The following information is available about Ayayai Corp.'s investments at December 31, 2023. This is the first year Ayayai haspurchased securities for investment purposes.Securities2,500 shares of Petra Corporation common shares900 shares of Dugald Inc. preferred sharesAyayai follows IFRS.(a)CostAccount Titles and Explanation$25,00018,000$43,000Fair Value$30,00016,000$46,000Prepare the adjusting entry for December 31, 2023, assuming the investments are acquired for trading purposes and accountedfor using the FV-NI model with no separate reporting of dividends and other types of FV-NI investment income and losses. (Creditaccount 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.)DebitCredit

A journal entry is a basic accounting record that is used to chronologically track financial…

Answered: Securities 2,500 shares of Petra…

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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Q 1. The MM CORPORATION was organized the State of Wisconsin's. The charter authorized the Issuance of 1,000,000 shares of $ 2 PAR VALUE COMMON STOCK and additional 25000 shares of 4%, 20 par value cumulative convertible preferred stock that is callable $22 per share. Transactions that relate to the stock of the company are shown below: Feb 2 Issued 1,00,000 shares of common stock for S 250,000. Mar 5 Issued 60,000 shares of common stock JM CORPOARATION in exchange for a Building and land, which had an appraised value of $ 100,000 and $ 25000 , respectively. July 15 Issued 25000 shares of preferred stock for $500,000. Dec 31 The Company reported earnings of S 40,000 for 2018 and the board declared dividends of $ 20000. Dividends include preferred stock cash dividend for one- half year. Prepare the journal entries necessary to record a) these stock-related transactions. Prepare the stockholder's equity section of this corporation balance sheet as of december31. b)
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xt sec i At December 31, year 1, Charter Holding Co. owned the following marketable securities in capital stock of publicly traded companies. L Brands, Inc. (5,000 shares: cost, $44 per share; market value, $52) The Gap, Inc. (4,000 shares: cost, $42 per share; market value, $39) Saved O In year 2, Charter engaged in the following two transactions. Apr.10 Sold 1,000 shares of its investment in L Brands, Inc., at a price of $58 per share, less a brokerage commission of $100. Prev CAT Aug. 7 Sold 2,000 shares of its investment in The Gap, Inc., at a price of $37 per share, less a brokerage commission of $150. At December 31, year 2, the market values of these stocks were: L Brands, Inc., $67 per share; and The Gap, Inc., $37 per share. Required: a-1. Calculate the amount of marketable securities reported in the asset section of Charter's financial statements at December 31, year 1. a-2. Calculate the amount of unrealized gain or loss reported in the stockholders' equity section of…
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HOW TO DO EX 12-15
Norton Company issues 4,000 shares of its $5 par value common stock having a fair value of $25 per share and 6,000 shares of its $15 par value preferred stock having a fair value of $20 per share for a lump sum of $205,000. What amount of the proceeds should be allocated to the preferred stock? a. $167,727 b. $111,818 c. $93,181 d. $128,125
Item8 ItemSkipped eBook Print Item 8 The following data were reported by a corporation: Authorized shares 40,000 Issued shares 35,000 Treasury shares 13,500 The number of outstanding shares is: Multiple Choice 53,500. 35,000. 26,500. 21,500. 40,000.
NAME: SCORE: SECTION: PROFESSOR: Problem #13 Share Issuances for Cash and Non-Cash Considerations On Jan. 1, 2018, the following accounts and their balances appeared in the ledger of Fuentes Corporation: Preference P9 Shares, P100 par, 10,000 shares authorized, 5,000 shares issued Share Premium-Preference P 500,000 80,000 Ordinary Shares, P20 par, 100,000 shares authorized, 75,000 shares issued Share Premium-Ordinary Retained Earnings 1,500,000 125,000 505,000 At the annual shareholders' meeting on Feb. 11, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately P600,000. The plan provided (a) that the corporation borrow P175,000, (b) that 1,000 shares of the unissued preference shares be issued through an underwriter, and (c) that a building valued at P280,000, and the land on which it is located, valued at P50,000, be acquired in accordance with preliminary negotiations by the issuance of 15,000 ordinary shares. The plan was…
The charter of a corporation provides for the issuance of 94,546 shares of common stock. Assume that 41,432 shares were originally issued and 3,112 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared? Oa. $3,112 Ob. $41,432 Oc. $76,640 Od. $94,546
Pharoah Corporation's charter authorized 2 million $11 par value common shares, and 300,000 8% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31. 2023: 340,000 common shares were issued for $4.08 million and 11,000 preferred shares were issued for machinery valued at $1,559,000. Subscriptions for 11,300 common shares have been taken, and 40% of the subscription price of $17 per share has been collected. The shares will be issued when the subscription price is collected in full. In addition, 10,000 common shares have been repurchased for $16 and retired. The Retained Earnings balance is $220,000 before considering the transactions above. (a) Prepare the shareholders' equity section of the SFP in good form. PHAROAH CORPORATION Partial Statement of Financial Position $

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Securities 2,500 shares of Petra Corporation common shares 900 shares of Dugald Inc. preferred shares