USE THE INFORMATION GIVEN BELOW IN THIS SEGMENT TO ANSWER QUESTIONS V In Future, Inc , VIF reported 1,000,000 no par common shares and 500,000 no par, $0 60 preferred shares authorized, on January 1, 2018 On the same date, 600,000 common shares contributed capital $1,800,000 and 350,000 preferred shares contributed capital $1,750,000 were outstanding For This Question Only, assume that the company declared a 8 stock dividend on February 1, 2018, when the market price of the common shares was $4 05 each, prior to this dividend declaration What entry, if any, should VIF make to record this transaction a No Journal Entry required for this transaction Only a Proforma Entry should be made b DEBIT Common Stock Dividend $243,000 CREDIT Common Stock Capital $180,000 CREDIT Contributed Surplus Stock Dividends $63,000 c DEBIT Retained Earnings $225,000 CREDIT Common Stock Dividend Distributable $225,000 d DEBIT Common Stock Dividend $180,000 CREDIT Common Stock Capital $180,000 e DEBIT Retained Earnings $180,000 CREDIT Common Stock Dividend Distributable $180,000 Clear my choice For This Question Only, assume that the preferred shares were non cumulative and non participating The company declared and paid a cash dividend on December 1, 2018 of $1,098,000 Dividends had not been declared for the past two years, 2016 and 2017 How much will each shareholder group receive a $404,526 to Preferred and $693,474 to Common b $541,268 to Preferred and $556,732 to Common c $366,000 to Preferred and $732,000 to Common as the common share holders carry more risk and so they must receive twice as much as the preferred share holders receive d Each group receives an equal amount of $549,000 per group e None of the above Continue with the same information given in 51 above However, now assume that for this question only that the preferred shares were non cumulative and fully participating How much will each shareholder group receive a All $1,098,000 to Common since the Preferred are non participating b Each group receives an equal amount of $549,000 per group c $541,268 to Preferred and $556,732 to Common d $630,000 to Preferred and $468,000 to Common e None of the above Continue with the same information given in 51 above However, now assume that for this question only, the preferred shares were cumulative and participating in excess distributable dividends after allocating common share holders a minimum dividend of $0 50 per share How much will each shareholder group receive a $404,526 to Preferred and $693,474 to Common b $499,589 to Preferred and $598,141 to Common c Each group receives an equal amount of $549,000 per group d $630,000 to Preferred and $468,000 to Common e $541,268 to Preferred and $556,732 to Common Tranzport reported the following shareholder's equity on January 1, 2019 Common shares 300,000 no par value, issued and outstanding $1,197,000 Contributed surplus share repurchase 18,000 Retained earnings 7,000 On February 1, 2019, the company issued an additional 23,000 common shares at $4 50 each Thereafter on April 1, 2019, it issued an additional 17,000 common shares at $4 10 each On May 1, 2019, it bought back 50,000 common shares at $4 60 each and cancelled them The appropriate journal entry to record the transaction on May 1 would be a DEBIT Common Shares $230,000 CREDIT Cash $230,000 b DEBIT Common Shares $200,000 DEBIT Contributed Surplus Share Repurchase $18,000 DEBIT Loss on Share Repurchase $12,000 CREDIT Cash $230,000 c DEBIT Common Shares $200,000 DEBIT Contributed Surplus Share Repurchase $18,000 DEBIT Loss on Share Repurchase $5,000 DEBIT Retained Earnings $7,000 CREDIT Cash $230,000 d DEBIT Common Shares $201,500 DEBIT Contributed Surplus Share Repurchase $18,000 DEBIT Retained Earnings $10,500 CREDIT Cash $230,000 e No journal entry is required for this transaction as the shares have been cancelled USE THE INFORMATION GIVEN BELOW IN THIS SEGMENT TO ANSWER QUESTIONS Wind N Ergee, Inc , WNE is authorized to issue 600,000 common shares It issued subscriptions for 40,000 common shares at $18 per share on February 1, 2017 It required subscribers to pay 60 on this date and the balance later on demand Similar shares of the company were being traded in the market at $20 each on that date The journal entry to record this transaction on February 1, 2017, would be a DEBIT Cash $6,480,000 CREDIT Common Shares Capital $6,480,000 b DEBIT Share Subscriptions Receivable $288,000 DEBIT Cash $432,000 CREDIT Common Shares Subscribed $720,000 c DEBIT Share Subscriptions Receivable $4,320,000 DEBIT Cash $6,480,000 CREDIT Common Shares Subscribed $10,080,000 d DEBIT Share Subscriptions Receivable $4,320,000 DEBIT Cash $6,480,000 CREDIT Common Shares Capital $1,080,000 e DEBIT Share Subscriptions Receivable $288,000 DEBIT Cash $432,000 DEBIT Loss on Subscription $80,000 CREDIT Common Shares Subscribed $800,000 Continuing with the activity outlined in 55 above, WNE calls for a second instalment of 30 on May 1 Subscribers with 450 subscriptions failed to pay despite several reminders being issued by the company The company forfeited their subscriptions and received the payments from the remaining subscribers The journal entry to record this transaction would be a DEBIT Cash $213,570 DEBIT Contributed Surplus Subscriptions $3,240 CREDIT Share Subscriptions Receivable $216,810 b DEBIT Cash $213,570 DEBIT Loss on Subscriptions $3,240 CREDIT Share Subscriptions Receivable $216,810 c DEBIT Cash $213,570 CREDIT Share Subscriptions Receivable $213,570 d DEBIT Cash $213,570 DEBIT Common Shares Subscribed $8,100 CREDIT Share Subscriptions Receivable $216,810 CREDIT Gain on Subscriptions $4,860 e DEBIT Cash $213,570 DEBIT Common Shares Subscribed $8,100 CREDIT Share Subscriptions Receivable $216,810 CREDIT Contributed Surplus Subscriptions $4,860 Continuing with the activity outlined in 55 and 56 above, WNE calls for the final instalment on August 1 The remaining subscribers, who were in good standing, paid the amounts due Thereafter on August 15, 2019, WNE issues the common shares due to the remaining subscribers The entry to record only this issue of the shares would be a DEBIT Share Subscriptions Receivable $711,900 CREDIT Common Share Capital $711,900 b DEBIT Common Shares Subscribed $10,800,000 CREDIT Common Shares Capital $10,800,000 c DEBIT Common Shares Subscribed $711,900 CREDIT Common Shares Capital $711,900 d DEBIT Share Subscriptions Receivable $71,190 CREDIT Common Shares Capital $71,190 e None of the above entries

