1. The document provides accounting information from the balance sheet of Alpha Corporation as of December 31, 2018, including various equity accounts and their balances.
2. It also lists several shareholder-related transactions that occurred at Aguillon Inc. during 2019, including the reissuance of treasury shares, issuance of bonds with detachable warrants, subscription of shares, and exercise of warrants.
3. The required tasks are to compute various equity-related amounts based on the information provided for Alpha Corporation. For Aguillon Inc., journal entries are required to record the shareholder transactions that took place in 2019.
1. The document provides accounting information from the balance sheet of Alpha Corporation as of December 31, 2018, including various equity accounts and their balances.
2. It also lists several shareholder-related transactions that occurred at Aguillon Inc. during 2019, including the reissuance of treasury shares, issuance of bonds with detachable warrants, subscription of shares, and exercise of warrants.
3. The required tasks are to compute various equity-related amounts based on the information provided for Alpha Corporation. For Aguillon Inc., journal entries are required to record the shareholder transactions that took place in 2019.
1. The document provides accounting information from the balance sheet of Alpha Corporation as of December 31, 2018, including various equity accounts and their balances.
2. It also lists several shareholder-related transactions that occurred at Aguillon Inc. during 2019, including the reissuance of treasury shares, issuance of bonds with detachable warrants, subscription of shares, and exercise of warrants.
3. The required tasks are to compute various equity-related amounts based on the information provided for Alpha Corporation. For Aguillon Inc., journal entries are required to record the shareholder transactions that took place in 2019.
ACC 221-Intermediate Accounting 3 QUIZZER 1- SHAREHOLDER’S EQUITY of Aguillon’s December 31, 2018, balance sheet follows: PROBLEM 1. A partial list of the accounts and ending account balances taken from the post- trial balance of the Shareholders’ Equity: ALPHA CORPORATION on December 31, 2018 is Ordinary share P2 par value, shown as follows: 500,000 shares authorized, Account Amount (P) 90,000 shares issued, Accumulated profit- unappropriated 410,000.00 88,790 shares outstanding 180,000 Bonds Payable 220,000.00 Paid-in capital in excess of par 1,820,000 Ordinary shares Subscribed 50,000.00 Paid-in capital from treasury share Long term investment Retained earnings 324,689 in equity securities 210,000.00 Less: Cost of 1,210 shares Additional paid-in capital of treasury share 72,600 on ordinary shares 460,000.00 Total shareholders’ equity P 2,274,589 Premium on bonds payable 30,000.00 Authorized ordinary shares You have extracted the following information from the at Php 10.00 par value 900,000.00 accounting records and audit working papers. Preference shares subscribed 45,000.00 Additional paid-in capital 2019 on preference shares 112,000.00 Jan. 15 Aguillon reissued 650 shares of treasury Authorized preference shares share for P40 per share. The 1,210 at Php 50.00 par value 400,000.00 shares of treasury share on hand at Gain on Sale of treasury shares 4,000.00 December 31, 2001, were purchased in Unrealized increase in value of one block in 2001. Aguillon used the securities available for sale 3,000.00 cost method for recording the treasury Ordinary shares warrant outstanding 20,000.00 shares purchased. Unissued ordinary shares 500,000.00 Feb. 2 Sold 90, P1,000, 9% bonds due February Unissued preference shares 100,000.00 1, 2005, at 103 with one detachable share Cash dividends payable-preference 50,000.00 warrant attached to each bond. Interest is Donated capital 25,000.00 payable annually on February 1. The fair Reserve for bond sinking fund 220,000.00 market value of the bonds without the Reserve for depreciation 150,000.00 share warrants is 97. The detachable Revaluation increment in properties 100,000.00 warrants have a fair value of P60 each Subscription receivable and expire on February 1, 2005. Each - preference (long term) 15,000.00 warrant entitles the holder to purchase 10 Subscription receivable shares of Ordinary share at P40 per - common (long term) 20,000.00 share. Mar. 6 Subscriptions for 1,400 shares of Ordinary share were issued at P44 per REQUIRED: share, payable 40% down and the balance by March 20. Compute the following: 20 The balance due on 1,200 shares was 1. 1.Ordinary shares issued received and those shares were issued. 2. Preference shares issued The subscriber who defaulted on the 200 3. Additional paid-in capital remaining shares forfeited the down 4. Total contributed capital payment in accordance with the 5. Total legal capital subscription agreement. 6. Total stockholders’ equity Nov. 1 There were 55 share warrants detached from the bonds and exercised. PROBLEM 2. You have been assigned to the audit of Aguillon Inc., a manufacturing company. You have been REQUIRED: Prepare the journal entries for the current asked to summarize the transactions for the year ended year. December 31, 2019, affecting shareholders’ equity and other related accounts. The shareholders’ equity section