tock, par value $10 per share During 2005, Amelia issued 24,000 shares of common stock for a total of $1,200,000 and 6,000 shares of preferred stock at $16 per share. In addition, on Decem
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The Amelia Corporation was incorporated on January 1, 2005, with the following authorized capitalization:
- 40,000 shares of common stock, no par value, stated value $40 per share
- 10,000 shares of 5 percent cumulative preferred stock, par value $10 per share
During 2005, Amelia issued 24,000 shares of common stock for a total of $1,200,000 and 6,000 shares of preferred stock at $16 per share. In addition, on December 20, 2005, subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2006. What should Amelia report as total contributed capital on its December 31, 2005,
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- Helu Corporation was organized on January 1, 2021, with an authorization of 1,000,000 ordinary shares with a par value of P5 per share. During 2011, the corporation had the following equity transactions:Jan. 4 Issued 200,000 shares at P5.00 per share.Apr. 8 Issued 100,000 shares at P7.00 per share.June 9 Issued 30,000 shares at P10.00 per share.July 29 Purchased 50,000 shares at P4,00 per share.Dec. 31 Sold 50,000 shares held in treasury at P8.00 per share. 1. What should be the total share premium as of December 31, 2021?The following information are gathered from Relaxz Corporation: Relaxz Corporation’s charter became effective on January 2, 2015, when 80,000, P10 par value, ordinary shares and 40,000, 5% cumulative, nonparticipating, preference shares were issued. The ordinary shares were sold at P12 per share and the preference shares, at its par value of P100 per share. Relaxz was unable to pay preference dividends at the end of its first year. The owners of the preference shares agreed to accept 2 ordinary shares for every 50 shares of preference shares owned in lieu of the preference share dividends due on December 31, 2015. The shares were issued on January 2, 2018. The fairmarket value was P30 per share for ordinary share on the date of issue. On May 1, 2017, Relaxz sold 40,000 ordinary shares at par. Relaxz split its ordinary shares 3 for 2 on January 1, 2018, and 2 for 1 on January 1, 2019. The corporation offered to convert 20% of the preference shares to ordinary on the basis of 2…During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 6 million common shares, $1 par per share, and 2 million preferred shares, $50 par per share. Feb. 12 Sold 3 million common shares, for $10 per share. 13 Issued 39,000 common shares to attorneys in exchange for legal services. 13 Sold 72,000 of its common shares and 6,000 preferred shares for a total of $1,035,000. Nov. 15 Issued 420,000 of its common shares in exchange for equipment for which the cash price was known to be $3,988,000. Required:Prepare the appropriate journal entries to record each transaction.
- On January 5, 2020, Bramble Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,300 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $50,600; a factory building with a fair value of $153,000; and land with an appraised value of $290,000. July 29 Purchased 2,000 shares of common stock at $19 per share. (Use cost method.) Aug. 10 Sold the 2,000 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $162,500 net income. Record the journal entries for the transactions listed above. (Credit account…The Delgado Software Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corporation issued 25,000 shares. Required: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: 1. The shares have a P5 par value and were sold for P20 per share. 2. The shares are no-par but have a stated value of P10. The total issue price was P850,000. 3. The shares are no-par and have no stated value. They were issued at P25 per share.Joy Sun organized Ray Beam, Inc., in January 2008. The corporation immediately issued at $15per share one-half of its 260,000 authorized shares of $1 par value common stock. On January 2,2009, the corporation sold at par value the entire 10,000 authorized shares of 10 percent, $100par value cumulative preferred stock. On January 2, 2010, the company again needed money andissued 5,000 shares of an authorized 8,000 shares of no-par cumulative preferred stock for a totalof $320,000. The no-par shares have a stated dividend of $6 per share. The company declared no dividends in 2008 and 2009. At the end of 2009, its retained earn-ings were $530,000. During 2010 and 2011 combined, the company earned a total of $1,400,000. Dividends of 90 cents per share in 2010 and $2 per share in 2011 were paid on the common stock.Instructionsa. Prepare the stockholders’ equity section of the balance sheet at December 31, 2011. Include asupporting schedule showing your computation of retained earnings at…
