240.Subject : - Accounting Coronado Corporation had the following shareholders equity on December 31, 2022Common shares, 1,000,000 shares authorized, issued and outstandingContributed surplus (Common SharedRetained earningsTotal shareholders equity(a)(0)The following transactions occurred in the order given, during 20231.210 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in thecompany at a price of 58 per share. According to the subscription contracts a payment of $21 per subscription was requiredat the time the subscriptions were sold(c)640(e)(a)(b)kMPrepare the journal entries to record the above transactions for Coronado Corporation for 2023 (Round average share price to 2decimal places for your calculations, eg 52.75 and final answers to 0 decimal places, eg 5.275. List all debit entries before credit entries. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually if no entry is required, select "No Entry for theaccount titles and enter for the amounts)No Accounts Titles and Explanation$6.000.000As per the subscription contracts, the second payment was for the balance of the subscription price. Of the 1.210subscribers, 120 defaulted and did not make this second payment.(To record sale of shares on a subscription basis)66.000The subscription contracts specify that, in the event of default, the first payment will not be refunded to defaultingsubscribers. Also, at this time, common shares are issued to subscribers that have fully paid on the contract.Coronado repurchased and cancelled 62,000 common shares at a cost of $4 per shareA cash dividend of $0.45 per share was declared. The date of record was after all of the events above(To record collection of down payment)11,200.000$17.286.000(To record forfeit of payment from defaulting subscribers)(to record issuance of shares)DebitCredit

A journal is made to record all business transactions. All the financial transactions are recorded…

The following transactions occurred in the order given, during 2023 la) 1210 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share. According to the subscription contracts a payment of 521 per subscription was required at the time the subscriptions were sold B As per the subscription contracts, the second payment was for the balance of the subscription price. Of the 1.210 subscribers, 120 defaulted and did not make this second payment. The subscription contracts specify that in the event of default, the first payment will not be refunded to defaulting subscribers Also at this time common shares are issued to subscribers that have fully paid on the contract Coronado repurchased and cancelled 62.000 common shares at a cost of $4 per share Acash dividend of $0.45 per share was declared. The date of record was after all of the events above

The following transactions occurred in the order given, during 2023 la) 1210 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share. According to the subscription contracts a payment of 521 per subscription was required at the time the subscriptions were sold B As per the subscription contracts, the second payment was for the balance of the subscription price. Of the 1.210 subscribers, 120 defaulted and did not make this second payment. The subscription contracts specify that in the event of default, the first payment will not be refunded to defaulting subscribers Also at this time common shares are issued to subscribers that have fully paid on the contract Coronado repurchased and cancelled 62.000 common shares at a cost of $4 per share Acash dividend of $0.45 per share was declared. The date of record was after all of the events above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

9. Documents of credit appraisal for invididual loan?
what are 5 types of assets not included ob balance sheet?
2. The time period during which the invoice is paid is called: A. Rate of discount В. Discount period C. Credit period D. Net amount
he Revaluation Reserve Account should be accounted for as part of a. Assets b. Liability c. Equity d. Expens
41. In applying the PFRS 9 impairment requirements, an entity needs to follow Group of answer choices Any of these The general approach The simplified approach The purchased or originated credit-impaired approach
Accounting Elements that affect receivables - discount, returns and valuations