Homework Help is Here – Start Your Trial Now!
Business
Accounting
The Irish Lontoc Corporation was authorized to issue 150,000 no-par value common shares. There were 60,000 shares outstanding for a total value of $600,000 as at December 31, 20X6 there were retained earnings of $200,000. During 20X7, TH

The Irish Lontoc Corporation was authorized to issue 150,000 no-par value common shares. There were 60,000 shares outstanding for a total value of $600,000 as at December 31, 20X6 there were retained earnings of $200,000. During 20X7, TH

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

am.111.

The Irish Lontoc Corporation was authorized to issue 150,000 no - par value common shares. There were 60,000 shares outstanding for a total value of $600,000 as at December 31, 20X6 there were retained earnings of $200,000. During 20X7, The Irish Lontoc Corporation carried out the following transactions: i Reacquired and canceled 10,000 common shares at $7.00. II. Declared a cash dividend of $2.50. III. Paid the dividend in ii) above. iv. Sold 5,000 common shares at $12.00 per share - V . Reacquired and canceled 4,500 common shares at $11.00. Prepare the journal entries for each of the above transactions.
Transcribed Image Text:The Irish Lontoc Corporation was authorized to issue 150,000 no - par value common shares. There were 60,000 shares outstanding for a total value of $600,000 as at December 31, 20X6 there were retained earnings of $200,000. During 20X7, The Irish Lontoc Corporation carried out the following transactions: i Reacquired and canceled 10,000 common shares at $7.00. II. Declared a cash dividend of $2.50. III. Paid the dividend in ii) above. iv. Sold 5,000 common shares at $12.00 per share - V . Reacquired and canceled 4,500 common shares at $11.00. Prepare the journal entries for each of the above transactions.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Events after the reporting period
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS