Underlying asset to the fair value of building

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Reference no: EM132915891

Question

The corporation have the following balance before all preference shares are called for redemption : Ordinary Shares 1,000,000 par value 100 Share Premium on ordinary shares 500,000 , Redeemable Preference share 2,000,000 par value 200.00 Share premium on preference shares 200,000.00. retained earnings 500,000.00. If all preference shares are redeemed at 180 per share which statement is true? *

A credit to retained earnings amounting to 200,000

A credit to premium on ordinary shares amounting to 200,000

Gain on redemption amounting to 200,000

A credit of 200,000 to share premium preference shares

The corporation incurred the following cost related to their equity transactions: Cost in forming the corporation 200,000 Cost of printing certificates 100,000 and filing fees in relation to share issuance amounting to 60,000, Road show presentation 50,000.00. Which statement is true *

A debit to expense of 200,000

A debit to Share premium arising from share issuance 160,000

A debit to Share premium from previous share issuance 160,000

A debit to expense amounting to 410,000

The gain not to be recognized by seller-lessee in sale and leaseback is computed by deducting the carrying amount to the sales price of underlying asset by rights retained by seller-lessee equal to lease liability over fair value of the underlying asset deducting the carrying amount of underlying asset to the fair value of building by right retained by seller-lessee equal to lease liability excluding excess sales price over fair value of the building deducting the carrying amount to the fair value of underlying asset by rights retained by seller-lessee equal to lease liability excluding the excess sale price over fair value of the underlying asset deducting the carrying amount of underlying asset to the fair value of building by right rights transferred to buyer - lessor over fair value of the building

Reference no: EM132915891

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