Ivanhoe Corporation was organized on January 1, 2023, with 409000 no par value commonshares authorized. During 2023, the corporation had the following share transactions:Jan.5Apr. 6June 8July 28Dec. 31VAIssued 154000 shares at $8 per shareIssued 58000 shares at $10 per shareIssued 58000 shares at $12 per sharePurchased 21000 shares at $9 per share and cancelled themIssued 21000 shares at $16 per shareWhat is the total amount of contributed surplus at December 31, 2023? (Round intermediatecalculations to 2 decimal places, e.g. 52.75.)O $189000$0$21000$6090

Contributed Surplus is one of important component of stockholders equity. This means amount…

Ivanhoe Corporation was organized on January 1, 2023, with 409000 no par value common shares authorized. During 2023, the corporation had the following share transactions: Jan. 5 Issued 154000 shares at $8 per share Apr. 6 Issued 58000 shares at $10 per share June 8 Issued 58000 shares at $12 per share July 28 Purchased 21000 shares at $9 per share and cancelled them Dec. 31 Issued 21000 shares at $16 per share What is the total amount of contributed surplus at December 31, 2023? (Round intermediate calculations to 2 decimal places, e.g. 52.75.) $189000 $0 $21000 O $6090

Ivanhoe Corporation was organized on January 1, 2023, with 409000 no par value common shares authorized. During 2023, the corporation had the following share transactions: Jan. 5 Issued 154000 shares at $8 per share Apr. 6 Issued 58000 shares at $10 per share June 8 Issued 58000 shares at $12 per share July 28 Purchased 21000 shares at $9 per share and cancelled them Dec. 31 Issued 21000 shares at $16 per share What is the total amount of contributed surplus at December 31, 2023? (Round intermediate calculations to 2 decimal places, e.g. 52.75.) $189000 $0 $21000 O $6090

