The following account balances are available from the ledger of Wildhorse Corporation on December 3 1 ,
Question:
The following account balances are available from the ledger of Wildhorse Corporation on December :
Common Shares shares authorized and outstanding $
Retained Earnings Deficit
On January the corporation put into effect a shareholderapproved reorganization by agreeing to pass the common shares over to the creditors in full payment of the $ Notes Payable, writing up Buildings by $ and eliminating the deficit. Assume that Wildhorse follows ASPE.
Prepare the required journal entries for the financial reorganization of Wildhorse. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered.
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