Part A In late 2022, the Nicklaus Corporation was formed. The corporate charler authorizes the issae of 5,000,000 ordinary shares carrying a $1 par value, and 1,000,000 preference shares of $5 value, non-cumulative, and non-participating. On January 2, 2022, 3,000,000 ordinary shares issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000KO preference shares are issued at S20 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity sectiou of the Nicklaus statement of financial position as of March 31, 2023. (Assume that net profit for the first quarter of 2023 was S1,000,000.)

Part A In late 2022, the Nicklaus Corporation was formed. The corporate charler authorizes the issae of 5,000,000 ordinary shares carrying a $1 par value, and 1,000,000 preference shares of $5 value, non-cumulative, and non-participating. On January 2, 2022, 3,000,000 ordinary shares issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000KO preference shares are issued at S20 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity sectiou of the Nicklaus statement of financial position as of March 31, 2023. (Assume that net profit for the first quarter of 2023 was S1,000,000.)

Name: Part AP 14-12QuasIn late 2022, the Nicklaus Corporation was formed. T
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Description: Part AP 14-12QuasIn late 2022, the Nicklaus Corporation was formed. The corporate charier authorizes the issuaeeof 5,000,000 ordinary shares carrying a $1 par value, and 1,000,000 preference shares of $5 mVariousreoreshareholders value, non-cumulati

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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