Problem #5 Issuance of Ordinary and Preference Shares On July 2, 2018, Victorino Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On July 17, it issued for cash 800 shares of P110-par 10% preference shares at P112. Required: 1. Prepare the journal entries for July 2 and July 17. 2. What is the total amount invested by all shareholders as of July 17?

Problem #5 Issuance of Ordinary and Preference Shares On July 2, 2018, Victorino Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On July 17, it issued for cash 800 shares of P110-par 10% preference shares at P112. Required: 1. Prepare the journal entries for July 2 and July 17. 2. What is the total amount invested by all shareholders as of July 17?

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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Question Content Area Alma Corp. issues 870 shares of $6 par common stock at $19 per share. When the transaction is journalized, credits are made to a. Common Stock, $16,530. b. Common Stock, $5,220 and Paid-In Capital in Excess of Par—Common Stock, $11,310. c. Common Stock, $11,310 and Paid-In Capital in Excess of Stated Value, $5,220. d. Common Stock, $5,220 and Retained Earnings, $11,310.
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Part B During 2023, the Nicklaus Corporation participated in three treasury shares transactions: On June 30, 2023, the corporation reacquires 200,000 shares for the treasury at a price of $12 a. per share. b. On July 3, 2023, 50,000 treasury shares are reissued at $15 per share. c. On September 30, 2023, 50,000 treasury shares are reissued at $10 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a statement of financial position prepared at September 30, 2023. (Assume that net profit for the second and third quarters combined was $3,000,000.)
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Mady Entertainment Inc. showed the following equity account balances on the December 31, 2022, balance sheet Common shares, unlimited authorized shares, 640, 000 shares issued and outstanding Retained earnings $5, 760, 000 2, 130, 000 During 2023, the following selected transactions occurred: Apr. 1 Repurchased and retired 168,000 common shares at $10.00 per share; this is the first retirement recorded by Mady. June 1 Declared a 2:1 share split to shareholders of record on June 12, distributable June 30. Dec. 1 Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $ 7.00, $6.76, and $6.90, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balancs of $756, 000 in the Income Sumary account. Required: a. Journalize the transactions above (assuming the retirements were the first ever recorded by Mady Entertainment Inc). The…