Pain in Capital per Share = $ 435 / 145 = $ 3 | ||||
No. | Date | Accounts titles and Explanation |
Debit (in $ millions) |
Credit (in $ millions) |
1 | January 07,2021 |
Common stock ( 4 million x $ 1 ) |
$ 4 | |
Paid-in capital - excess of par ( 4 million x $ 3 ) |
$ 12 | |||
Retained earnings | $ 8 | |||
Cash ( 4 million x $ 6 ) |
$ 24 | |||
2 | August 23, 2021 |
Common stock ( 6 million x $ 1 ) |
$ 6 | |
Paid-in capital - excess of par ( 6 million x $ 3 ) |
$ 18 | |||
Paid-in capital - share repurchase | $ 3 | |||
Cash ( 6 million x $ 3.50 ) |
$ 21 | |||
3 | July 25, 2022 |
Cash ( 5 million x $ 7 ) |
$ 35 | |
Common stock ( 5 million x $ 1 ) |
$ 5 | |||
Paid-in capital - excess of par | $ 30 | |||
Exercise 18-10 (Algo) Retirement of shores [LO18-5) Borner Communications articles of incorporation authorized the issuance of...
Borner Communications’ articles of incorporation authorized the issuance of 125 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following: Shareholders’ Equity ($ in millions) Common stock, 105 million shares at $1 par $ 105 Paid-in capital – excess of par 315 Retained earnings 295 Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate...
Borner Communications’ articles of incorporation authorized the issuance of 180 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following: Shareholders' Equity ($ in millions) Common stock, 165 million shares at $1 par 165 Paid-in capital—excess of par 495 Retained earnings 275 Required: Assuming that Borner Communications retires shares it reacquires (restores their status to that of authorized but unissued shares), record the appropriate journal entry for...
Exercise 18-11 (Algo) Retirement of shares [LO18-5] ed In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 210 milion shares of its Si par common stock at $45 per share. Required: Assuming that Borland retires shares it reacquires, 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. Enter your answers in millions fi.e. 10,000,000...
Brief Exercise 18-5 (Algo) Retirement of shares (L018-5) Horton Industries shareholders' equity included 120 million shares of S1 par common stock and a balance in paid-in capital - excess of par of $1,080 million Assuming that Horton retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Horton's total paid in capital decline if it reacquires 1 million shares at $7.00 per share? (Enter your answer in millions (ie., 10,000,000 should be...
In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 190 million shares of its $1 par common stock at $36 per share. Required: Assuming that Borland retires shares it reacquires, 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. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1. On January...
Horton Industries’ shareholders’ equity included 130 million shares of $1 par common stock and a balance in paid-in capital—excess of par of $1,300 million. Assuming that Horton retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Horton’s total paid-in capital decline if it reacquires 2 million shares at $9.50 per share? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).)
Horton Industries' shareholders' equity included 140 million shares of $1 par common stock and a balance in paid-in capital - excess of par of $1,120 million. Assuming that Horton retires shares it reacquires (restores their status to that of authorized but unissued shares), by what amount will Horton's total paid-in capital decline if it reacquires 2 million shares at $7.00 per share? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Total paid-in capital will decline by...
TB Problem 18-155 (Algo) Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC's outstanding shares January 4, 2021: Repurchased and retired 2.40 million shares at $7.60 per share. June 25, 2021: Repurchased and retired 3.40 million shares at $3.40 per share. Prior to the transactions, CCC's shareholders' equity included the following: Common stock, 79.60 million shares at $1 par Paid in capital-excess of par Retained earnings $ 79,600,000...
This is problem P-18-1 in the Intermediate Accounting 2 book from authors Spiceland, Nelson, and Thomas. I don't understand why PIC-in excess of par is debited at 38 and Retained Earnings is debited at 10. Why not have one of them debited at 48? Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 100 million common shares, $1 par per share. Required: Prepare...
In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 170 million shares of its $1 par common stock at $34 per share. Required: Assuming that Borland retires shares it reacquires, 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. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1. On January...