Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares
authorized. The following transactions took place in the first
year:
- To record authorization of shares by board of directors (memorandum).
- Issued 90,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $46,000. Treat this amount as a reduction of the common share account.
- Received subscriptions for 45,000 shares at $70 per share; collected 80% of the subscription price. The shares will not be issued until collection of cash in full.
- Issued 200 shares to a lawyer in payment for legal fees related to trademark registration. The lawyer estimates that the legal services provided would have been worth $14,000.
- Issued 18,000 shares and assumed an $126,000 mortgage in total payment for a building with a fair value of $252,000.
- Collected balance on subscriptions receivable in (c).
Required:
1. Journalize the above transactions. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
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Holimont Ltd. (HL) has unlimited no-par common shares
authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 280,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $56,000. Treat this amount as a reduction of the common share account. C. Received subscriptions for 140,000 shares at $80 per share; collected 60% of the subscription price. The shares will not...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized,...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized, issued and outstanding $7,920,000 Contributed surplus (Common Shares) 81,000 Retained earnings 10,500,000 Total shareholders’ equity $18,501,000 The following transactions occurred, in the order given, during 2020: (a) 1,210 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 subscriptions contracts, a payment of $17 per subscription...
Splish Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the...
Splish Ltd. offered to sell common shares on a subscription
basis. Each subscription allowed for the purchase of 20 shares at a
price of $80 per share. Terms of the subscription stated that
subscribers were to pay 40% of the price as a down payment, with
the remainder due in six months. On June 1, 2020, 210 subscriptions
were sold. Six months later, on December 1, only 105 of the
subscriptions were fully paid for. According to the subscription
contract,...
View Policies Current Attempt in Progress Marigold Ltd. offered to sell common shares on a subscription...
View Policies Current Attempt in Progress Marigold Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of 10 shares at a price of 548 per share. Terms of the subscription stated that subscribers were to pay 50% of the price as a down payment, with the remainder due in six months. On June 1, 2020. 150 subscriptions were sold. Six months later, on December 1, only 75 of the subscriptions were fully paid...
Monty Corporation’s charter authorized 1 million shares of $13 par value common shares, and 400,000 shares...
Monty Corporation’s charter authorized 1 million shares of $13 par value common shares, and 400,000 shares of 6% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 270,000 common shares were issued for $3.78 million and 10,000 preferred shares were issued for machinery valued at $1,411,000. Subscriptions for 10,500 common shares have been taken, and 25% of the subscription price of $19 per share has...
Exercise 15-15 Marigold Corporation’s charter authorized 1 million shares of $11 par value common shares, and...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized,...
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ 280,000 Contributed surplus 302,000 Retained earnings 2,430,000 Total shareholders' equity $3,012,000 The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred, in the order given, during 2020. 1. Subscriptions were sold for 12,200 common shares at $22 per...
Sage Ltd. showed the following information on its September 30, 2021 year-end financial statements: Preferred Shares,...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
* Question 4 OAK Corporation has an unlimited number of common shares authorized and 90,000 common...
* Question 4 OAK Corporation has an unlimited number of common shares authorized and 90,000 common shares issued. At December 31, 2017, OAK had a balance in the Common Shares account of $198,000. On January 1, 2018 OAK reacquired and retired 9,300 common shares at a price of $1.95 cash per share. Prepare the journal entry for the reacquisition of shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 280,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $56,000. Treat this amount as a reduction of the common share account. C. Received subscriptions for 140,000 shares at $80 per share; collected 60% of the subscription price. The shares will not...
Splish Ltd. offered to sell common shares on a subscription
basis. Each subscription allowed for the purchase of 20 shares at a
price of $80 per share. Terms of the subscription stated that
subscribers were to pay 40% of the price as a down payment, with
the remainder due in six months. On June 1, 2020, 210 subscriptions
were sold. Six months later, on December 1, only 105 of the
subscriptions were fully paid for. According to the subscription
contract,...
View Policies Current Attempt in Progress Marigold Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of 10 shares at a price of 548 per share. Terms of the subscription stated that subscribers were to pay 50% of the price as a down payment, with the remainder due in six months. On June 1, 2020. 150 subscriptions were sold. Six months later, on December 1, only 75 of the subscriptions were fully paid...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ 280,000 Contributed surplus 302,000 Retained earnings 2,430,000 Total shareholders' equity $3,012,000 The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred, in the order given, during 2020. 1. Subscriptions were sold for 12,200 common shares at $22 per...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
* Question 4 OAK Corporation has an unlimited number of common shares authorized and 90,000 common shares issued. At December 31, 2017, OAK had a balance in the Common Shares account of $198,000. On January 1, 2018 OAK reacquired and retired 9,300 common shares at a price of $1.95 cash per share. Prepare the journal entry for the reacquisition of shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is...
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