On March 1, Kramers Inc. sells 1,000 common shares to its employees at $25 per share and
Question:
On March 1, Kramers Inc. sells 1,000 common shares to its employees at $25 per share and lends the money
to the employees to buy the new shares. The employees pay 50% of the price on the transaction date and pay the balance in one year.
(a) Prepare the company's necessary journal entries.
(b) Assuming a December 31 fiscal year end, how
should the receivable for the uncollected amount on the share issue be presented on the statement of financial position
(1) under ASPE and (2) under IFRS?
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a Prepare the companys necessary journal entries To record the sale of 1000 common shares to employees Debit Cash 1000 shares 25 50 12500 Credit Commo...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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