Solution-Calculate the average per share amount for the

Calculate the average per share amount for the common shares

Reference no: EM133120827

Question - Ayayai Corp., a private corporation, received its articles of incorporation on January 3, 2021. It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the following share transactions during the year:

Jan. 12 Issued 50,000 common shares for $5 per share.

Jan. 24 Issued 950 common shares in payment of a $4,600 bill for legal services.

July 11 Issued 1,000 preferred shares for $25 per share.

Oct. 1 Issued 10,000 common shares in exchange for land. The land's fair value was estimated to be $54,100.

Ayayai's accountant estimated that the fair value of the shares issued might be as high as $6 per share.

Required -

1. Journalize the share transactions.

2. Calculate the average per share amount for the common shares.

Reference no: EM133120827

Questions Cloud

Build your investment portfolio : You are to invest $10,000 for your investment portfolio. Select two mutual funds of your choice for your portfolio: one stock mutual fund, and one bond mutual f

Prepare the journal entries to record this transaction : Customer P paid for the goods on 15 April 2022. The end of SodaPop Ltd's reporting period is 30 June. Prepare the journal entries to record this transaction

Equity model to value stock : A company had $21 of sales per share for the year that just ended. You expect the company to grow their sales at 5.75 percent for the next ?ve years. After that

Direct relationship between risk and return : -FP2: There is a direct relationship between risk and return; as perceived risk increases, required return will also increase (and vice versa), holding other th

Calculate the average per share amount for the common shares : Ayayai's accountant estimated that fair value of the shares issued might be as high as $6 per share. Calculate the average per share amount for common shares

What are the two client sets for an investment bank : What are the two client sets for an investment bank? What is the role of an Investment Bank in a new bond transaction?

Differences between takaful and conventional insurance : Explain THREE (3) differences between takaful and conventional insurance using your own word.

What is the current value of a share of bbx : What is the current value of a share of BBX if its current dividend is $1.40 and dividends are expected to grow at an annual rate of 15 percent for the next 5 y

Prepare adjusted trial balance using the trial balance : Prepare an Adjusted Trial balance using the Trial Balance provided above and the Adjusting journal entries you have prepared. Please use the following template

User Account

All Pages

Calculate the average per share amount for the common shares

Reference no: EM133120827

Reference no: EM133120827

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

In the current year david and debbie wayland both

Compute the maximum CCA deduction for Class

Rite aid inventory surplus fraud

Determine the contribution per unit of the product

Computing net cash provided or used by operating activities

Prepare the adjusting journal entry on December

Ex question northwest airlines awards members of its

You just received a 5000 gift from your grandmother you

Compute overall company profitability per unit

Compute depreciation for each year and total depreciation

Examples of a traditional format income statement

Summarize the type of manufacturing company

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT