Assignment RCES Problem 11-6A (Part Level Submission) Oriole Limited has been au

Question

Assignment RCES Problem 11-6A (Part Level Submission) Oriole Limited has been authorized to issue 20,200 £100 par value, 10%, non-cumulative preference shares and 1,038,258 no-par ordinary shares. The corporation assigned a £2.61 stated value to the ordinary shares. At December 31, 2017, the ledger contained the following balances pertaining to equity. Share Capital-Preference Share Premium-Preference E106,000 26,000 1,038,258 1,754,100 10,340 940 83,500 Share Capital-Ordinary ud Share Premium-Ordinary Treasury Shares-Ordinary (940 shares) Share Premium-Treasury Retained Earnings The preference shares were issued for land having a fair value of £132,000. All ordinary shares issued were for cash. In November, 1,410 ordinary shares were purchased for the treasury at a per share cost of £11. In December, 470 treasury shares were sold for £13 per share. No dividends were declared in 2017 Your answer is correct. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1) Issuance of preference shares for land. 2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. Privacypolicy I ?2000-2018Johny?lerasons, inc. All Rights Reserved. A Division of lohnwileasans-inc

Explanation / Answer

paid in capital share capital-preference 106,000 share capital - ordinary 1,038,258 share premium-preference 26,000 share premium-ordinary 1,754,100 share premium-Treasury stock 940 retained earnings 83,500 lessTreasury stock -10,340 Stockholders Equity 2,998,458

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