Question

Record each of the transactions. Keep a running balance of the average per share amount of...

Record each of the transactions. Keep a running balance of the average per share amount of the common shares.

On January 1, 2017, Hum Enterprises Inc. had 64,000 common shares, recorded at $512,000. The company follows IFRS. During the year, the following transactions occurred:

Apr. 1 Issued 5,000 common shares at $10 per share.

June 15 Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $12 a share at this time.

Sep. 21 Announced a 1-for-2 reverse stock split. Shares were trading at $10 per share at the time.

Nov. 1 Issued 3,000 common shares at $22 per share.

Dec. 20 Repurchased 10,000 common shares for $20 per share. This was the first time Hum had repurchased its own shares.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Apr 1 Issued 6,000 common shares at $8 per share. June 15 Declared a 5% stock...
Apr 1 Issued 6,000 common shares at $8 per share. June 15 Declared a 5% stock dividend to shareholders of record on September 5, distributable on September 20. The shares were trading for $10 a share at this time. Sep. 21 Announced a 1-for-2 reverse stock split. Shares were trading at $8 per share at the time. Nov. 1 Issued 3,000 common shares at $18 per share. Dec. 20 Repurchased 10,000 common shares for $16 per share. This was the...
Use the following information to answer question 41 and 42. On January 1, 2018, Tarow Corporation...
Use the following information to answer question 41 and 42. On January 1, 2018, Tarow Corporation had 80,000 common shares, recorded at $600,000, and retained earnings of $1,000,000. During the year, the following transactions occurred: Apr. 2 Issued 5,000 common shares at $20 per share. June 15 Declared a cash dividend of $0.25 per share to common shareholders of record on June 30, payable on July 10. Aug. 21 Declared a 5% stock dividend to common shareholders of record on...
Accounting for Share Transactions The Mayfair Corporation went public on January 1, 2015, with an initial...
Accounting for Share Transactions The Mayfair Corporation went public on January 1, 2015, with an initial public offering of 10,000,000 common shares, $1 par value, at a market price of $3 per share. Since then, the following equity transactions had occurred: In 2016, a 10% stock dividend was issued. At the time, the Mayfair common shares were trading at $6 per share. In 2017, a 3-for-1 forward stock split was executed. At the time, the Mayfair common shares were trading...
After incorporation on January 15, 2017, the only share capital issued by the privately-owned Sarasota Corporation...
After incorporation on January 15, 2017, the only share capital issued by the privately-owned Sarasota Corporation is 1,000 common shares issued at $10 each. Sarasota reports under IFRS although it is allowed to follow ASPE. Other activity related to shareholder's equity is outlined below. June 12 Issued 41,000 common shares for cash at $15 per share. June 30 Issued 1,600 common shares to a law firm in settlement of their bill for $27,230. (Use Professional Fees Expense) On June 30,...
DEF Corporation has the following share capital and retained earnings balances at December 31, 2018.                          &nb
DEF Corporation has the following share capital and retained earnings balances at December 31, 2018.                                                                                Issued share capital                       2,000,000 common shares                 $ 10,000,000                        Retained earnings                                   90,000,000                                                                        $ 100,000,000 i)If a 5% stock dividend is issued when the shares are trading for $ 10 per share, prepare the journal entry to record the stock dividend ii)If a 2 for 1 stock split is announced, prepare the journal entry to record the stock split. iii)If DEF...
Prepare journal entries for the following transactions (use the cost method for re-issuance): 1. On 1/1/2016,...
Prepare journal entries for the following transactions (use the cost method for re-issuance): 1. On 1/1/2016, company EXO issued 20,000 common shares, each having a par value of $1 at $10 per share. 2. On 7/1/2016, EXO repurchased 5,000 shares of common stock at $8 per share. 3. On 10/1/2016, EXO re-issued 1,000 shares of the treasury stock repurchased on 7/1 for $10 per share. 4. On 11/1/2016, EXO re-issued another 2,000 shares of the treasury stock repurchased on 7/1...
Prepare entries to record the following selected transactions completed during the current fiscal year: Feb. 1...
Prepare entries to record the following selected transactions completed during the current fiscal year: Feb. 1 The board of directors declared a stock split which reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. 11 Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost. May 1 Declared a dividend of $2.50 per share on the outstanding shares of common stock. 15 Paid...
Hope Company has common stock ($8 par value, 220,000 shares issued and outstanding) $1,760,000 on 2020...
Hope Company has common stock ($8 par value, 220,000 shares issued and outstanding) $1,760,000 on 2020 During the year, the following transactions occurred. March 1           Declared a $2.00 cash dividend per share to stockholders. Record on March 14. May 1              Paid the dividend declared in March. May 20            Announced a 2-for-1 stock split. Prior to the split, the market price per share was$20. Aug 1               Declared a 10% stock dividend to stockholders, record on August 15, distributable August 31. On August 1, the market...
Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a...
Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2017. Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 70,000 shares authorized, 49,000 shares issued and outstanding $ 1,225,000 Paid-in capital in excess of par value, common stock 98,000...
Crane Ltd. had the following share transactions during its first year of operations: Jan. 6 Issued...
Crane Ltd. had the following share transactions during its first year of operations: Jan. 6 Issued 244,000 common shares for $1.50 per share. Jan. 12 Issued 61,000 common shares for $1.75 per share. Mar. 17 Issued 1,200 preferred shares for $105 per share. July 18 Issued 1,220,000 common shares for $2 per share. Nov. 17 Reacquired 244,000 common shares for $1.95 per share. Dec. 30 Reacquired 183,000 common shares for $1.80 per share.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT