Required Information[The following information applies to the questions displayed below.]On April 10, 2019, Amelia Inc. purchased 475 shares of its own common stock in the market for $23 per share. OnSeptember 28, 2019, the company sold 285 of these shares in the open market at a price of $26 per share.Required:a. Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the purchase of the treasury stock on April 10.2019. Indicate the financial statement effect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.)AssetsAssetsBalance SheetLiabilities=+ Cashb. Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the sale of the treasury stock on September 28.2019. Indicate the financial statement effect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.)Balance SheetLiabilitiesStockholders' EquityStockholders' EquityNet Income|ENet Income===Income StatementRevenuesRevenuesIncome StatementExpensesExpenses

The treasury stock decreases the total shareholders' equity. the sale of treasury stock increases…

Answered: Required Information [The following…

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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The following information is available about Ayayai Corp.'s investments at December 31, 2023. This is the first year Ayayai has purchased securities for investment purposes. Securities 2,500 shares of Petra Corporation common shares 900 shares of Dugald Inc. preferred shares Ayayai follows IFRS. (a) Cost Account Titles and Explanation $25,000 18,000 $43,000 Fair Value $30,000 16,000 $46,000 Prepare the adjusting entry for December 31, 2023, assuming the investments are acquired for trading purposes and accounted for using the FV-NI model with no separate reporting of dividends and other types of FV-NI investment income and losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Debit Credit
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.
During 2020, Maria Company purchased trading securities with the following cost and market value on December 31, 2020: Security Cost Market Value A - 1,000 shares 200,000 300,000 B - 10,000 shares 1,700,000 1,600,000 C - 20,000 shares 3,100,000 2,900,000 5,000,000 4,800,000 The entity sold 10,000 shares of Security B on January 27, 2021, for P150 per share. What amount should be reported as gain or loss on sale of trading investment in 2021?
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Sheridan Company acquired 21400 shares of its common stock at $18 per share on February 5, 2025, and sold 10700 of these shares at $25 per share on August 9, 2026. The fair value of Sheridan's common stock was $22 per share at December 31, 2025, and $23 per share at December 31, 2026. The cost method is used to record treasury stock transactions. What account(s) should Sheridan credit in 2026 to record the sale of 10700 shares? O Treasury Stock for $192600 and Paid-in Capital from Treasury Stock for $74900. O Treasury Stock for $235400 and Retained Earnings for $32100. O Treasury Stock for $192600 and Retained Earnings for $74900. O Treasury Stock for $267500.
Required information [The following information applies to the questions displayed below.] On January 2, 2024, Sanborn Tobacco Incorporated bought 5% of Jackson Industry's capital stock for $92 million. Jackson Industry's net income for the year ended December 31, 2024, was $122 million. The fair value of the shares held by Sanborn was $102 million at December 31, 2024. During 2024, Jackson declared a dividend of $62 million. 2. Assume that Sanborn sold the stock on January 2, 2025 for $114 million. Prepare the journal entries Sanborn would use to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). View transaction list Journal entry worksheet
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es On March 31, 2024, Chow Brothers, Incorporated, bought 6% of KT Manufacturing's capital stock for $54.8 million. KT's net income for the year ended December 31, 2024, was $81.6 million. The fair value of the shares held by Chow was $38.2 million at December 31, 2024. KT did not declare or pay a dividend during 2024. Required: 1. Prepare all appropriate journal entries related to the investment during 2024. 2. Assume that Chow sold the stock on January 20, 2025, for $31.6 million. Prepare the journal entries to record the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5), View transaction list Journal entry worksheet 1 2 3 Record the entry for…
Submit Assume that, on January 1, 2021, Everest Corporation paid $1,656,000 for its investment in 82,800 shares of Beam Company Further, assume that Beam has 230,000 total shares of stock issued. The book value and fair value of Beam's identifiable net assets were both $460,000 at January 1, 2021. The following information pertains to Beam during 2021: Net income Dividends declared and paid Market price of common stock on 12/31/2021 $230,000 $ 69,000 22/share 17 What amount would Everest report in its year-end 2021 balance sheet for its investment in Beam? Multiple Choice $1,955,000. $1,817,000. $1,713,960. None of these answer choices are correct. raw MacBook Air
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How would I report the following dividends on the form 8949 and schedule D On January 3, 2021, Dave repurchased the exact number of shares he sold on December 29, 2020. Purchased Sold Sale Price Basis Gain/Loss Dell (held 9 month) 12/01/19 09/01/20 $ 15,000 $ 9,000 $ 6,000 Pepsi (held 4 month) 09/01/20 12/29/20 17,000 25,000 (8,000) IBM (held 30 month) 06/05/18 12/05/20 38,000 20,000 18,000
Required: How much is the Ordinary Share Capital at year end?* How much is the Preference Share Capital at year end?* How much is the TOTAL subscribed share capital (assuming subscriptions receivable is collectible on January 5, 2022)?*

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