Do not give answer in image On January 1, 2023, Sandhill Limited had shares outstanding as follows:7% cumulative preferred shares, $100 par value, 10,500 shares issued and outstandingCommon shares, 203,000 shares issued and outstandingDate of AcquisitionCompany A: April 1, 2023Company B: July 1, 2023Company C: October 1, 2023To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 315,000common shares. The acquisitions were as follows:(a)Your answer is correct.(b)Shares IssuedOn May 14, 2023, Sandhill realized a $98,000 gain (before tax) on a discontinued operation from a business segmentthat had originally been purchased in 2003.172,000On December 31, 2023, the company recorded income of $662,000 before tax, not including the discontinuedoperation gain. Sandhill has a 30% tax rate.eTextbook and Media90,000Calculate the weighted average number of common shares at December 31, 2023.53,000Weighted average number of shares outstandingNet income$Calculate net income for the year ended December 31, 2023.$1,050,0002,030,000390,250

The net income for the year is total income earned by the company net of tax and divided. It…

Answered: s, $100 par value, 10,500 shares issued…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 25E

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Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.
Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.
On January 1, 2025, Blossom Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,700 shares Common stock, $10 par value, issued and outstanding 200,000 shares Date of Acquisition Company A April 1, 2025 Company B July 1, 2025 Company C October 1, 2025 To acquire the net assets of three smaller companies, Blossom authorized the issuance of an additional 157,200 common shares. The acquisitions took place as shown below. Shares Issued 48,000 78,000 31,200 $970,000 On May 14, 2025, Blossom realized a $92,400 (before taxes) gain on discontinued operations. On December 31, 2025, Blossom recorded income of $291,600 from continuing operations. BLOSSOM INDUSTRIES Income Statement 2,000,000 Assuming a 20% tax rate, compute the basic earnings per share data that should appear on the financial statements of Blossom Industries as of December 31, 2025. (Round answers to 2 decimal places, e.g. 2.55.) $ $
On January 1, 2020, Blossom Limited had shares outstanding as follows: 5% cumulative preferred shares, $100 par value, 10,900 shares issued and outstanding $1,090,000 Common shares, 207,000 shares issued and outstanding 2,070,000 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 308,000 common shares. The acquisitions were as follows: Date of Acquisition Shares Issued Company A: April 1, 2020 168,000 Company B: July 1, 2020 85,000 Company C: October 1, 2020 55,000 On May 14, 2020, Blossom realized a $95,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 2000.On December 31, 2020, the company recorded income of $660,000 before tax, not including the discontinued operation gain. Blossom has a 40% tax rate. Calculate the earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2 decimal…
On January 1, 2020, Vaughn Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,200 shares $920,000 Common stock, $10 par value, issued and issued and outstanding 205,000 shares To acquire the net assets of three smaller companies, Vaughn authorized the issuance of an additional 162,000 common shares. The acquisition took place as shown below. Company A April 1, 2020. 51,600 shares issued Company B July 1, 2020. 80,400 shares issued Company C October 1, 2020. 30,000 shares issued On May 14, 2020, Vaughn realized a $87,600 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Vaughn recorded income of $303,600 from continuing operations (after tax). Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Vaughn Industries as of December 31, 2020 (Round answer to 2 decimal places)
On January 1, 2025, Pharoah Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 10,300 shares $1,030,000 Common stock, $10 par value, issued and outstanding 188,000 shares 1,880,000 To acquire the net assets of three smaller companies, Pharoah authorized the issuance of an additional 162,000 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2025 50,400 Company B July 1, 2025 80, 400 Company C October 1, 2025 31, 200 On May 14, 2025, Pharoah realized a $88,800 (before taxes) gain on discontinued operations. On December 31, 2025, Pharoah recorded income of $285, 600 from continuing operations. Assuming a 20% tax rate, compute the basic earnings per share data that should appear on the financial statements of Pharoah Industries as of December 31, 2025. (Round answers to 2 decimal places, e.g. 2.55.)
