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Required: Journal entries to record transactions of 2021 to determine the following 1. Total amount of ordinary shares 12/31/21 2. Total number of shares issued and outstanding as of 12/31/21 3. Treasury shares remaining balance 4. Balance of retained earnings 12/31/21

Required: Journal entries to record transactions of 2021 to determine the following 1. Total amount of ordinary shares 12/31/21 2. Total number of shares issued and outstanding as of 12/31/21 3. Treasury shares remaining balance 4. Balance of retained earnings 12/31/21

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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The shareholders equity of EDCU CORP as of Jan 1, 2021 appeared below Ordinary shares, 100 par, 300,000 shares authorized, issued 80,000 shares issued and outstanding 8,000,000 Share premium ordinary 4,000,000 Retained earnings 3,850,000 Transaction on 2021 Jan 5- issued 5000 shares at 120 per share to Mars Corp Feb 9-Apollo Inc subscribed 10,000 shares at 150 March 30- Received cash from all 10,000 subcscribed On Feb 9 July 10-declared 10% share dividend, market value of the shares was 150 per share on all issued and outstanding as of July 20 July 30-issued the share dividend declared on July 10 August 24 the company purchased 9000 of its own shares at 200 per share 1. Sept 30- reissued 5000 treasury at 200 per share
Transcribed Image Text:The shareholders equity of EDCU CORP as of Jan 1, 2021 appeared below Ordinary shares, 100 par, 300,000 shares authorized, issued 80,000 shares issued and outstanding 8,000,000 Share premium ordinary 4,000,000 Retained earnings 3,850,000 Transaction on 2021 Jan 5- issued 5000 shares at 120 per share to Mars Corp Feb 9-Apollo Inc subscribed 10,000 shares at 150 March 30- Received cash from all 10,000 subcscribed On Feb 9 July 10-declared 10% share dividend, market value of the shares was 150 per share on all issued and outstanding as of July 20 July 30-issued the share dividend declared on July 10 August 24 the company purchased 9000 of its own shares at 200 per share 1. Sept 30- reissued 5000 treasury at 200 per share
July 30-issued the share dividend declared on July 10 August 24 - the company purchased 9000 of its own shares at 200 per share Sept 30- reissued 5000 treasury at 200 per share December 1-declared cash dividend of 15 per share on issued and outstanding shares as of December 10 December 20 - paid the cash dividend declared December 1 December 31 - closed profit of 3,500,000 to retained earnings Required: Journal entries to record transactions of 2021 to determine the following 1. Total amount of ordinary shares 12/31/21 2. Total number of shares issued and outstanding as of 12/31/21 3. Treasury shares remaining balance 4. Balance of retained earnings 12/31/21
Transcribed Image Text:July 30-issued the share dividend declared on July 10 August 24 - the company purchased 9000 of its own shares at 200 per share Sept 30- reissued 5000 treasury at 200 per share December 1-declared cash dividend of 15 per share on issued and outstanding shares as of December 10 December 20 - paid the cash dividend declared December 1 December 31 - closed profit of 3,500,000 to retained earnings Required: Journal entries to record transactions of 2021 to determine the following 1. Total amount of ordinary shares 12/31/21 2. Total number of shares issued and outstanding as of 12/31/21 3. Treasury shares remaining balance 4. Balance of retained earnings 12/31/21
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