- Huhu Company was incorporated on January 1, 2003, with the following authorized capitalization: 200,000 shares of common stock, no par, stated value P100 per share 200,000 shares of 10% cumulative preferred stock, par value P50 per share. During 2003 Baby Jean issued 150,000 shares of common stock for a total of P18,000,000 and 50,000 shares of preferred stock at P60 per share. In addition, on December 15, 2003, subscriptions for 20,000 shares of preferred stock were taken at a purchase price of P100. These subscribed shares were paid for on January 2, 2004. Net income for 2003 was P5,000,000. What should be reported as total contributed capital on its December 31, 2003 balance sheet?The Monty Corporation was incorporated on January 1, 2021, with the following authorized stocks: 20,000 shares of common stock no par value, stated value $40 per share. 8,000 shares of 5% cumulative preferred stock, par value $10 per share. During 2021, Monty issued 10,000 shares of common stock for a total of $600,000 and 4,000 shares of preferred stock at $24 per share. In addition, on December 20, 2021, 1,000 shares of preferred stock were issued at a purchase price of $30. What should Monty report as preferred stocks on its December 31, 2021, balance sheet?Carla Vista Corporation was organized on January 1, 2026 with the authorization of 1300000 shares of common stock with a par value of $6 per share. In 2026, the corporation had the following capital transactions: January 5 issued 650000 shares @ $11 per share July 28 purchased 76000 shares @ $11 per share December 31 sold the 76000 shares held in treasury @ $18 per share Carla Vista used the cost method to record the purchase and the reissuance of the treasury shares. What is the total amount of additional paid-in capital as of December 31, 2026? O $3782000. O $2558000. O $3250000. O $-0-.
- Moosonee Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had the following share transactions in its first month of operations: Jan. 6 Issued 200,000 common shares for $1.50 per share. 12 Issued 50,000 common shares for $1.75 per share. 17 Issued 10,000 preferred shares for $25 per share. 18 Issued 500,000 common shares for $2 per share. 24 Repurchased 200,000 common shares at $1.90 per share. 31 Issued 10,000 common shares in exchange for $15,000 of legal services. Instructions Record the above transactions. What is the number and average cost of the preferred and common shares at the end of January? If Moosonee were a publicly traded company, how might the journal entry to record the noncash transaction on January 31 change?Banner Publications was organized early in 2006 with authorization to issue 10,000 shares of $100 par value preferred stock and I million shares of $1 par value common stock. All of the preferred stock was issued at par, and 400,000 shares of common stock were sold for $15 per share. The preferred stock pays a 10 percent cumulative dividend. During the first five years of operations (2006 through 2010) the corporation earned a total of $4,100,000 and paid dividends of $.80 per share each year on the common stock. In 2011, how- ever, the corporation reported a net loss of $1,100,000 and paid no dividends. Instructions a. Prepare the stockholders' equity section of the balance sheet at December 31, 2011. Include a supporting schedule showing your computation of retained earnings at the balance sheet date. (Hint: Income increases retained earnings, whereas dividends and net losses decrease retained earnings.) b. Draft a note to accompany the financial statements disclosing any dividends…Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1,100 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 12,000 shares of $5 par common stock. On January 10, Peeler issued for cash 480 shares of preferred stock at $125 per share and 4,300 shares of common stock at $80 per share. On January 20, it issued 1,100 shares of common stock to acquire a building site at a time when the stock was selling for $68 per share. During 2017, Peeler established an employee benefit plan and acquired 540 shares of common stock at $60 per share as treasury stock for that purpose. Later in 2017, it resold 120 shares of the stock at $68 per share. On December 31, 2017, Peeler determined its net income for the year to be $41,400. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will be paid in 2018.…