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative, 100 par, convertible Paid-in capital in excess of par value on preferred stock Common stock, 1 stated value Paid-in capital in excess of stated value on common stock| Retained earnings The following additional information about Raun was available for the year ended December 31, 2019: 1. There were 2 million shares of preferred stock authorized, of which 1 million were outstanding. All 1 million shares outstanding were issued on January 2, 2016, for 120 a share. The preferred stock is convertible into common stock on a 1-for-1 basis until December 31, 2025; thereafter, the preferred stock ceases to be convertible and is callable at par value by the company. No preferred stock has been converted into common stock, and there were no dividends in arrears at December 31, 2019. 2. The common stock has been issued at amounts above stated value per share since incorporation in 2002. Of the 5 million shares authorized, 3,580,000 were outstanding at January 1, 2019. The market price of the outstanding common stock has increased slowly but consistently for the last 5 years. 3. Raun has an employee share option plan where certain key employees and officers may purchase shares of common stock at 100% of the marker price at the date of the option grant. All options are exercisable in installments of one-third each year, commencing 1 year after the date of the grant, and expire if not exercised within 4 years of the grant date. On January 1, 2019, options for 70,000 shares were outstanding at prices ranging from 47 to 83 a share. Options for 20,000 shares were exercised at 47 to 79 a share during 2019. During 2019, no options expired and additional options for 15,000 shares were granted at 86 a share. The 65,000 options outstanding at December 31, 2019, were exercisable at 54 to 86 a share; of these, 30,000 were exercisable at that date at prices ranging from 54 to 79 a share. 4. Raun also has an employee share purchase plan whereby the company pays one-half and the employee pays one-half of the market price of the stock at the date of the subscription. During 2019, employees subscribed to 60,000 shares at an average price of 87 a share. All 60,000 shares were paid for and issued late in September 2019. 5. On December 31, 2019, there was a total of 355,000 shares of common stock set aside for the granting of future share options and for future purchases under the employee share purchase plan. The only changes in the shareholders equity for 2019 were those described previously, the 2019 net income, and the cash dividends paid. Required: Prepare the shareholders equity section of Rauns balance sheet at December 31, 2019. Substitute, where appropriate, Xs for unknown dollar amounts. Use good form and provide full disclosure. Write appropriate notes as they should appear in the publisher financial statements.
ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions during the year: Jan. 1 number of shares authorized 80,000Feb. 2 number of shares issued 60,000June 1 number of shares reacquired but not retired 5,000Dec 1 2 for 1 share split What is the number of ABC Corp.’s ordinary share outstanding at December 31, 2020? A. 150,000 B. 110,000 C. 120,000 D. 115,000
Cullumber Ltd. was organized on January 1, 2023, with 299600 no par value common shares authorized. During 2023, the corporation had the following share transactions: Jan. 4 Issued 120800 shares at $9 per share Issued 39400 shares at $10 per share May 17 Purchased 14200 shares at $11 per share and cancelled them July 6 Issued 28400 shares at $12 per share Aug. 27 Issued 11800 shares at $13 per share Mar. 8 co The total amount of contributed surplus at December 31, 2023 is $131350 $47450. $178800. $0.
Integrity Company, a newly formed company, had the following shares issued and outstanding as of April 1, 2022: Ordinary share, P20 par (20,000 shares originally issued for P60 per share) Preference share, P50 par (6,000 shares originally issued for P100 per share) How much is the Ordinary Share Capital, Preference Share Capital, and Share Premium, respectively? a. P400,000; P300,000; and P1,100,000 b. P1,200,000; P300,000; and P300,000 c. P400,000; P600,000; and P800,000 d. P1,200,000; P600,000; and P0
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= P XXX Corporation was organized on January5, 2023. The authorized capital stock of preference consists of 20,000 preference shares with par value of P100 per share and the authorized capital stock of ordinary consist of 100,000 no par value ordinary shares with stated value of P50. On December 31, 2023, the ledger included the following balances: • Share Capital Preference = P600,000 Share Capital Ordinary = P2,000,000 Subscribed Share Capital Ordinary 500,000 •Subscription Receivable Ordinary P250,000 Share Premium Preference = P90,000 Share Premium Ordinary = P300,000 ⚫Retained Earnings = 100,000 Additional Information: 1. 2,000 shares of preference were issued for brand new equipment with fair market value of P220,000. The remaining preference shares were issued for cash. There is no subscription receivable. 2. All ordinary shares were issued for cash. There is subscription receivable for ordinary shares. How much is the average premium per share of preference shares and ordinary…
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On December 2, 2022, Andrew Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On December 17, it issued for cash 800 shares of P110 par, preference shares at P112. What amount will be credited as preference share capital? OA. P88,000 OB. P89,600 O C. P1,600 OD. None of the above
Bridgeport SA uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 R$12 par ordinary shares. At no time has Bridgeport issued any potentially dilutive securities. Listed below is a summary of Bridgeport’s ordinary share activities. 1. Number of ordinary shares issued and outstanding at December 31, 2021 2,040,000 2. Shares issued as a result of a 12% share dividend on September 30, 2022 244,800 3. Shares issued for cash on March 31, 2023 1,870,000 Number of ordinary shares issued and outstanding at December 31, 2023 4,154,800 4. A 2-for-1 share split of Bridgeport’s ordinary shares took place on March 31, 2024 (a) Compute the weighted-average ordinary shares used in computing earnings per ordinary share for 2022 on the 2023 comparative income statement. enter a number of shares shares
1. On January 1, 2020, Addy Company had 110,000 shares issued and 100,000 shares outstanding. The entity had the following transactions in 2020: March 1 - Issued 15,000 shares. June 1 - Resold 2,500 shares of treasury. September 1 Completed a 2-for-1 share split. What is the number of shares outstanding on December 31, 2020 a. 230,000 b. 250,000 c. 117,500 d. 235,0002. In 2019, Cassandra Company issued for P110 per share, 15,000 convertible preference shares of P100 par value. One preference share may be converted into three ordinary shares of P25 par value at the option of the preference shareholder. On December 31, 2020, all of the preference shares were converted into ordinary shares. The market value of the ordinary share at the conversion date was P40. What amount should be credited to ordinary share capital on December 31, 2020? a. P1,800,000 b. P1,500,000 c. P1,125,000 d. P1,650,000