Waterway Corporation had the following shareholders' equity on December 31, 2022: Common shares, 1,280,000 shares authorized, issued and outstanding $7,680,000 Contributed surplus (Common Shares) Retained earnings Total shareholders' equity 77,000 (b) 11,800,000 $19,557,000 The following transactions occurred, in the order given, during 2023: 1.100 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 $21 per subscription was required at the time the subscriptions were sold. As per the subscription contracts, the second payment was for the balance of the subscription price. Of the 1.100 subscribers, 160 defaulted and did not make this second payment. ENG
Waterway Corporation had the following shareholders' equity on December 31, 2022: Common shares, 1,280,000 shares authorized, issued and outstanding $7,680,000 Contributed surplus (Common Shares) Retained earnings Total shareholders' equity 77,000 (b) 11,800,000 $19,557,000 The following transactions occurred, in the order given, during 2023: 1.100 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 $21 per subscription was required at the time the subscriptions were sold. As per the subscription contracts, the second payment was for the balance of the subscription price. Of the 1.100 subscribers, 160 defaulted and did not make this second payment. ENG
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 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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