Reference no: EM132718173
Questions -
Q1. On January 1, 2017, Celtics Company granted to a senior officer 10,000 share options conditional upon the executive remaining in the entity's employ until December 31, 2019. However, the share options cannot be exercised unless the share price has increased from P50 on January 1, 2017 to above P65 on December 31, 2019. If the share price is above P65 on December 31, 2019, the share options can be exercised at any time during the next 5 years. The entity applied a binomial option pricing model and estimated that the fair value of the share option with this market condition on the grant date is P24. What is the compensation expense for 2017?
Q2. During 2016, Lamb Company issued 10,000 shares of P100 par value convertible preference share for P110 per share. One preference share can be converted into 3 shares of Lamb's P25 par ordinary share at the option of the preference shareholder. On December 31, 2017, when the market value of the ordinary share was P40, the entire preference share was converted. How much should Lamb credit to Share premium as a result of the conversion?
Q3. The Amelia Corporation was incorporated on January 1, 2016, with the following authorized capitalization: 40,000 ordinary shares, no par value, stated value P40 per share 10,000 shares of 5 percent cumulative preference shares, par value P10 per share. During 2016, Amelia issued 24,000 ordinary shares for a total of P1,200,000 and 6,000 shares of preference shares at P16 per share. In addition, on December 20, 2016, subscriptions for 2,000 shares of preference shares were taken at a purchase price of P17. These subscribed shares were paid for on January 2, 2017. What should Amelia report as total contributed capital on its December 31, 2016, balance sheet?
Q4. Harbottle Corporation was organized on January 3, 2016, with an authorized capital of 100,000 shares of P10 par ordinary shares. During 2016, Harbottle had the following transactions affecting shareholders' equity: January 7--Issued 40,000 shares at P12 per share December 2--Purchased 6,000 shares of treasury shares at P13 per share. The cost method was used to record the treasury shares transaction. Harbottle's net income for 2016 is P300,000. What is the amount of shareholders' equity on December 31, 2016?
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