On November 25, Astoria Corporation issued 60,000 shares of its $5 par value common stock for $10 per share.On December 31, Astoria Corporation's common stock was trading at $15 per share.Assuming Astoria Corporation did not issue any other common stock, how does the increase in the market value of itsoutstanding stock affect Astoria?Select one:O a. Astoria should recognize additional net income for Year 1 of $5 per share, or $300,000O b.Paid-in capital at December 31, is $900,000 (i.e., 60,000 shares times $15 per share).O c. Each shareholder must pay an additional $5 per share to AstoriaO d. This increase in market value of outstanding stock is not recorded in the financial statements of JuniperCorporation

The market value per share indicates the current selling price of the share. The face value or the…

Answered: On November 25, Astoria Corporation…

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 August 15, 2021, EasyMoney, Inc.'s Board of Directors meets and declares that EasyMoney will pay a dividend to its stockholders. Each share of EasyMoney's Common Stock will be paid a dividend of $1.25 per share. There are currently 100,000 shares of EasyMoney's Common Stock held by EasyMoney's shareholders. The following are the facts related to this dividend: D Dividend per Share D Date of Declaration D Date of Record D Date of Payment $1.25 August 15, 2021 September 5, 2021 September 20, 2021 The following is a partial list of the accounts in EasyMoney, Inc.'s General Ledger. These are the only accounts you need for this problem. D Cash D Dividends Payable > Retained Earnings As of August 1, 2021, the Beginning Balance in the Dividends Payable account is $0 and the Beginning Balance in the Retained Earnings account is $625,000.
On February 22, Stewart Corporation acquired 3,300 shares of the 115,000 outstanding shares of Edwards Co. common stock at $35.85 plus commission charges of $495. On June 1, a cash dividend of $0.60 per share was received. On November 12, 1,100 shares were sold at $43 less commission charges of $132. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a. Using the cost method, journalize the entry for the purchase of stock. b. Using the cost method, journalize the entry for the receipt of dividends. c. Using the cost method, journalize the entry for the sale of 1,100 shares. For a compound transaction, if an amount box does not require an entry, leave it blank.
On January 1, Vermont Corporation had 43,000 shares of $9 par value common stock issued and outstanding. All 43,000 shares had been issued in a prior period at $21 per share. On February 1, Vermont purchased 1,040 shares of treasury stock for $26 per share and later sold the treasury shares for $22 per share on March 1. The journal entry for the purchase of the treasury shares on February 1 would include a Oa. credit to a gain account for $5,200 Ob. debit to a loss account for $5,200 Oc. debit to Treasury Stock for $27,040 Od. credit to Treasury Stock for $27,040
What amount should be reported as diluted earnings per share?
Rodgers has just completed its financial statements for the year ended 30 June 20X6. It is reporting a net profit of $1,250,000 for the current year, and has $1 million of 50 cent shares in issue. The current market price of Rodgers' shares is $3.50. What is the Price Earnings (P/E) ratio of Rodgers for the year ended 30 June 20X6?
Caswell Corporation is authorized to issue 10,000 shares of common stock on December 31. It sells 8,000 shares at $16 per share. Required: Record the sale of the common stock, given the following independent assumptions: 3. The stock has no-par and no stated value.
Use the following information to answer the question below. 33 The following transactions involving Lupine Corporation occurred during the year: lot et cell Apr. 1 Purchased 2,000 shares of its own preferred stock for $20, the current market price. This is the first transaction involving its own stock engaged in by the company. May 3 Sold 400 of the shares purchased on April 1 for $25 per share. June 5 Retired 600 of the shares purchased on April 1. The original issue price was $10. The par value of the stock is $5. The entry to record the May 3 transaction is A) Preferred Stock $ 3,000 Additional Paid in Capital, Preferred $ 3,000 Treasury Stock, Preferred vode $ to a 6,000 $ to als 6,0000 yns srl 25 B) Treasury Stock, Preferred Cash $50 6,000 C) Cash 10,000 $ obo12 nomme Treasury Stock $ 8,000 Additional Paid in Capital, Treasury Stocks $ 2,000 D) Preferred Stock $ Treasury Stock, Preferred 12,000 2012 Additional Paid in Capital, Preferred Retained Earnings E) none of the above 3,000…
At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding. All 20,000 shares had been issued in the prior year for $20 per share. On February 1, 20X5, Happy repurchased 6,000 shares of its own stock for $12 per share. It plans to reissue these shares at a future time. Question: What journal entry should Happy make to record the February 1, 20X5 transaction? Answer: It should debit for $ and credit + for $
On January 1, Star Corp sold 10,000 shares of stock at $26 per share. Later in the year, Star Corp acquired all the shares from the market paying $28 per share. Assuming the cost method is used, what is the debit to common stock from this transaction? (Lesson 12.3) (If you do not know this JE. you should review it.) O a.so Ob. $260,000 OC. $20,000 d.$280.000
please explain to me in clear steps how to solve this question.
Vienna Corporation has 31,000 shares of $90 par common stock outstanding. On June 8, Vienna Corporation declared a 4% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $120 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Jun. 8 Stock Dividends Common Stock Paid-In Capital in Excess of Par-Common Stock Jul. 13 No Entry Required No Entry Required Aug. 12 Stock Dividends Distributable Common Stock
Dream Corporation reported net income of $44,000 for 2019. The company has 10,000 shares of common stock issued and outstanding for all of 2019 and no preferred stock. During 2018, Dream issued $400,000 of 8% convertible bonds at par value. Each $1,000 bond can be converted into 24 shares of common stock. No bonds have been converted as of December 31, 2019. Dream has a 30% tax rate. Required: 1. Calculate the earnings per share amounts that Dream should disclose on its 2019 income statement. If required, round your answer to two decimal places.

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