Homework Answers
| Infinity Minerals CORP. | ||||
| Statement of changes in equity | ||||
| For year ended December 31,2020 | ||||
| Particulars | Preferred Shares | Common Shares | Retained Earnings | Total Equity |
| Balance, Jan 1 | 4,61,000 | 10,85,000 | 5,99,000 | 21,45,000 |
| Common dividends paid during 2020 | -1,31,000 | -1,31,000 | ||
| Cumulative effect of change in Accounting Estimate | -41,900 | -41,900 | ||
| Profit for the year ended Dec 31,2020 | 3,53,000 | 3,53,000 | ||
| 8100 Common shares issued for 22.94 whereas FV 17.78 | 1,44,074 | 41,740 | 1,85,814 | |
| Balance,Dec 31 | 4,61,000 | 12,29,074 | 8,20,840 | 25,10,914 |
| Face Value of Shares = $ 1085000/61000 shares = 17.78 | ||||
| 8100 Common shares issued for a premium of 5.16 per share, transferred to retained earnings |
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CHECK Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 61,000...
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12-4A
$1,560,000 462,000 $2,022,000 Contributed capital Preferred shares. $17 cumulative, issued, and outstanding....... Common shares, unlimited shares authorized, 40.000 shares issued and outstanding Total contributed capital vertible into common a referred are converted int ity section of the balan Retained earings Total equity balance shoes he company plans to pay quired Refer to the equity section above. Assume that the preferred are convertible of eight common shares for each share of preferred. If on April 1, 2020, prepare the entry...
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12-4A
$1,560,000 462,000 $2,022,000 Contributed capital Preferred shares. $17 cumulative, issued, and outstanding....... Common shares, unlimited shares authorized, 40.000 shares issued and outstanding Total contributed capital vertible into common a referred are converted int ity section of the balan Retained earings Total equity balance shoes he company plans to pay quired Refer to the equity section above. Assume that the preferred are convertible of eight common shares for each share of preferred. If on April 1, 2020, prepare the entry...
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