On January 1, 2024, Martinez Enterprises Inc. had 61,000 common shares, recorded at $365,000. The company follows IFRS. During the year, the following transactions occurred: Apr. 1 Issued 4,000 common shares at $8 per share. June 15 Sept. 21 Nov. 1 Dec. 20 Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $10 a share on June 15. Announced a 1-for-2 reverse stock split. Shares were trading at $8 per share at the time. Issued 3,000 common shares at $20 per share. Repurchased 10,000 common shares for $18 per share. This was the first time Martinez had repurchased its own shares. Record each of the transactions. Keep a running balance of the average per share amount of the common 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. Record journal entries in the order presented in the problem. Round the average per share to three decimal places, e.g. 5.271 and final answers to O decimal places, eg. 5,271. List all debit entries before credit entries.)
On January 1, 2024, Martinez Enterprises Inc. had 61,000 common shares, recorded at $365,000. The company follows IFRS. During the year, the following transactions occurred: Apr. 1 Issued 4,000 common shares at $8 per share. June 15 Sept. 21 Nov. 1 Dec. 20 Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $10 a share on June 15. Announced a 1-for-2 reverse stock split. Shares were trading at $8 per share at the time. Issued 3,000 common shares at $20 per share. Repurchased 10,000 common shares for $18 per share. This was the first time Martinez had repurchased its own shares. Record each of the transactions. Keep a running balance of the average per share amount of the common 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. Record journal entries in the order presented in the problem. Round the average per share to three decimal places, e.g. 5.271 and final answers to O decimal places, eg. 5,271. List all debit entries before credit entries.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2024, Martinez Enterprises Inc. had 61,000 common shares, recorded at $365,000. The company follows IFRS. During
the year, the following transactions occurred:
Apr. 1
Issued 4,000 common shares at $8 per share.
June
15
Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were
trading for $10 a share on June 15.
Announced a 1-for-2 reverse stock split. Shares were trading at $8 per share at the time.
Sept.
21
Nov. 1
Issued 3,000 common shares at $20 per share.
Dec.
20
Repurchased 10,000 common shares for $18 per share. This was the first time Martinez had repurchased its own
shares.
Record each of the transactions. Keep a running balance of the average per share amount of the common 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. Record journal entries in the order presented in the problem. Round the average per share to
three decimal places, e.g. 5.271 and final answers to O decimal places, e.g. 5,271. List all debit entries before credit entries.)
Date
2024
Account Titles
Debit
Credit
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