Problem 8-26 (Algo) Treasury stock transactions LO 6[The following information apples to the questions displayed below)On January 1, 2019, Metco Inc. reported 290,000 shares of $4 par value common stock as being issued and outstaridingOn March 24, 2019, Metco Inc. purchased for Its treasury 4,000 shares of its common stock at a price of $39.00 per share.On August 19, 2019, 590 of these treasury shares were sold for $42.50 per share. Metco's directors declared cashdividends of $0.30 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019.and December 31, 2019, respectively. A 3% stock dividend was issued at the end of the year. There were no othertransactions affecting common stock during the year.Problem 8-26 (Algo) Part dd. Calculate the total amount of cash dividends paid in the fourth quarter.Dividend paid

The dividend is paid to shareholders from the retained earnings of the business.

Answered: Problem 8-26 (Algo) Treasury stock…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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A8
Current Attempt in Progress Sunland Company acquired 22000 shares of its own common stock at $21 per share on February 5, 2020, and sold 11000 of these shares at $28 per share on August 9, 2021. The fair value of Sunland's common stock was $25 per share at December 31, 2020, and $26 per share at December 31, 2021. The cost method is used to record treasury stock transactions. What account(s) should Sunland credit in 2021 to record the sale of 11000 shares? O Treasury Stock for $231000 and Retained Earnings for $77000. O Treasury Stock for $275000 and Retained Earnings for $33000. O Treasury Stock for $308000. O Treasury Stock for $231000 and Paid-in Capital from Treasury Stock for $77000.
Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; stock options [LO19-5, 19-6, 19-7, 19-8] On December 31, 2020, Berclair Inc. had 520 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 152 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $950 million. Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2013. The options were exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. Required: Compute Berclair's basic and diluted earnings per share for the year ended…
10
Required information Problem 8-24 (Algo) Common and preferred stock-issuances and dividends LO 1, 2 [The following information applies to the questions displayed below.] Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: • 1,100,000 shares of no-par common stock were authorized; 342,000 shares were issued on January 1, 2019, at $26 per share. • 381,000 shares of $90 par value, 9.10% cumulative, preferred stock were authorized; 132,000 shares were issued on January 1, 2019, at $128 per share. • No dividends were declared or paid during 2019 or 2020. However, on December 22, 2021, the board of directors of Permabilt Corp. declared dividends of $6,260,000, payable on February 12, 2022, to holders of record as of January 8, 2022. Problem 8-24 (Algo) Part c c. Calculate the common stock dividends per share declared during 2021. (Round your answer to 2 decimal places.) Common stock dividends per share
Exercise 19-19 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; stock options; convertible bonds [LO19-5,19-6, 19-7, 19-8, 19-9] On December 31, 2020, Berclair Inc. had 280 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $250 million. The income tax rate is 25%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2016. The options are exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. In 2017, $50.0 million of 8% bonds, convertible into…
Exercise 19-19 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; stock options; convertible bonds [LO19-5,19-6, 19-7, 19-8, 19-9] On December 31, 2020, Berclair Inc. had 500 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $800 million. The income tax rate is 25%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2016. The options are exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. In 2017, $50.0 million of 8% bonds, convertible into…
17
Treasury Stock On February 28, 2020 Clock Clocky Corporation issued 150,000 shares of $10.00 Par Value stock for $12.00 per share. On April 15, 2020 Clock Clocky purchased 60% of the shares from shareholders at $8.00 each to hold as treasury stock. On November 25, 2020, Clock Clocky reissued the shares held in treasury at $12.00 per share. Instruction:- Record all transactions using the (i) Cost Method, and (ii) Par Value Method.
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Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares se stock options [LO19-5, 19-6, 19-7, 19-8) On December 31, 2023, Berciair Incorporated had 360 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding On March 1, 2024, Berclair purchased 88 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2024. * Four million treasury shares were sold on October 1 .Net income for the year ended December 31, 2024, was $550 million Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2019. • The options were exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share . During 2024, the market price of the common shares averaged $70 per share. Required: Compute Berclair's basic and diluted earnings per share for the year ended…

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