Problem #2 [10 marks] 1 On the Answer Template, show the journal entries for the above mentioned transactions. (keep in mind the par values of the stocks throughout the problem) [7 Marks] 10.0 points possible (graded, results hidden) RASH Ltd. reported the following amounts in the shareholder s equity section of its 31st December 2007, balance sheet: ii) Prepare the Balance Sheet extract of RASH Ltd. as at 31st December 2008 [3 Marks] State the value of total stockholder... equity at the end of the period Details. f 100,000 Common Stock (2 par) 200,000 50,000 Preferred Stock (F4 par) _200,000 Additional Paid-in Capital 100,000 less Treasury Stock (Common) _-50,000 Retained Earnings c/f = 150,000 General Reserve 200,000 Shareholders Equity Fund 800,000 The following transactions, relating to shareholders equity, took place during the year ending 31st Dec 2008: 2008 Details Jan 1 Issued 10,000 common stocks for 3 per share and 5,000 preferred stocks for 5 per share. Mar 28 Issued 10,000 preferred stocks and 5,000 common stocks for a lump-sum of 80,000. The fair values of the preferred stocks and the common stocks were 5.5 and 3.5 respectively. Jun 1 Reacquired 5,000 common stocks for 3.5 each. Sep 30 Issued 10,000 preferred stocks for a land having a fair value of 60,000. The fair value of the preferred stock was 5.5 per share. Oct 11,000 of the common stocks (which were reacquired on June 1) were reissued for 4 each. Nov 1 1,000 of the common stocks (which were reacquired on June 1) were reissued for f3 each. Dec 1 Issued 5,000 of the preferred stocks for 3 each. Instruction: Problem #2 [10 marks] 1 On the Answer Template, show the journal entries for the above mentioned transactions. (keep in mind the par values of the stocks throughout the problem) [7 Marks] 10.0 points possible (graded, results hidden) RASH Ltd. reported the following amounts in the shareholder s equity section of its 31st December 2007, balance sheet: ii) Prepare the Balance Sheet extract of RASH Ltd. as at 31st December 2008 [3 Marks] State the value of total stockholder... equity at the end of the period Details. f 100,000 Common Stock (2 par) 200,000 50,000 Preferred Stock (F4 par) _200,000 Additional Paid-in Capital 100,000 less Treasury Stock (Common) _-50,000 Retained Earnings c/f = 150,000 General Reserve 200,000 Shareholders Equity Fund 800,000 The following transactions, relating to shareholders equity, took place during the year ending 31st Dec 2008: 2008 Details Jan 1 Issued 10,000 common stocks for 3 per share and 5,000 preferred stocks for 5 per share. Mar 28 Issued 10,000 preferred stocks and 5,000 common stocks for a lump-sum of 80,000. The fair values of the preferred stocks and the common stocks were 5.5 and 3.5 respectively. Jun 1 Reacquired 5,000 common stocks for 3.5 each. Sep 30 Issued 10,000 preferred stocks for a land having a fair value of 60,000. The fair value of the preferred stock was 5.5 per share. Oct 11,000 of the common stocks (which were reacquired on June 1) were reissued for 4 each. Nov 1 1,000 of the common stocks (which were reacquired on June 1) were reissued for f3 each. Dec 1 Issued 5,000 of the preferred stocks for 3 each. Instruction