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Statement 1: Upon issue of share rights, the issuing corporation records the transaction by a memorandum entry, listing the additional number of shares that may be acquired through the exercise. Statement 2: The expiry of share rights is recorded with a loss on share rights. O Only statement 1 is correct O Only statement 2 is correct O Both statements are correct O Both statements are incorrect

Statement 1: Upon issue of share rights, the issuing corporation records the transaction by a memorandum entry, listing the additional number of shares that may be acquired through the exercise. Statement 2: The expiry of share rights is recorded with a loss on share rights. O Only statement 1 is correct O Only statement 2 is correct O Both statements are correct O Both statements are incorrect

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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Statement 1: Upon issue of share rights, the issuing corporation records the transaction by a memorandum entry, listing the additional number of shares that may be acquired through the exercise. Statement 2: The expiry of share rights is recorded with a loss on share rights. O Only statement 1 is correct O Only statement 2 is correct O Both statements are correct Both statements are incorrect
Transcribed Image Text:Statement 1: Upon issue of share rights, the issuing corporation records the transaction by a memorandum entry, listing the additional number of shares that may be acquired through the exercise. Statement 2: The expiry of share rights is recorded with a loss on share rights. O Only statement 1 is correct O Only statement 2 is correct O Both statements are correct Both statements are incorrect
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