 7/1) Retained earnings, 1/1 Cash and receivables TruData Book Values Inventory Patented technology (net) Land Webstat Book Values Webstat Fair Values $(130,000) $(250,000) 170,000 80,000 (130,000) (150,000) 140,000 60,000 190,000 145,000 230,000 180,000 400,000 200,000 Buildings and equipment (net) 100,000 75,000 Liabilities (540,000) (360,000) Common stock (70,000) (300,000) (10,000) Additional paid-in capital (30,000) 16. On its acquisition-date consolidated balance sheet, what amount should TruData report as patented technology (net)? a. $200,000 b. $230,000 c. $410,000 d. $430,000 $ 60,000…