plus broker's commission of P 5,000. The shares acquired me market value of these shares for the last three years are 31, 2019---------P235,000 31, 2020---------P240,000
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- Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossHyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73
- Refer to the information in RE13-5. Assume that on June 30, Aggie received interest on the Smith Corporation bonds. Prepare the June 30 journal entries to record the receipt of the interest. On April 30, 2019, Aggie Corporation purchased Smith Corporation 10%, 5-years bonds with a face value of 12,000 at par plus four months of accrued interest. Prepare the April 30 journal entry to record the purchase of these available-for-sale securities.Mills Company had five convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight-line method) and dividends on each security during 2019. Each convertible security is described in the following table. The corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which the securities would be included in the diluted earnings per share computations.During the year 2019, Strict Company acquired 10,000 ordinary shares of Lenient Company for P220,000 plus broker's commission of P 5,000. The shares acquired by Strict are intended for trading. The market value of these shares for the last three years are as follows:December 31, 2019---------P235,000December 31, 2020---------P240,000December 31, 2021---------P222,000How much unrealized gain on equity investment is recognized in profit or loss for the year 2020?
- On 2, 2019, I AM DETERMINED CO. purchased 10,000 shares of CPA CO. at P56 plus broker’s commission of P4 per share. The investment is FVTOCI. During 2018 and 2020, the following events occurred regarding the investment: 12/15/19 CPA CO. declares and pays a P2.20 per share dividend 12/31/19 The market price of CPA CO. stock is P52 per share at year-end 12/01/20 CPA CO. declares and pays a dividend of P2 per share 12/31/20 The market price of CPA CO. stock is P55 per share at year-end The net unrealized loss at December 31, 2020 in accumulated OCI in shareholders' equity isSTAR Company purchased 10,000 shares of MOON Corporation ordinary shares at P90 share on January 3, 2019. On December 31, 2019, STAR received 2,000 shares of MOON ordinary shares in lieu of cash divicend of 10 per share. On this date, the MOON ordinary share has a quoted market price of P60 per share. In its 2019 statement of comprehensive income. How much should STAR Company report as dividend income?In 2019, ABC Co. bought 10,000 shares of XYZ Co. for P230,000. On September 1, 2019, ABC Co. declared its XYZ Co. shares as dividenda to sharcholders of record on December 1, 2019 payahlo om Deoamber 31, 2019. XYZZ Co. shares had these market values: September 1, 2019 P250,000 Decermber 1, 2019 December 31, 2019 P240,000 P260,000 The net charge of the dividendl against accumulated profits during 2019 nust be A. P230,000 B. P240,000 C. P250,000 D. P260,000
- HARDWORK Corporation purchased 10,000 shares of its P10 par value ordinary shares for P120,000 on March 2, 2019. On December 18, 2019, HARDWORK reissued all 10,000 shares for P190,000. The issuance of treasury shares would include a credit to: * Retained earnings of P70,000 Share premium of P70,000 Gain on sale of investment of P70,000 Share capital of P100,000 None of the choicesDuring the year 2019, Bright company acquired 10,000 ordinary shares of Bloom Company for P231,000 plus broker's commission of P 5,000. The shares acquired by Bright are intended for trading. The market value of these shares for the last three years are as follows:December 31, 2019---------P235,000December 31, 2020---------P240,000December 31, 2021---------P222,000How much unrealized loss on equity investment is recognized in profit or loss for the year 2021?