Before Riverbed Ltd. engages in the treasury share transactions listed below, its general ledger reflects, among others, the following account balances (par value is £30 per share). Share Premium-Ordinary £91,700 Share Capital-Ordinary £269,400 Retained Earnings £81,900
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- Hopeful Ltd. had issued 500,000 shares at a nominal value of 25p each when it commenced business. After two years of profitable trading it issued a further 250,000 shares at a market price of 75p per share. Which of the following would be reported as equity in the statement of financial position after the second share issue? A. Share capital £187,500, share premium £125,000 B. Share capital £125,000, share premium £187,500 C. Share capital £312,500 D. Share capital £125,000, share premium £125,000ABC Ltd have issued 220,000 ordinary shares at a price of £1.40 each. The shares have a nominal value of 95 pence each. What is the journal to enter this share issue into the accounting records? 7Select one: A. DR Bank £30,800,000/ CR Share capital £20,900,000/ CR Share premium £990,000 B. DR Share capital £308,000/ CR Share premium £308,000 C. DR Bank £308,000/ CR Share capital £209,000/ CR Share premium £99,000 D. DR Bank £308,000/ CR Share capital £308,000BFAR Corporation has the following information in its shareholders' equity: Ordinary Share Capital of P1,600,000 - P200 par value Share Premium, P400,000 Accumulated Profits of P900,000. ● A share dividend of 6% was declared when the share is selling at P500 per share. Compute the balance of Accumulated Profits after dividend declaration.
- Diann Ltd. had the following transactions pertaining to share investments. Feb. 1 Purchased 600 ordinary shares of Ronn (2%) for $6,200. July 1 Received cash dividends of $1 per share on Ronn ordinary shares. Sept. 1 Sold 300 ordinary shares of Ronn for $4,300. Dec. 1 Received cash dividends of $1 per share on Ronn ordinary shares. Instructions: a. Journalize the transactions. b. Explain how dividend revenue and the gain (loss) on sale should be reported in the income statement.Prepare the journal entry to record Zende Company's issuance of 79,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheetPrepare the journal entry to record Rony Company's issuance of 35,000 shares of its common stock assuming the share have a : a. $4par value and sell for $16 cash per share b. S4 stated value and sell for $16 per share.
- The following data are extracted from the shareholders’ equity section of the statement of financial position of Del Corporation: Ordinary shares, P2 par value – Balance as of December 31, 2010; P1,000,000. Ordinary shares, P2 par value – Balance as of December 31, 2011; P1,020,000. Share premium - Balance as of December 31, 2010; P500,000. Share premium - Balance as of December 31, 2011; P580,000. Retained earnings - Balance as of December 31, 2010; P1,000,000. Retained earnings - Balance as of December 31, 2011; P1,046,000. During 2011, the corporation declared and paid cash dividends of P150,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding during 2011. What is the net income for 2011. Show solutionThe following accounts are shown on the statement of financial position of Phoenix Corporation Share Capital, P 100 par, 1,000 shares P 100,000 Share Premium 2,000 Paid in Capital from Treasury Shares 2,000 Retained Earnings 75,000 Treasury shares, 200 shares at cost 25,000 All the 200 treasury shares were sold for P 22,000. How would the resale of the treasury shares be recorded?Nexis Corp. issues 2,870 shares of $8 par value common stock at $17 per share. When the transaction is recorded, what credit entry or entries are made? a.Common Stock $48,790. b.Common Stock $22,960 and Paid-in Capital in Excess of Stated Value $25,830. c.Common Stock $22,960 and Paid-in Capital in Excess of Par Value $25,830. d.Common Stock $25,830 and Retained Earnings $22,960.
- Prepare the journal entry to record Zende Company's issuance of 84,000 shares of $8 par value common stock assuming the shares sell for: a. $8 cash per share. b. $9 cash per share. View transaction list Journal entry worksheet 1 Record the issuance of 84,000 shares of $8 par value common stock assuming the shares sell for $8 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal Saved >Prepare the journal entry to record Zende Company's issuance of 65,000 shares of $4 par value common stock assuming the shares sell for: a. $4 cash per share. b. $5 cash per share. View transaction list Journal entry worksheet Record the issuance of 65,000 shares of $4 par value common stock assuming the shares sell for $4 cash per share. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journalBefore Concord Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock Common Stock Retained Earnings $108,600 $282,900 $75,300 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented when 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.) (a) Bought 390 shares of treasury stock at $39 per share. (b) Bought 290 shares of treasury stock at $45 per share. (c) Sold 330 shares of treasury stock at $41 per share. (d) Sold 110 shares of treasury stock at $37 per share.