Homework Answers
Requirement a:
| Date | Account title and explanation | Debit | Credit |
| Mar. 11,2019 | Common stock (3,000,000 x $1) | $3,000,000 | |
| PIC-excess of par (3,000,000 x $9*) | $27,000,000 | ||
| Retained earnings | |||
| Cash (3,000,000 x $14) | $42,000,000 | ||
| [To record retirement of common shares] | |||
| July 29,2019 | Cash (1,000,000 x $15) | $15,000,000 | |
| Common stock (1,000,000 x $1) | $1,000,000 | ||
| PIC-excess of par | $14,000,000 | ||
| [To record issuance of common stock] |
*PIC-excess of par per share = Total PIC-excess of par ÷ Total number of shares outstanding
=1,800 millions ÷ 200 common shares
=$9
Requirement b:
| Date | Account title and explanation | Debit | Credit |
| Mar. 11,2019 | Treasury stock (3,000,000 x $14) | $42,000,000 | |
| Cash | $42,000,000 | ||
| [To record purchase of own shares] | |||
| July 29,2019 | Cash (1,000,000 x $15) | $15,000,000 | |
| PIC-Share repurchase | $1,000,000 | ||
| Treasury stock (1,000,000 x $14) | $14,000,000 | ||
| [To record sale of treasury stock] |
Add Answer to:
Problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis...
problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis...
problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis Inc. at 12/31/2018: Shareholders' Equity Common stock, 200 million shares at $1 par In millions $200 Paid-in capital-excess of par 1.800 Paid-in capital-share repurchase 13 Retained Earnings 60,000 On March 11, 2019. Genesis purchased back 3 million shares at $14 per share. On July 29, 2019. Genesis sold 1 million shares at $15 per share Required: a. Prepare journal entries to record the above...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 270 million shares at $1 par Paid-in capital-excess of par Paid in capital-share repurchase Retained earnings (s in millions) $ 270 1,890 2 1,700 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31,2017: (in millions) $ 280 1,680 Shareholders' Equity Common stock, 280 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings 1,800 Required During 2018, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are...
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts...
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity ($ in millions) Common stock, 270 million shares at $1 par $ 270 Paid-in capital—excess of par 1,890 Paid-in capital—share repurchase 2 Retained earnings 1,700 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares...
The shareholders' equity section of the balance sheet of TNL Systems Inc, included the following accounts...
The shareholders' equity section of the balance sheet of TNL Systems Inc, included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 290 million shares at $l par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 290 2,030 1,900 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming...
At December 31, 2017, the balance sheet of Meca International included the following shareholders' equity accounts:...
At December 31, 2017, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders’ Equity ($ in millions) Common stock, 65 million shares at $1 par $ 65 Paid-in capital—excess of par 490 Retained earnings 600 Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field....
Problem 18-2 Share buyback-comparison of retirement and treasury stock treatment [LO18-5] The shareholders’ equity section of...
Problem 18-2 Share buyback-comparison of retirement and treasury stock treatment [LO18-5] The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2017: Shareholders' Equity ($ in millions) Common stock, 210 million shares at $1 par $ 210 Paid-in capital—excess of par 1,260 Paid-in capital—share repurchase 1 Retained earnings 1,200 Required: 1. During 2018, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the...
Accounting for Shareholders’ Equity Transactions The shareholders’ equity section of the balance sheet of The Claremont...
Accounting for Shareholders’ Equity
Transactions
The shareholders’ equity section of the balance sheet of The
Claremont Company appeared as follows at the end of the first year
of operations:
Common stock, $0.1 par value
$600,000
Additional paid-in-capital
89,400,000
Retained earnings
32,000,000
Treasury stock
(7,500,000)
Shareholders’ equity
$114,500,000
During the second year of operations, the following transactions
occurred:
Generated net income of $6 million.
Paid a cash dividend of $1.5 million.
Purchased 100,000 shares of common stock at $9.5 per
share....
question 18 The shareholders' equity section of the balance sheet of TNL Systems Inc. included the...
question 18
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020. Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 240 1,689 1 1,100 Required: 1. During 2021. TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts:...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders' Equity Common stock, 70 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in millions) $ 70 500 610 Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field....
problem 3: Share buybacks (12 pts) The shareholders' equity section of the balance sheet of Genesis Inc. at 12/31/2018: Shareholders' Equity Common stock, 200 million shares at $1 par In millions $200 Paid-in capital-excess of par 1.800 Paid-in capital-share repurchase 13 Retained Earnings 60,000 On March 11, 2019. Genesis purchased back 3 million shares at $14 per share. On July 29, 2019. Genesis sold 1 million shares at $15 per share Required: a. Prepare journal entries to record the above...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 270 million shares at $1 par Paid-in capital-excess of par Paid in capital-share repurchase Retained earnings (s in millions) $ 270 1,890 2 1,700 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the...
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31,2017: (in millions) $ 280 1,680 Shareholders' Equity Common stock, 280 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings 1,800 Required During 2018, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are...
The shareholders' equity section of the balance sheet of TNL Systems Inc, included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 290 million shares at $l par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 290 2,030 1,900 Required: 1. During 2021, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming...
Accounting for Shareholders’ Equity
Transactions
The shareholders’ equity section of the balance sheet of The
Claremont Company appeared as follows at the end of the first year
of operations:
Common stock, $0.1 par value
$600,000
Additional paid-in-capital
89,400,000
Retained earnings
32,000,000
Treasury stock
(7,500,000)
Shareholders’ equity
$114,500,000
During the second year of operations, the following transactions
occurred:
Generated net income of $6 million.
Paid a cash dividend of $1.5 million.
Purchased 100,000 shares of common stock at $9.5 per
share....
question 18
The shareholders' equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020. Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital excess of par Paid-in capital-share repurchase Retained earnings ($ in millions) $ 240 1,689 1 1,100 Required: 1. During 2021. TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale...
At December 31, 2020, the balance sheet of Meca International included the following shareholders' equity accounts: Shareholders' Equity Common stock, 70 million shares at $1 par Paid-in capital-excess of par Retained earnings ($ in millions) $ 70 500 610 Required: Assuming that Meca International views its share buybacks as treasury stock, record the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field....
Most questions answered within 3 hours.
-
Which DNA primer would have the HIGHEST melting temperature?
Question 17 options:
a)
GCATCGGC
b)
AATCGGAT...
asked 1 second ago -
which of the following may lead to speciation?
a. a group of individuals from a mainland...
asked 5 minutes ago -
Please I need today answer for This question and it is very
important and I need...
asked 23 minutes ago -
Five years from today, you plan to invest $3,700 for 7
additional years at 5.8 percent...
asked 23 minutes ago -
GDL just paid a dividend of $4.06 per share. You expect
dividends to grow 12% for...
asked 25 minutes ago -
which of the following is a basic compound?
vinegar
orange juice
seltzer
none of the above
asked 28 minutes ago -
5. Suppose you obtained 0.55 g of crude clove oil from 7.0 g of
fresh cloves....
asked 38 minutes ago -
Provide a paragraph of introduction that generally describes
cognitive development over the lifespan.
asked 43 minutes ago -
In a market, when the price increased the total expenditure on
the good also increased. Is...
asked 43 minutes ago -
If 5.70 g of potassium react with water, how many grams of
hydrogen gas, H2, are...
asked 57 minutes ago -
How many moles of CO2 and H2O will be
produced by combustion analysis of 0.010 mol...
asked 55 minutes ago -
Tennis champion Maria Sharapova is capable of serving a tennis
ball at 126 mph.
b) What...
asked 1 hour ago