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Question: USE THE INFORMATION GIVEN BELOW IN THIS SEGMENT TO ANSWER QUESTIONS . V-In-Future, Inc., [VIF] reported 1,000,000 no par common shares and 500,000 no par,

USE THE INFORMATION GIVEN BELOW IN THIS SEGMENT TO ANSWER QUESTIONS .

V-In-Future, Inc., [VIF] reported 1,000,000 no par common shares and 500,000 no par, $0.60 preferred shares authorized, on January 1, 2018. On the same date, 600,000 common shares [contributed capital $1,800,000] and 350,000 preferred shares [contributed capital $1,750,000] were outstanding.

For This Question Only, assume that the company declared a 8% stock dividend on February 1, 2018, when the market price of the common shares was $4.05 each, prior to this dividend declaration. What entry, if any, should VIF make to record this transaction?

No Journal Entry required for this transaction. Only a Proforma Entry should be made.

DEBIT-Common Stock Dividend [$243,000]; CREDIT-Common Stock Capital [$180,000]; CREDIT-Contributed Surplus - Stock Dividends [$63,000].

DEBIT-Retained Earnings [$225,000]; CREDIT-Common Stock Dividend Distributable [$225,000].

DEBIT-Common Stock Dividend [$180,000]; CREDIT-Common Stock Capital [$180,000].

DEBIT-Retained Earnings [$180,000]; CREDIT-Common Stock Dividend Distributable [$180,000].

Clear my choice

For This Question Only, assume that the preferred shares were non-cumulative and non-participating. The company declared and paid a cash dividend on December 1, 2018 of $1,098,000. Dividends had not been declared for the past two years, 2016 and 2017. How much will each shareholder group receive?

$404,526 to Preferred and $693,474 to Common.

$541,268 to Preferred and $556,732 to Common.

$366,000 to Preferred and $732,000 to Common as the common share holders carry more risk and so they must receive twice as much as the preferred share holders receive.

Each group receives an equal amount of $549,000 per group.

None of the above.

Continue with the same information given in [51] above. However, now assume that for this question only that the preferred shares were non-cumulative and fully participating. How much will each shareholder group receive?

All $1,098,000 to Common since the Preferred are non-participating.

Each group receives an equal amount of $549,000 per group.

$541,268 to Preferred and $556,732 to Common.

$630,000 to Preferred and $468,000 to Common.

None of the above.

Continue with the same information given in [51] above. However, now assume that for this question only, the preferred shares were cumulative and participating in excess distributable dividends after allocating common share holders a minimum dividend of $0.50 per share. How much will each shareholder group receive?

$404,526 to Preferred and $693,474 to Common.

$499,589 to Preferred and $598,141 to Common.

Each group receives an equal amount of $549,000 per group.

