Cambridge Corp. has a single class of shares. As its year ended December 31, 2015, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these shares are trading for $10 per share. In the company's accounts, these shares had a value of $30,000,000. The equity accounts also show $450,000 of contributed surplus from previous repurchases of shares. On January 15, 2016, Cambridge repurchased and cancelled 100,000 shares at a cost of $10 per share. Later in the year, on August 20, the company repurchased and cancelled a further 300,000 shares at $15 per share. Record the journal entries for January 15, 2016 under ASPE. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Enter $0 for any journal entries that do not apply. DR. Common shares - Type your answer here DR. Cash- Type your answer here DR. Contributed surplus - Type your answer here DR. Retained earnings - Type your answer here CR. Common shares - Type your answer here.

Cambridge Corp. has a single class of shares. As its year ended December 31, 2015, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these shares are trading for $10 per share. In the company's accounts, these shares had a value of $30,000,000. The equity accounts also show $450,000 of contributed surplus from previous repurchases of shares. On January 15, 2016, Cambridge repurchased and cancelled 100,000 shares at a cost of $10 per share. Later in the year, on August 20, the company repurchased and cancelled a further 300,000 shares at $15 per share. Record the journal entries for January 15, 2016 under ASPE. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Enter $0 for any journal entries that do not apply. DR. Common shares - Type your answer here DR. Cash- Type your answer here DR. Contributed surplus - Type your answer here DR. Retained earnings - Type your answer here CR. Common shares - Type your answer here.

Name: %5T3Cambridge Corp. has a single class of shares. As its year ended D
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Description: %5T3Cambridge Corp. has a single class of shares. As its year ended December 31, 2015, the company had 2,500,000shares issued and outstanding. On the stock exchange, these shares are trading for $10 per share. In thecompany's accounts, these shares

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Chapter17: Synthesis And Extensions

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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 375. The bonds are classified as a heldtomaturity long-term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method. q. Accrued interest for three months on the Dream Inc. bonds purchased in (l). r. Pinkberry Co. recorded total earnings of 240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 2016. c. Prepare a balance sheet in report form as of December 31, 2016.
Cambridge Corp. has a single class of shares. As its year ended December 31, 2015, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these shares are trading for $10 per share. In the company's accounts, these shares had a value of $30,000,000. The equity accounts also show $450,000 of contributed surplus from previous repurchases of shares. On January 15, 2016, Cambridge repurchased and cancelled 100,000 shares at a cost of $10 per share. Later in the year, on August 20, the company repurchased and cancelled a further 300,000 shares at $15 per share. Record the journal entries for August 20, 2016 under ASPE. Please round your final answer to the nearest dollar. Do not round intermediary answers. Do not use $ signs in your final answer. Enter $0 for any journal entries that do not apply. DR. Common shares - Type your answer here DR. Cash- Type your answer here DR. Contributed surplus - Type your answer here DR. Retained earnings - CR. Common shares - F12…
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