On January 1, 2020, Splish Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,600 shares $960,000 Common stock, $10 par value, issued and outstanding 181,000 shares 1,810,000 To acquire the net assets of three smaller companies, Splish authorized the issuance of an additional 159,600 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2020 49,200 Company B July 1, 2020 79,200 Company C October 1, 2020 31,200 On May 14, 2020, Splish realized a $90,000 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Splish recorded income of $312,000 from continuing operations (after tax).Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Splish Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.) Splish Industries Income…
On January 1, 2021, PingPing Corp. acquired all the assets and liabilities of Willy Corp. by issuing shares of P10 par value ordinary shares. PingPing Corp. shares has a market value of P40 per share. The statement of financial position of Willy Corp. as of January 1, 2021, is as follows: Current assets – P640,000; Equipment – P1,760,000; Liabilities – P800,000; Common shares (P4 par) – P160,000; Share premium – P640,000; Retained earnings – P800,000. The current assets and equipment have fair values of P800,000 and P3,200,000, respectively. PinPing Corp. issued sufficient number of shares so that the fair market values of the shares issued is equal to the fair market value of Willy Corp.’s net assets. How many ordinary shares should PingPing Corp. must issue to have a gain on bargain purchase of P200,000? *... a. 85,000 shares b. 74,000 shares c. 75,000 shares d. 84,000 shares pls. answer it asap. thank you
On January 1, 2020, Metlock Industries had stock outstanding as follows. 6% Cumulative preferred stock, $ 100 par value, issued and outstanding 10,800 shares $ 1,080,000 Common stock, $ 10 par value, issued and outstanding 194,000 shares 1,940,000 To acquire the net assets of three smaller companies, Metlock authorized the issuance of an additional 160,800 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2020 51,600 Company B July 1, 2020 78,000 Company C October 1, 2020 31,200 On May 14, 2020, Metlock realized a $ 91,200 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Metlock recorded income of $ 330,000 from continuing operations (after tax).Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Metlock Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.)…
An entity was incorporated on June 1, 2021 with an authorized 200,000, no-par, ordinary shares, stated value P10 and 10,000, 9% par value P30, preference shares. Transactions affecting company's equity as of June 30, 2021 were as follows: June 1 June 5 June 15 June 25 50,000 ordinary shares were issued at P10. Assets with a total appraised value of P600,000 were acquired in exchange for 50,000 ordinary shares. Subscriptions were received for 100,000 ordinary shares at P15 and for 5,000 preference shares at P35. Payments in full for the ordinary and preference shares subscribed June 15 were received and the corresponding shares were issued. The total shareholders' equity as of June 30, 2021 is a. P2,875,000 b. P2,775,000 C. P2,750,000 d. P2,300,000
On January 1, 2022, Dumbledore Company issued 10,000 shares of its P10 par value shares with a market value of P50 per share for the net assets of Julien Corporation. Cost to register and issue the shares amounted to P50,000. The condensed statement of financial position of Julien Corporation as of December 31, 2021 is shown below: Book Values Fair ValuesCurrent assets 200,000 225,000Plant assets 300,000 400,000 Total assets 500,000 Liabilities 150,000 Ordinary share capital, P10 par 50,000 Share premium 100,000 Accumulated profits (losses) 200,000 Total Equity 500,000 How much is the net increase in the shareholders’ equity of Dumbledore Company as a result of the business combination?
Clark Company acquired 15% of the 500,000 shares of common stock of Davis Company at a total cost of $25.75 per share on June 1, 2025. On October 1, Davis Company declared and paid a $50,000 cash dividend. On December 31, Davis Company stock had a market price of $27.00 per share and the company reported net income of $1,250,000 for the year. The securities are classified as trading. Prepare all journal entries for 2025. June 1 Oct 1 Dec 31 Use the information above: Assume Clark Company acquired 40% of the shares of Davis Company. June 1 Oct 1 Dec 31

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s, $100 par value, 10,500 shares issued and es issued and outstanding