Reference no: EM132565749
Sahali Corp. issued 1,000,000 common shares at $13 a share during April 2014. On September 23, 2020, Sahali repurchased 50,000 shares for $17 a share.
Sahali is incorporated under the CBCA and therefore retired these shares.
Instructions
Question 1: Prepare the journal entry to record the repurchase of the shares.
In each of the following independent cases, it is assumed that the corporation has outstanding 20,000, $0.80, preferred shares, with a carrying value of $200,000, and 80,000 common shares, with a carrying value of $800,000.
You must show your work. Clearly label your calculations, and clearly label your answer and highlight it with bold print. Correct answers without showing how you arrived at the solution will receive only part marks.
Instructions
Question 1: Assume that the preferred dividends are cumulative and non-participating, and preferred dividends are paid up to date through 2019. At December 31, 2020, the board of directors wants to distribute $125,000 in dividends. How much will the preferred shareholders receive?
Question 2: Assume that the preferred dividends are cumulative and non-participating. Although dividends have been paid regularly up to 2017, no dividends were declared in 2018 or 2019. At December 31, 2020, the board of directors wants to distribute $200,000 in dividends. How much will the preferred shareholders receive?
Question 3: Assume that the preferred dividends are cumulative and fully participating. Although dividends have been paid regularly up to 2017, no dividends were declared in 2018 or 2019. At December 31, 2020, the board of directors wants to distribute $200,000 in dividends. How much will the preferred shareholders receive?
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