Journal entry on january and december

Assignment Help Financial Accounting
Reference no: EM132630637

Stock Split and Special Assessment

On January 1 of the current year, Phobos Company acquired 10,000 shares of Investment in equity designate as at Fair Value through Other Comprehensive Income of Deimos Company at P400,000 plus brokerage expense of P20,000. On March 1 of the current year, Deimos Company ordinary shares was split on a 5-for-2 basis. On October 1, Deimos Company made a special assessment of P3.20 per share on all ordinary shareholders. Phobos Company accordingly paid the assessment. The fair value on December 31 amounted to P30 per share.

The total number of shares at the end of the year. The unrealized gain to be presented in the other comprehensive income for the current year.

Question 1: Journal entry on January 1.

Question 2: Journal entry on December 31.

Reference no: EM132630637

Questions Cloud

Delays in obtaining federal disaster assistance : Communities that experience a disaster event usually experience delays in obtaining federal disaster assistance.
What cost of the investment acquired through the exercise : Assuming that the securities are FVTOCI, What the cost of the investment acquired through the exercise of stock rights should be.
Examining contributing factors and consequences : Describe the contributing factors, implicit and explicit, that may have influenced the officers involved in the Kansas City,
How will the given practices improve patients outcomes : Write a 1-2 page paper about some of the Best Practices you have learned about during this course. How will these practices improve patient's outcomes?
Journal entry on january and december : Journal entry on January 1. Journal entry on December 31.
Review the interpol web page on corruption : Review the Interpol web page on Corruption and evaluate Interpol's international policing and ways Interpol is investigating these crimes.
What might be first step in addressing and resolving issue : What is the main issue for your organization in addressing a solution to evidence-based nursing practice? Discuss what might be the first step in addressing.
How much is amount of loss on liquidation to be recognized : Assuming that the Investee Corporation is other than a wasting asset corporation and partial liquidation, provide the relevant entries.
What do you suspect is happening with the patient : What do you suspect is happening with this patient? What is the cause of this rash? What could have been done to prevent this adverse effect to this patient?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Journal entry to record the purchase of the truck

Prepare the journal entry to record the purchase of the truck.

  Shares of common stock to a valued employee

The two original shareholders of a LLC issue 40,000 shares of common stock to a valued employee (vice-president of marketing) who was being wooed by a rival company. The employee pays nothing for the shares, but the employee is prohibited from sellin..

  Calculate net cash provided or used by operating activities

A company's income statement showed the following: net income, $124,000; depreciation expense, $30,000; and gain on sale of plant assets, $14,000. An examination of the company's current assets and current liabilities showed the following changes as ..

  Which division should be closed and why

After recording lower than anticipated profits last year, Manuel has decided to shut down one of its divisions that is not performing well . Which division should be closed and why?

  What is the company budgeted fixed overhead rate per output

What is the Company's budgeted fixed overhead rate per machine hour? What is the Company's budgeted fixed overhead rate per output unit?

  Calculate the profit margin on sales

1.The 2013 income statement for Anderson TV and Appliance reported sales revenue of $420,000 and net income of $65,000. Average total assets for 2013 was $800,000.

  Calculate the firms value for company cc

Briefly discuss two (2) main strategies of the Porter's competitive advantage model that you will use to analyze Company CC's competitive advantage.

  Recommendation most consistent with your prediction

If BHPP’s last year earnings were $ 2.79, the market consensus for BHPP next period earnings is $ 2.69, and as an analyst you predict next period earnings to be $ 2.73; then the recommendation most consistent with your prediction is:

  Stock split-stock dividend and cash dividend

Define each of the following and the effect on the number of shares outstanding: Stock split. Stock dividend. Cash dividend.

  Allowance for uncollectible accounts

A company has the following balances on December 31, 2015, before any year-end adjustments: Accounts Receivable = $82,000; Allowance for Uncollectible Accounts = $1,100 (credit)

  Illustrate how characteristic of expenditures distinguish

What characteristics of expenditures distinguish them from expenses in the financial accounting sense?

  Would you consider a job costing system appropriate

Would you consider a job costing system appropriate for the fitness center? Try to outline as many factors as possible that help you to conclude that the fitness center should use a job costing system.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd