Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 200,000 shares at $20; collected cash in full and issued the shares. Share issue costs amounted to $67,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 100,000 shares at $30 per share; collected 70% of the subscription price. The shares will not be issued until collection of cash in full. d. Issued 400 shares to a lawyer in payment for legal fees related to trademark registration. The lawyer estimates that the legal services provided would have been worth $12,000. e. Issued 40,000 shares and assumed an $120,000 mortgage in total payment for a building with a fair value of $240,000. f. Collected balance on subscriptions receivable in (c).

Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 200,000 shares at $20; collected cash in full and issued the shares. Share issue costs amounted to $67,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 100,000 shares at $30 per share; collected 70% of the subscription price. The shares will not be issued until collection of cash in full. d. Issued 400 shares to a lawyer in payment for legal fees related to trademark registration. The lawyer estimates that the legal services provided would have been worth $12,000. e. Issued 40,000 shares and assumed an $120,000 mortgage in total payment for a building with a fair value of $240,000. f. Collected balance on subscriptions receivable in (c).

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
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At the beginning of current year, CFAS Company was organized and authorized to issue 100,000 shares with P50 par value. During the current year, the entity 1 had the following: transactions relating to shareholders equity: Issued 10,000 http://shares.at P70 per share.Issued 20,000 shares at P80 per share.Reported net income of P 1,000,000.Paid dividends of P200,000.Purchased 3,000 treasury shares at P100 per share. 1.What amount should be reported as share capital at year – end?A. 1,200,000B. 3,300,000C. 1,500,000D. 1,800,000 2.What amount should be reported as share premium at year – end?A. 800,000B. 200,000C. 0D. 600,000 3. What is the total shareholders’ equity at year-end?A.2,800,000B.3,300,000C.3,000,000D. 2,000,000 4. What is the contributed capital at year – end?A. 2,000,000B. 2,300,000C. 3,000,000 D.1,500,000 I NEED ANSWER ASAP. THANK YOUUU!