12. N company is authorized to issue 600,000 shares of P10 par value ordinary share capital. N's accounting year ends on December 31. The following transactions occurred in 2022, the company's first year of operations Issued of 20,000 shares at 20 per share; received cash • Issued 2,500 shares to attorneys for services in securing the corporate charter and for preliminary legal costs of organizing the corporation. The value for the services was 85,000 • Issued 300 shares valued objectively at 15,000 to the employees instead of paying them cash wages Issued 325,000 shares in exchange for a building valued at 3,000,000 and land valued at 4,000,000. The building was originally acquired by the investor for 2,500,000 and has 1,000,000 of accumulated depreciation. The land was originally acquired for 1,500,000 What is the ordinary share capital balance on December 31, 2022? The amount of share premium to be reported on Dec 31, 2022 is? The amount of organization expense to be charged against the income for 2022 is?

12. N company is authorized to issue 600,000 shares of P10 par value ordinary share capital. N's accounting year ends on December 31. The following transactions occurred in 2022, the company's first year of operations Issued of 20,000 shares at 20 per share; received cash • Issued 2,500 shares to attorneys for services in securing the corporate charter and for preliminary legal costs of organizing the corporation. The value for the services was 85,000 • Issued 300 shares valued objectively at 15,000 to the employees instead of paying them cash wages Issued 325,000 shares in exchange for a building valued at 3,000,000 and land valued at 4,000,000. The building was originally acquired by the investor for 2,500,000 and has 1,000,000 of accumulated depreciation. The land was originally acquired for 1,500,000 What is the ordinary share capital balance on December 31, 2022? The amount of share premium to be reported on Dec 31, 2022 is? The amount of organization expense to be charged against the income for 2022 is?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...

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Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.
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