Refer to the following:On December1.20x1, Line Corp recelvud ecoration.of 2 000 shees dfiS P5 par value ordinary shareSfrom a shareholder On that date, the sk s narket y K was Pper share The stock was or gnalyissued for P25 per share By what anGut wauld B denorcHe lotal stckholders eguly todecrcase?50,00020,000O 70,000

As per FAS 116 Treasury stock and a gain or revenue account are increased by the market value of the…

Answered: On December 1.20x1, Line Corp received…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 12E

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0. Duing ih frst year of operationa. Victory, Inc. entered into the tollwing transactions retating to shareholders' equity, PIO por per share and 30.000 preference shares P50 par pet share, > March 14-Sold 50.000 crdinary shares for F100 per shore > Morch 15- Issued 20.000 orcinary shares ta lawyers in exchange tor legal services omiounting to P 300,000, > Morch 15- Sold 35.000 ot its ordinary shares ond 10,000 preference shares for P6.000,000. Fair value of the ordinary shore in PICO. November 20- hued 1.900 of ih ovdnary shares in exchange for equipmient for which the cauh price was known to be PI85.000. Baed on the preceding information, determine the totai shareholders' equity. , Victory's articles of incorporation authorized the issue of 240,000 ordinary shares.
Explain Clearly, should be hand written.
Item No. 5 is based on the following information: and no bezod ei S.oM mat 003. 16 Mario Mario Corporation received subscriptions for 400 ordinary shares with a par value of P 20 per share. The subscription price was P 23 per share. 5. What would be the increase in the Subscribed Ordinary Share Capital and Ordinary Share Premium accounts, respectively, as a result of the foregoing transaction? a. PO and P 1,200. b. PO and P 9,200. c. P 8,000 and P 1,200. 219 d. P 9,200 and P O. reflected in the
Answer with computation and explanation If the total authorized share capital is P1,000,000 at P10 par, the unissued share capital is 25,000 shares, and all the issued shares were sold at P15, then the total shareholders' equity before any operation activities is a 2 750,000. b P1,125,000 c. P375,000. d. P250,000.
On October 1, a corporation had 200,000 shares of $4 par value common stock and St000.000 ofenned e The coporaton ddes a21ks The lwy OA Retaned earmngs (debit) arnd common stock spat distrbution (redo OB. Retainod earmings (debit) and stock spt (ored) OC No journal entry OD. Retained eamngs (detit) and common stock (oredo
Dymamic Litrd. IMakes an Issue of 5,000 equity shares of $ 100 of each at a premium of $ 12.50 per share payable as : (1) $ 12.50 on Application; (2) $ 25.00 on Allotment including premium ; (3) $ 50.00 on First call ; (4) $ 15.00 on Second call; and (5) $ 10.00 on Final call. ; The Application and Allotment moneys are duly received and in addition holders of 2,500 full on allotment. Holders of 100 shares fail to pay the First Call and after due notice their shares are forfeited. The amounts payable on the Second Call (made after the forfeiture) are paid in full except that a holder of 50 shares fails to pay. 75 of the 100 shares forfeited are reissued, credited with $ 90 paid for $ 70 per share. The mew holder pays for these shares in full. The balance of $ 10 per share being treated as Call in Advance. The fiimal call is met in full including the arrears of the Second Call. Show ithe mecessary Jounnal Emtries, imcludiing cash im the Books of Dymamic Ltd.
DATE ) The shareholders statement of finiancial position of FGH company showi the folkwing equity secton of the as of January | 2021 Ordinary share capital Ploo stated valve sharcs author ized 40,000 shares autstandın g F 4,000, 000 Ordinary uhare Retained earnings 2,000,000 1, s00, prenium Puring the year the corporation declared the ff divedends Har ch I declared share a cash divedend April Is of FaS to share holders payable per of record of March 31 September olcelared F22 per share of record of a cash divederd of payable on sep. 30 to sharcholdes September 15 Prepart Journal Entries to recorl He dvance dectaratron dictlbution Teacher's Signature Parent's Signature
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The year 0the serv.ces and ihe increase t they are received acroEs tre ver: HFRS 2, par. 15) 31, 2 NAME: SCORE: SECTION: PROFESSOR: Probiem #5 issuance of Ordinary and Preference Shares 0uly 2, 2019, Victorino Corporation issued for cash 12,000 shares of no-par ordinary :a es with a stated value of P13 per share ar P17. On July 17, it issued for cash 800 9es of P110-par 10% preference shares at P112. enired epare the journal entries for July 2 and Juiy 17. Vhat is the total amount invested by ail shareholders as of July 17? Problem #6 Issuance of Ordinary and Preference Shares sianaba Corporation was organized on April B. 2019 The carporation 55ue 9,000 shares of 9% cumulative g
On 5 March 20X7, Marchant Ltd issued 200,000 5% irredeemable GHS 1 preference shares. In accordance with IAS 32 Financial Instruments: Presentation, how will these shares and their related dividend be shown in Marchant Ltd’s financial statements for the year ended 31 March 20X7?
Detcrmine the basis of stock in the tands of the sharcholder in cach of the followinginstances. Assume that the 80% rule is met in all cases.a. Contribution of property with a basis of $1.000 and an FMV of $1.400.b. Contribution of property with a basis of $3,000 and an FMV of $3.800. The stockholderalso received $500 cash from the corporation as part of the stock transaction.Contribution of property with a basis of $8,200 and an FMV of $12.500. The stock-holder also received property with an kiMV of $1.700 from the corporation as part ofthe stock transachion.d. Contribution of a building with anFMV of $200.000. a mortgage assumed by thecorporation) of $100.000 and a basis of S19s onContribution of a building with an FMV of $1.700.000, a mortgage (assumed by thecorporation) of $1.000.000, and a basis of $635.000.

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