Skysong Limited has been authorized to issue 20,700 E102 par value, 10%, non-cumulative preference shares and...

 

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Skysong Limited has been authorized to issue 20,700 E102 par value, 10%, non-cumulative preference shares and 1,063,972 no-par ordinary shares. The corporation assigned a £2.59 stated value to the ordinary shares. At December 31, 2017, the ledger contained the following balances pertaining to equity. E107,100 Share Capital-Preference Share Premium-Preference Share Capital-Ordinary Share Premium-Ordinary Treasury Shares-Ordinary (1,020 shares) Share Premium-Treasury 26,400 1,063,972 1,605,400 9,180 1,020 Retained Earnings 81,100 The preference shares were issued for land having a fair value of E133,500. All ordinary shares issued were for cash. In November, 1,530 ordinary shares were purchased for the treasury at a per share cost of £9. In December, 510 treasury shares were sold for £11 per share. No dividends were declared in 2017. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. No. Account Titles and Explanation Debit Credit 1. Land 133500 Share Capital-Preferenc 107100 Share Premium-Prefere 26400 2. Cash 2669372 Share Capital-Ordinary 1063972 Share Premium-Ordinai 1605400 3. Treasury Shares 13770 Cash 13770 4. Cash 6630 Share Premium-Treasur 1020 Treasury Shares 5610 neiR I System Anhouncements Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook ent > Open Assignment TIMER CALCULATOR PRINTER VERSION MENT CES Prepare the equity section at December 31, 2017. al Exam tion 1 SKYSONG LIMITED tion 2 Statement of Financial Position (Partial) tion 3 tion 4 stion 5 stion 6 stion 7 stion 8 stion 9 stion 10 stion 11 stion 12 stion 13 stion 14 stion 15 stion 16 stion 17 stion 18 stion 19 stion 20 stion 21 stion 22 SHOW LIST OF ACCOUNTS stion 23 estion 24 stion 25 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. A ENG astion 26 P Type here to search Skysong Limited has been authorized to issue 20,700 E102 par value, 10%, non-cumulative preference shares and 1,063,972 no-par ordinary shares. The corporation assigned a £2.59 stated value to the ordinary shares. At December 31, 2017, the ledger contained the following balances pertaining to equity. E107,100 Share Capital-Preference Share Premium-Preference Share Capital-Ordinary Share Premium-Ordinary Treasury Shares-Ordinary (1,020 shares) Share Premium-Treasury 26,400 1,063,972 1,605,400 9,180 1,020 Retained Earnings 81,100 The preference shares were issued for land having a fair value of E133,500. All ordinary shares issued were for cash. In November, 1,530 ordinary shares were purchased for the treasury at a per share cost of £9. In December, 510 treasury shares were sold for £11 per share. No dividends were declared in 2017. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. No. Account Titles and Explanation Debit Credit 1. Land 133500 Share Capital-Preferenc 107100 Share Premium-Prefere 26400 2. Cash 2669372 Share Capital-Ordinary 1063972 Share Premium-Ordinai 1605400 3. Treasury Shares 13770 Cash 13770 4. Cash 6630 Share Premium-Treasur 1020 Treasury Shares 5610 neiR I System Anhouncements Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook ent > Open Assignment TIMER CALCULATOR PRINTER VERSION MENT CES Prepare the equity section at December 31, 2017. al Exam tion 1 SKYSONG LIMITED tion 2 Statement of Financial Position (Partial) tion 3 tion 4 stion 5 stion 6 stion 7 stion 8 stion 9 stion 10 stion 11 stion 12 stion 13 stion 14 stion 15 stion 16 stion 17 stion 18 stion 19 stion 20 stion 21 stion 22 SHOW LIST OF ACCOUNTS stion 23 estion 24 stion 25 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. A ENG astion 26 P Type here to search

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