Requirement: Based on information above, 1. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31, 2020 2. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31, 2021 3. How many will be outstanding stocks by December 31, 2021?
Requirement: Based on information above, 1. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31, 2020 2. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31, 2021 3. How many will be outstanding stocks by December 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
WITH CLEAR DETAILS AND EXPLANATIONS SHOW ALL STEPS .
Transcribed Image Text:On September 5, 2020, Bank of Kigali receives subscriptions for 65,000 shares of Frw10,000 par
common stock at Frw15,000 per share. The subscription terms require a down payment of 40%,
with the remainder of the purchase price to be paid in three equal installments, the first
installment to be paid in the mid of December, 2020, the second to be paid during the First week
of March, 2021, the third and last installment to be paid in last week of November, 2021.
Akenes and Kennels Ltd, the subscriber of 15,000 shares failed to pay the last installment of the
subscription, and decision was to Issue shares to the defaulting subscriber based on the amount
paid in. The financial year ends every December 31.
Requirement: Based on information above,
1. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31,
2020
2. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31,
2021
3. How many will be outstanding stocks by December 31, 2021?
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