QUESTION ONE RJD Corporations had the following authorized capital on December 31, 2020: 10,000 shares of $100 par value, 8% cumulative and non-participating preference shares 50,000 shares of $10 par value ordinary shares. The following transactions took place during 2021: Jan 4 Issued 25,000 ordinary shares at $15 per share Mar 1 Received a piece of equipment valued at $132,000; a piece of land with fair value of $400,000 and machinery valued at $118,000 in exchange for 5,000 preference shares. Jun 20 Purchased 1,500 ordinary shares at $17 per share. (Use .cost method.) Aug 1 Sold the 1,500 treasury shares at $16 per share. Dec 31 Declared a $0.40 per share cash dividend on the ordinary shares and declared the preference dividend. Dec 31 Closed the Income Summary account. There was $250,000 net income. Requirements:

QUESTION ONE RJD Corporations had the following authorized capital on December 31, 2020: 10,000 shares of $100 par value, 8% cumulative and non-participating preference shares 50,000 shares of $10 par value ordinary shares. The following transactions took place during 2021: Jan 4 Issued 25,000 ordinary shares at $15 per share Mar 1 Received a piece of equipment valued at $132,000; a piece of land with fair value of $400,000 and machinery valued at $118,000 in exchange for 5,000 preference shares. Jun 20 Purchased 1,500 ordinary shares at $17 per share. (Use .cost method.) Aug 1 Sold the 1,500 treasury shares at $16 per share. Dec 31 Declared a $0.40 per share cash dividend on the ordinary shares and declared the preference dividend. Dec 31 Closed the Income Summary account. There was $250,000 net income. Requirements:

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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