$630,000 to Preferred and $468,000 to Common.

$541,268 to Preferred and $556,732 to Common.

Tranzport reported the following shareholder's equity on January 1, 2019:

Common shares - 300,000 no par value, issued and outstanding $1,197,000

Contributed surplus - share repurchase 18,000

Retained earnings 7,000

On February 1, 2019, the company issued an additional 23,000 common shares at $4.50 each. Thereafter on April 1, 2019, it issued an additional 17,000 common shares at $4.10 each. On May 1, 2019, it bought back 50,000 common shares at $4.60 each and cancelled them. The appropriate journal entry to record the transaction on May 1 would be:

DEBIT-Common Shares [$230,000]; CREDIT-Cash [$230,000].

DEBIT-Common Shares [$200,000]; DEBIT-Contributed Surplus - Share Repurchase [$18,000]; DEBIT-Loss on Share Repurchase [$12,000]; CREDIT-Cash [$230,000].

DEBIT-Common Shares [$200,000]; DEBIT-Contributed Surplus - Share Repurchase [$18,000]; DEBIT-Loss on Share Repurchase [$5,000]; DEBIT-Retained Earnings [$7,000]; CREDIT-Cash [$230,000].

DEBIT-Common Shares [$201,500]; DEBIT-Contributed Surplus - Share Repurchase [$18,000]; DEBIT-Retained Earnings [$10,500]; CREDIT-Cash [$230,000].

No journal entry is required for this transaction as the shares have been cancelled.

USE THE INFORMATION GIVEN BELOW IN THIS SEGMENT TO ANSWER QUESTIONS

Wind-N-Ergee, Inc., [WNE] is authorized to issue 600,000 common shares. It issued subscriptions for 40,000 common shares at $18 per share on February 1, 2017. It required subscribers to pay 60% on this date and the balance later on demand. Similar shares of the company were being traded in the market at $20 each on that date. The journal entry to record this transaction on February 1, 2017, would be a.

DEBIT-Cash [$6,480,000]; CREDIT-Common Shares Capital [$6,480,000].

DEBIT-Share Subscriptions Receivable [$288,000]; DEBIT-Cash [$432,000]; CREDIT-Common Shares Subscribed [$720,000].

DEBIT-Share Subscriptions Receivable [$4,320,000]; DEBIT-Cash [$6,480,000]; CREDIT-Common Shares Subscribed [$10,080,000].

DEBIT-Share Subscriptions Receivable [$4,320,000]; DEBIT-Cash [$6,480,000]; CREDIT-Common Shares Capital [$1,080,000].

DEBIT-Share Subscriptions Receivable [$288,000]; DEBIT-Cash [$432,000]; DEBIT-Loss on Subscription [$80,000]; CREDIT-Common Shares Subscribed [$800,000].

Continuing with the activity outlined in [55] above, WNE calls for a second instalment of 30% on May 1. Subscribers with 450 subscriptions failed to pay despite several reminders being issued by the company. The company forfeited their subscriptions and received the payments from the remaining subscribers. The journal entry to record this transaction would be

DEBIT-Cash [$213,570]; DEBIT-Contributed Surplus - Subscriptions [$3,240]; CREDIT-Share Subscriptions Receivable [$216,810].

DEBIT-Cash [$213,570]; DEBIT-Loss on Subscriptions [$3,240]; CREDIT-Share Subscriptions Receivable [$216,810].

DEBIT-Cash [$213,570]; CREDIT-Share Subscriptions Receivable [$213,570].

DEBIT-Cash [$213,570]; DEBIT-Common Shares Subscribed [$8,100]; CREDIT-Share Subscriptions Receivable [$216,810]; CREDIT-Gain on Subscriptions [$4,860].

DEBIT-Cash [$213,570]; DEBIT-Common Shares Subscribed [$8,100]; CREDIT-Share Subscriptions Receivable [$216,810]; CREDIT-Contributed Surplus - Subscriptions [$4,860] .

Continuing with the activity outlined in [55] and [56] above, WNE calls for the final instalment on August 1. The remaining subscribers, who were in good standing, paid the amounts due. Thereafter on August 15, 2019, WNE issues the common shares due to the remaining subscribers. The entry to record only this issue of the shares would be

DEBIT-Share Subscriptions Receivable [$711,900]; CREDIT-Common Share Capital [$711,900].

DEBIT-Common Shares Subscribed [$10,800,000]; CREDIT-Common Shares Capital [$10,800,000].

DEBIT-Common Shares Subscribed [$711,900]; CREDIT-Common Shares Capital [$711,900].

DEBIT-Share Subscriptions Receivable [$71,190]; CREDIT-Common Shares Capital [$71,190].

None of the above entries.

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