The shareholders' equity section of the statement of financial position of Crane Winery Inc. at December 31, 2024, is given below: Shareholders' equity: Preferred shares, $7 cumulative, unlimited authorized, 199,000 shares issued and outstanding Common shares, 200,000 authorized, 75,000 shares issued and outstanding Retained earnings Total shareholders' equity (a) On December 31, 2024, the board of directors proposed a five-for-four common stock split. The proposal was approved and new shares were distributed among shareholders. The market price of the shares on December 31, 2024, was $23 per share. Your answer is correct. The number of shares distributed from the split (b) $1,990,000 Determine the number of shares that were distributed among the shareholders as a result of the five-for-four stock split. eTextbook and Media 1,500,000 2,661,000 List of Accounts $6,151,000 18750 What accounting entry will be made for this split? (Credit account 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 0 for the amounts. List debit entry before credit entry.)

The shareholders' equity section of the statement of financial position of Crane Winery Inc. at December 31, 2024, is given below: Shareholders' equity: Preferred shares, $7 cumulative, unlimited authorized, 199,000 shares issued and outstanding Common shares, 200,000 authorized, 75,000 shares issued and outstanding Retained earnings Total shareholders' equity (a) On December 31, 2024, the board of directors proposed a five-for-four common stock split. The proposal was approved and new shares were distributed among shareholders. The market price of the shares on December 31, 2024, was $23 per share. Your answer is correct. The number of shares distributed from the split (b) $1,990,000 Determine the number of shares that were distributed among the shareholders as a result of the five-for-four stock split. eTextbook and Media 1,500,000 2,661,000 List of Accounts $6,151,000 18750 What accounting entry will be made for this split? (Credit account 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 0 for the amounts. List debit entry before credit entry.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 25P: The controller of Red Lake Corporation has requested assistance in determining income, basic...

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The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.
The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is as follows: 1. Prepare journal entries for each of the above transactions. 2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2019. 3. Calculate Superior’s legal capital at December 31, 2019.
The shareholders’ equity section of Corporation’s statement of financial position as of December 31, 2019 is shown below:Ordinary share capital (P5 par, 250,000 shares authorized,137,500 shares issued and outstanding) P 687,500Share premium 275,000 Total paid-in capital P 962,500Unappropriated retained earnings 667,500Appropriated retained earnings 250,000Total retained earnings 917,500Total shareholders’ equity P1,880,000Buenas had the following shareholders’ equity transactions during 2020:Jan 15 Completed the building renovation for which P250,000 of retained earnings had been restricted. Paid the contractor P242,500, all of which is capitalized.Mar 3 Issued 50,000 additional ordinary shares for P8 per share.May 18 Declared a dividend of P1.50 per share to be paid on July 31, 2020 to shareholders of record on June 30, 2020.June 19 Approved additional building renovation to be funded internally. The estimated cost of the project is P200,000 and retained earnings are to be restricted…
The shareholders equity ...image is given
Prepare the required journal entries for these transactions
The December 31, 2019 shareholders' equity section of Refozar Corporation's statement of financial position is as follows: Refozar Corporation Partial Statement of Financial Position December 31, 2019 Shareholders' Equity Share Capital Ordinary Shares, P4 par, 200,000 shares authorized, 150,000 shares issued and outstanding P 600,000 Share Premium 375,000 Total Share Capital P 975,000 Retained Earnings 365,000 Total Shareholders' Equity P1,340,000 Required: Prepare the journal entries to record the following transactions that took place during January 2020: Jan. 4 Purchased 24,000 shares of its own Refozar's stock for P168,000. 10 Sold 4,000 shares of the treasury stock for P9 per share. 29 Sold 14,000 shares of the treasury stock for P6 per share. 31 Sold the remaining 6,000 shares of treasury stock for P7 per share.
The following shareholders' equity accounts and the related activity during the year are in the ledger of Kenton Corporation at December 31, 2020. Common shares (unlimited authorized): Balance, Jan. 1 (259,000 shares) $1,725,000 Balance, Dec. 31 (260,000 shares) 1,739,000 Shares issued (1,000 shares) 14,000 Preferred shares (21,000 authorized, $8, cumulative): Balance, Jan. 1 (14,000 shares) 739,000 Balance, Dec. 31 (17,000 shares) 882,000. Shares issued (3,000 shares) 143,000 Additional contributed capital: Balance, Jan. 1 Balance, Dec. 31 35,000 35,000 Accumulated other comprehensive income (loss): Balance, Jan. 1. Balance, Dec. 31 Other comprehensive income Retained earnings: Balance, Jan. 1 Balance, Dec. 31 Loss Cash dividends (32,300) 16,400 48,700 ? 1,121,000. (119,000) (147,000) 1) Prepare a statement of changes in equity for the year ended December 31, 2020. (If an amount reduces the account balance then enter with negative sign, e.g. -15,000 or in parenthesis, e.g. (15,000).)…
Crane Corporation had the following shareholders' equity on December 31, 2022: Common shares, 1,000,000 shares authorized, issued and outstanding Contributed surplus (Common Shares) Retained earnings Total shareholders' equity The following transactions occurred, in the order given, during 2023: (a) (b) (c) (d) (e) (a) (b) No. Accounts Titles and Explanation (c) (d) Prepare the journal entries to record the above transactions for Crane Corporation for 2023. (Round average share price to 2 decimal places for your calculations, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries. Credit account 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.) (e) 1,000 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.…
Compute for the amount of Retained Earnings on December 31, 2019.
What is the correct balance of TOTAL SHARE PREMIUM on December 31, 2021?
Oakwood Inc. is a public enterprise whose shares are traded in the over-the-counter market. At December 31, 2018, Oakwood had 6,000,000 authorized shares of $10 par value common stock, of which 2,000,000 shares were issued and outstanding. The shareholders’ equity accounts at December 31, 2018, had the following balances: Transactions during 2019 and other information relating to the shareholders’ equity accounts were as follows: 1. On January 5, 2019, Oakwood issued at $54 per share, 100,000 shares of $50 par value, 9%, cumulative convertible preferred Stock. Each share of preferred stock is convertible, at the option of the holder, into 2 shares of common stock. Oakwood had 600,000 authorized shares of preferred stock. 2. On February 2, 2019, Oakwood reacquired 20,000 shares of its common stock for $16 per share. Oakwood uses the cost method to account for treasury stock. 3. On April 27, 2019, Oakwood sold 500,000 shares (previously unissued) of $10 par value common stock to the…
QOLUTION &TUMARS Hamilton Travel Corporation's (HTC) shareholders' equity section at December 31, 2021 appears below: Shareholders' equity Common shares, 1,000,000 shares authorized, 80,000 shares issued Retained earnings Total shareholders' equity On June 30, 2022, the board of directors of HTC declared a 10% stock dividend, payable on July 31, 2022, to shareholders of record on July 15, 2022. The fair market value of HTC's shares on June 30, 2022, was $12 per share. On December 1, 2022, the board of directors declared a 2-for-1 stock split effective December 15, 2022. HTC's shares were selling for $16 on December 1, 2022, before the share split was declared. Profit for 2022 was $225,000 and there were no cash dividends declared. $720,000 180,000 $900.000 Instructions (a) Prepare the journal entries on the appropriate dates to record the stock dividend and the stock split. Indicate the date of the entry and if no entry is required, write "no entry". (b) Fill in the amount that would…