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Problem 3. Intricate Corporation began year 2021 with the following balances in its shareholders' equity accounts: Ordinary Shares, P10 par, 500,000 shares authorized, 200,000 shares issued and outstanding Share Premium-Ordinary Accumulated Profits (losses) Total P2,000,000 1,000,000 5,000,000 P8,000,000 All outstanding ordinary shares was issued for P15 per share when the corporation was created. Jan.10 The board declared a P0.10 cash dividend per share to shareholders of record Jan. 28. Feb.15 Paid the cash dividend declared on Jan. 10. Mar.31 Declared a 20% share dividend. The market value of the share is P18 per share. April15 Distributed the share dividend declared on March 31. May 1 Purchased 30,000 shares of treasury stock at P20 per share. June22 Sold 20,000 treasury shades at P26 cash per share. July 18 Sold the remaining 10,000 shares of treasury stock at P7 cash per share. Aug. 1 Intricate Corporation declared a 2 for 1 share split. Dec. 1 Declared a 10% share dividend when the stocks were selling at P9.50 per share. Required: Prepare the necessary entries for the transactions above.

Problem 3. Intricate Corporation began year 2021 with the following balances in its shareholders' equity accounts: Ordinary Shares, P10 par, 500,000 shares authorized, 200,000 shares issued and outstanding Share Premium-Ordinary Accumulated Profits (losses) Total P2,000,000 1,000,000 5,000,000 P8,000,000 All outstanding ordinary shares was issued for P15 per share when the corporation was created. Jan.10 The board declared a P0.10 cash dividend per share to shareholders of record Jan. 28. Feb.15 Paid the cash dividend declared on Jan. 10. Mar.31 Declared a 20% share dividend. The market value of the share is P18 per share. April15 Distributed the share dividend declared on March 31. May 1 Purchased 30,000 shares of treasury stock at P20 per share. June22 Sold 20,000 treasury shades at P26 cash per share. July 18 Sold the remaining 10,000 shares of treasury stock at P7 cash per share. Aug. 1 Intricate Corporation declared a 2 for 1 share split. Dec. 1 Declared a 10% share dividend when the stocks were selling at P9.50 per share. Required: Prepare the necessary entries for the transactions above.

FINANCIAL ACCOUNTING
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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Problem 3. Intricate Corporation began year 2021 with the following balances in its shareholders' equity accounts: Ordinary Shares, P10 par, 500,000 shares authorized, Share Premium-Ordinary Accumulated Profits (losses) 200,000 shares issued and outstanding P2,000,000 1,000,000 5,000,000 P8,000,000 Total All outstanding ordinary shares was issued for P15 per share when the corporation was created. Jan. 10 The board declared a P0.10 cash dividend per share to shareholders of record Jan. 28. Feb.15 Paid the cash dividend declared on Jan. 10. Mar.31 Declared a 20% share dividend. The market value of the share is P18 per share. April15 Distributed the share dividend declared on March 31. May 1 Purchased 30,000 shares of treasury stock at P20 per share. June22 Sold 20,000 treasury shades at P26 cash per share. July 18 Sold the remaining 10,000 shares of treasury stock at P7 cash per share. Aug. 1 Intricate Corporation declared a 2 for 1 share split. Dec. 1 Declared a 10% share dividend when the stocks were selling at P9.50 per share. Required: Prepare the necessary entries for the transactions above.
Transcribed Image Text:Problem 3. Intricate Corporation began year 2021 with the following balances in its shareholders' equity accounts: Ordinary Shares, P10 par, 500,000 shares authorized, Share Premium-Ordinary Accumulated Profits (losses) 200,000 shares issued and outstanding P2,000,000 1,000,000 5,000,000 P8,000,000 Total All outstanding ordinary shares was issued for P15 per share when the corporation was created. Jan. 10 The board declared a P0.10 cash dividend per share to shareholders of record Jan. 28. Feb.15 Paid the cash dividend declared on Jan. 10. Mar.31 Declared a 20% share dividend. The market value of the share is P18 per share. April15 Distributed the share dividend declared on March 31. May 1 Purchased 30,000 shares of treasury stock at P20 per share. June22 Sold 20,000 treasury shades at P26 cash per share. July 18 Sold the remaining 10,000 shares of treasury stock at P7 cash per share. Aug. 1 Intricate Corporation declared a 2 for 1 share split. Dec. 1 Declared a 10% share dividend when the stocks were selling at P9.50 per share. Required: Prepare the necessary entries for the transactions above.
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