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- Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,000,000 5,850,000 Share premium 1,000,000 1,600,000 Retained Earnings 3,400,000 4,500,000 During the current year, the entity declared and paid cash dividends or P1,000,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding during the year. What is the net income for the current year? Present solutions in good accounting form. No parenthetical solutions. Thanks and God bless!Before Pronghorn Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par—Common Stock Common Stock Retained Earnings $107,700 $244,800 $75,400 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (a) Bought 370 shares of treasury stock at $40 per share. (b) Bought 310 shares of treasury stock at $44 per share. (c) Sold 330 shares of treasury stock at $42 per share. (d) Sold 100 shares of treasury stock at $38 per share.Before Concord Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par-Common Stock Common Stock Retained Earnings $108,600 $282,900 $75,300 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Bought 390 shares of treasury stock at $39 per share. (b) Bought 290 shares of treasury stock at $45 per share. (c) Sold 330 shares of treasury stock at $41 per share. (d) Sold 110 shares of treasury stock at $37 per share.
- The 12/31/2021 balance sheet of Despot Inc. included the following: Common stock, 25 million shares at $20 par Paid-in capital-excess of par $ 500million 3,000million 980million Retained earnings In January 2021, Despot recorded a transaction with this journal entry: Cash Common stock 100million 50million Paid-in capital-excess of par Despot declared a property dividend to give marketable equity securities to its common stockholders. The securities had cost Despot $7 million and currently have a fair value of $16 million. Which of the following would be included in recording the property dividend declaration? 150 million O Decrease in retained earnings for $7 million. Decrease in marketable securities by $16 million. O Increase in a liability for $16 million. O All of these answer choices are correct.Before Gordon Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $10 per share). Paid-in Capital in Excess of Par—Common Stock Common Stock Retained Earnings $108,000 $220,000 $40,000 Instructions Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. a. Bought 375 shares of treasury stock at $45 per share. b. Bought 320 shares of treasury stock at $56 per share. c. Sold 330 shares of treasury stock at $50 per share. d. Sold 120 shares of treasury stock at $37 per share.Template Company provided the following concerning marketable equity securities held as "trading." 1. The entity carried the following securities on December 31, 2022: 2. On June 30, 2023, the entity sold all the B ordinary shares for P140,000. 3. On December 31, 2023, the securities are quoted as follows: A ordinary - 4,000 shares B ordinary - 1,000 shares C preference - 2,000 shares A ordinary - 4,000 shares C preference -2,000 shares Requirement: Complete the table below. Write zero (0) if it is not applicable. Statement of Financial Position Investments - FVPL Statement of Changes in Equity Retained earnings Statement of Income Unrealized gain/(loss) Realized gain/(loss) Acquisition Date [a] [d] [9] 0] Cost 330,000 200,000 300,000 830,000 Market P80 per share P180 per share December 31, 2022 300,000 160,000 310,000 770,000 [b] [e] [h] [k] December 31, 2023 [c] [U] 0 [0]
- Paul Company presented the following information pertaining to its investments in equity securities. FVPL FVOCICost P1,000,000 P1,000,000Market value December 31, 2020 1,050,000 980,000 December 31, 2019 950,000 920,000 2.What amount should Paul report as unrealized gains/losses in the shareholders' equity of its December 31, 2020 statement of financial position?State the stockholder’s equity of the Alphabet Corporation if it has a current net profit of $1,500,000, beginning-of-the-period retained earnings of $3,675,000, 1 million shares of common stock issued at a par value of $1 per share, and paid-in capital in excess of par of $12.50 per share?Type of corporation Spandust Industries Inc. recently raised capital through an initial public offering (IPO). Its stock can now be purchased on the NYSE. This company is referred to as: A closely held corporation A publicly owned corporation Initial public offering performance When the demand for an initial public offering (IPO) of securities exceeds the number of securities issued, the offering is deemed to be: Undersubscribed Oversubscribed Indigo Inc. is going public and issuing 150,000 shares of common stock. The capital raised in the IPO will fund the company’s proposed expansion. A Dutch auction is used to allocate shares in the Indigo IPO. The following table shows the number of shares requested by potential investors in each row. Bids Number of Shares Requested Price per Share Bidder # 1 50,000 $59 Bidder # 2 100,000 57 Bidder # 3 150,000 55 Bidder # 4 200,000 53 Bidder # 5 250,000 51 Bidder # 6 300,000 49…
- NEED ASAP. Solve correctly and show your computations. The ABC Corp has the following classes of share capital outstanding as of Dec 31, 2021. Ordinary share capital, P20 par value, 20,000 shares outstanding Preference share capital, 5% P100 par value, non-cumulative and fully participating, 2,000 shares outstanding No dividends were paid on Preference shares for two years. On Dec 31, 2021 a total Cash dividend of P210,000 was declared. How much dividends will be received by the preference shares holders? a. 73,333 b. 38,222 c. 38,000 d. 120,000State the stockholders’ equity of the Alphabet Corporation if it has acurrent net profit of $1,500,000, beginning-of-the-period retained earningsof $3,675,000, 1 million shares of common stock issued at a parvalue of $1 per share, and paid-in capital in excess of par of $12.50per share.NEED ASAP. Solve correctly and show your computations. The ABC Corp has the following classes of share capital outstanding as of Dec 31, 2021. Ordinary share capital, P20 par value, 20,000 shares outstanding Preference share capital, 5% P100 par value, non-cumulative and fully participating, 2,000 shares outstanding No dividends were paid on Preference shares for two years. On Dec 31, 2021 a total Cash dividend of P210,000 was declared. How much dividends will be received by the preference shares holders?