AP11-8A (Basic stock dividends entry) On December 31, 2020, Talbot Corporation’s common shares had a market...
AP11-8A (Basic stock dividends entry) On December 31, 2020, Talbot Corporation’s common shares had a market price of $25 per share before any stock dividend or split, and the shareholders’ equity section of the balance sheet appeared as follows: Common shares: unlimited shares authorized, 40,000 shares issued and outstanding $ 742,000 Retained earnings 1,500,000 Total shareholders’ equity $2,242,000 On December 31, 2020, the board of directors of Talbot Corporation declared a 20% stock dividend. On January 15, 2021, the new shares were issued.
Required
a. Prepare the journal entries to record the stock dividend.
b. Determine the balance in Retained Earnings after the stock dividend
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AP11-8A (Basic stock dividends entry) On December 31, 2020, Talbot Corporation’s common shares had a market...
AP11-2A (Equity transactions, financial statement preparation) Pharma Shop Ltd. is a mid-sized public company that had...
AP11-2A (Equity transactions, financial statement preparation) Pharma Shop Ltd. is a mid-sized public company that had been in operation for many years. On December 31, 2019, it had an unlimited number of common shares authorized and 5.2 million shares issued at an average value of $25 per share. As well, there were 5 million preferred shares authorized, with 250,000 of them issued at $20 per share. The balance in retained earnings was $26,610,000. The balance in accumulated other comprehensive income...
a) No dividends were paid in 2018 or 2019. On December 31, 2020, Bridgeport wants to...
a) No dividends were paid in 2018 or 2019. On December 31, 2020,
Bridgeport wants to pay a cash dividend of $4 per share to common
shareholders. How much cash would be needed for the total amount to
be paid to preferred and common shareholders?
b) The company decides instead that it will declare a 15% stock
dividend on the outstanding common shares at their fair value. The
common shares’ fair value on the date of declaration is $45 per...
can you please solve this On December 31, 2020, Ivanhoe Corporation had the following shareholders' equity...
can you please solve this
On December 31, 2020, Ivanhoe Corporation had the following shareholders' equity accounts: IVANHOE CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited number of shares authorized, 90,000 issued) Retained earnings Total shareholders' equity $1.052,000 550,000 $1,602,000 During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15, July 1 Announced a 2-for-1 stock split. The market price...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5,...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2021 = $1,063,300; 3. Equity, Dec. 31, 2021 = $2,666,300 The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following compon- ents of equity on December 31, 2019. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 $ 392,000 Contributed capital: Preferred shares, $2.10 cumulative, unlimited shares authorized; 20,000...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding $ 369,000 Retained earnings 217,000 Total equi
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding$369,000Retained earnings217,000Total equity$586,000In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan.5The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.Feb.28Paid the dividend declared on January 5.July6Sold 800 common shares at $38.50 per share.Aug.22Sold 1,300 common shares at $27.30 per share.Sept.5The...
PROBLEM 1. The stockholders’ equity section of Dobroskey Corporation’s balance sheet as of December 31, 2019...
PROBLEM 1. The stockholders’ equity section of Dobroskey Corporation’s balance sheet as of December 31, 2019 is as follows: Stockholders’ Equity - Preferred Stock, 4% $100 par value, 100,000 shares authorized and 5000 shares issued and outstanding = $500,000 - Common stock, $10 par value; authorized, 2,000,000 shares auth; issued and outstanding 60,000 shares = $600,000 - Paid-in capital in excess of par = $850,000 - Retained earnings = $4,000,000 The following events occurred during 2020: - Jan. 5: 20,000 shares of authorized and unissued common...
Mady Entertainment Inc. showed the following equity account balances on the December 31, 2019, balance sheet:...
Mady Entertainment Inc. showed the following equity account
balances on the December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 550,000 shares
issued and outstanding
$
3,850,000
Retained earnings
2,580,000
During 2020, the following selected transactions occurred:
Apr.
1
Repurchased and retired 150,000 common shares at $7.60 per
share; this is the first retirement recorded by Mady.
June
1
Declared a 2:1 share split to shareholders of record on June
12, distributable June 30.
Dec.
1
Declared a 10%...
AP11-3A (Issuance of common and preferred shares) Prince Observation incorporated on May 1, 2020, and was...
AP11-3A (Issuance of common and preferred shares) Prince Observation incorporated on May 1, 2020, and was authorized to issue 500,000 common shares and 100,000, 5% non-participating, convertible preferred shares. During the remainder of 2020, the company entered into the following transactions: 1. Issued 30,000 common shares in exchanged for $600,000. 2. Issued 5,000 preferred shares in exchange for $75,000. 3. Repurchased 3,000 common shares for $24.00 per share in the open market. The company entered into no other transactions that...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
Looking for the amount for share dividends in the retained earnings section. On March 1, 2020,...
Looking for the amount for share dividends in the
retained earnings section.
On March 1, 2020, VisionTech Inc.'s board of directors declared a 5% share dividend when the market price per share was $30.00. On November 15, 2020, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2019, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,100,000 shares issued and outstanding Retained earnings $ 19,530,000 6,570,000 Required: 1. Prepare a statement of...
AP11-2A (Equity transactions, financial statement preparation) Pharma Shop Ltd. is a mid-sized public company that had been in operation for many years. On December 31, 2019, it had an unlimited number of common shares authorized and 5.2 million shares issued at an average value of $25 per share. As well, there were 5 million preferred shares authorized, with 250,000 of them issued at $20 per share. The balance in retained earnings was $26,610,000. The balance in accumulated other comprehensive income...
a) No dividends were paid in 2018 or 2019. On December 31, 2020,
Bridgeport wants to pay a cash dividend of $4 per share to common
shareholders. How much cash would be needed for the total amount to
be paid to preferred and common shareholders?
b) The company decides instead that it will declare a 15% stock
dividend on the outstanding common shares at their fair value. The
common shares’ fair value on the date of declaration is $45 per...
can you please solve this
On December 31, 2020, Ivanhoe Corporation had the following shareholders' equity accounts: IVANHOE CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited number of shares authorized, 90,000 issued) Retained earnings Total shareholders' equity $1.052,000 550,000 $1,602,000 During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15, July 1 Announced a 2-for-1 stock split. The market price...
15 L Problem 12-8A Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2021 = $1,063,300; 3. Equity, Dec. 31, 2021 = $2,666,300 The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following compon- ents of equity on December 31, 2019. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2019 $ 392,000 Contributed capital: Preferred shares, $2.10 cumulative, unlimited shares authorized; 20,000...
Mady Entertainment Inc. showed the following equity account
balances on the December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 550,000 shares
issued and outstanding
$
3,850,000
Retained earnings
2,580,000
During 2020, the following selected transactions occurred:
Apr.
1
Repurchased and retired 150,000 common shares at $7.60 per
share; this is the first retirement recorded by Mady.
June
1
Declared a 2:1 share split to shareholders of record on June
12, distributable June 30.
Dec.
1
Declared a 10%...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
Looking for the amount for share dividends in the
retained earnings section.
On March 1, 2020, VisionTech Inc.'s board of directors declared a 5% share dividend when the market price per share was $30.00. On November 15, 2020, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2019, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,100,000 shares issued and outstanding Retained earnings $ 19,530,000 6,570,000 Required: 1. Prepare a statement of...
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