6941 Ais - Database.model - file.LampiranLain TUGAS PERTEMUAN 12 [PDF]

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CHAPTER 11 EXERCISES TUGAS PERTEMUAN 12 Ex. 292 Yunger Corporation has the following equity accounts on January 1, 2011: Share Capital–Ordinary, $10 par value ............................... $1,500,000 Share Premium–Ordinary.................................................... 200,000 Retained Earnings............................................................... 500,000 Total Equity.................................................................... $2,200,000 The company uses the cost method to account for treasury share transactions. During 2011, the following treasury share transactions occurred: April August October



1 1 1



Purchased 10,000 shares at $16 per share. Sold 4,000 shares at $18 per share. Sold 4,000 shares at $15 per share.



Instructions (a)



Journalize the treasury share transactions for 2011.



(b)



Prepare the Equity section of the statement of financial position for Yunger Corporation at December 31, 2010. Assume net income was $110,000 for 2011.



Ex. 293 Agler Corporation purchased 3,000 of its €5 par value ordinary shares for a cash price of €12 per share. Two months later, Agler sold the treasury shares for a cash price of €10 per share. Instructions Prepare the journal entry to record the sale of the treasury shares assuming (a) No balance in Share Premium–Treasury. (b) A €4,000 balance in Share Premium–Treasury. Ex. 294 An inexperienced accountant for Otto Corporation made the following entries. July 1



Cash.................................................................................... 240,000 Share Capital–Ordinary............................................... 240,000 (Issued 15,000 no-par ordinary shares, stated value $10 per share)



Sept. 1



Share Capital–Ordinary....................................................... 32,000 Retained Earnings............................................................... 4,000 Cash........................................................................... 36,000 (Purchased 2,000 treasury shares (issued on July 1) at $18 per share)



Dec. 1



Cash.................................................................................... Share Capital–Ordinary............................................... Gain on Sale of Shares............................................... (Sold 1,000 treasury shares at $20 per share)



20,000 16,000 4,000



Corporations: Organization, Share Transactions, Dividends, and Retained Earnings



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Instructions (a) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit explanations.) (b) Prepare the correcting entries that should be made to correct the accounts of Otto Corporation. (Do not reverse the original entry.) Ex. 295 On January 1, 2011, Fairly Company issued 30,000 ordinary shares with a $2 par value for $150,000. On March 1, 2011, the company purchased 6,000 ordinary shares for $8 per share for the treasury. On June 1, 2011, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2011, 3,000 treasury shares are sold at $6 per share. Instructions Journalize the share transactions of Fairly Company in 2011. Ex. 296 Yount Company originally issued 30,000 ordinary shares with a $5 par for $210,000 on January 3, 2010. Yount purchased 1,500 treasury shares for $13,500 on November 2, 2010. On December 6, 2010, 600 treasury shares are sold for $6,000. Instructions Prepare journal entries to record these share transactions. Ex. 297 The equity section of Ankiel Corporation's statement of financial position at December 31, 2010, appears below: Equity Share capital–ordinary, $10 par, 400,000 shares authorized, 250,000 shares issued Share premium–ordinary Retained earnings Total equity



$2,500,000 1,200,000 600,000 $4,300,000



During 2011, the following share transactions occurred: Jan.



18



Issued 50,000 ordinary shares at $32 per share.



Aug. 20



Purchased 25,000 ordinary shares of Ankiel Corporation at $26 per share to be held in the treasury.



Nov.



Reissued 9,000 treasury shares for $28 per share.



5



Instructions (a) Prepare the journal entries to record the above share transactions. (b) Prepare the equity section of the statement of financial position for Ankiel Corporation at December 31, 2011. Assume that net income for the year was $100,000 and that no dividends were declared.



Corporations: Organization, Share Transactions, Dividends, and Retained Earnings



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Tyler Corporation has 100,000 preference shares with a €40 par value authorized. During the year, it had the following transactions related to its preference shares. (a) Issued 20,000 shares at €55 per share. (b) Issued 10,000 shares for equipment having a €700,000 asking price. The shares had a fair value of €65 per share Instructions Journalize the transactions. Ex. 299 Carson Corporation has the following shares outstanding at December 31, 2011: 7% Preference shares, $100 par value, cumulative 15,000 shares issued and outstanding ....................................................



$1,500,000



Ordinary shares, no par, $10 stated value, 500,000 shares authorized, 350,000 shares issued and outstanding ..................................................



3,500,000



The preference shares were issued at $120 per share. The ordinary shares were issued at an average per share price of $14. Instructions Prepare a partial equity section of the statement of financial position at December 31, 2011. Ex. 300 In its first year of operations, Webber Corporation had the following transactions pertaining to its $10 par value preference shares. Feb. 1 Nov. 1



Issued 6,000 shares for cash at $41 per share. Issued 3,000 shares for cash at $44 per share.



Instructions (a) Journalize the transactions. (b) Indicate the amount to be reported for (1) preference shares, and (2)share premium— preference at the end of the year. Ex. 301 Eby Corporation issued 200,000 shares of $20 par value, cumulative, 6% preference shares on January 1, 2009, for $4,500,000. In December 2011, Eby declared its first dividend of $800,000. Instructions (a) (b) (c)



Prepare Eby's journal entry to record the issuance of the preference shares. If the preference shares are not cumulative, how much of the $800,000 would be paid to ordinary shareholders? If the preference shares are cumulative, how much of the $800,000 would be paid to ordinary shareholders?



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Corporations: Organization, Share Transactions, Dividends, and Retained Earnings