Reference no: EM132776019
Question - Hatch3 plc has two classes of share capital outstanding: 8%, £20 par preference and £5 par ordinary. At December 31, 2018, the following accounts were included in equity.
Share Capital-Preference, 150,000 shares £3,000,000
Share Capital-Ordinary, 2,000,000 shares 10,000,000
Share Premium-Preference 200,000
Share Premium-Ordinary 27,000,000
Retained Earnings 4,500,000
The following transactions affected equity during 2019.
Jan. 1 30,000 preference shares issued at £22 per share.
Feb. 1 50,000 ordinary shares issued at £20 per share.
June 1 2-for-1 share split (par value reduced to £2.50).
July 1 30,000 ordinary treasury shares purchased at £10 per share. Hatch uses the cost method.
Sept. 15 10,000 treasury shares reissued at £11 per share.
Dec. 31 The preference dividend is declared, and an ordinary dividend of 50 pence per share is declared.
Dec. 31 Net income is £2,100,000.
Instructions - Prepare the equity section of the statement of financial position for Hatch plc at December 31, 2019. Show all supporting computations.
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