P18-1 p17-11 p18-4 p18-5 | Accounting homework help

P18-1 P17-11P18-4P18-5

 

P18-1 Various stock transactions; correction of journal entries

 

Part A

During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share.

 

Required:

Prepare the appropriate journal entries to record each transaction.

 

Jan. 9 Issued 40 million common shares for $20 per share.

 

Mar. 11 Issued 5,000 shares in exchange for custom-made equipment. McCollum’s shares have traded recently on the stock exchange at $20 per share.

 

Part B

A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares).

 

Required:

Prepare the journal entries that should have been recorded for each of the transactions.

 

 

P17-11 IFRS; calculate pension expense; journal entries; determine net pension asset or liability

Refer to the situation described in Problem 17-10. Assume Electronic Distribution prepares its financial statements according to International Accounting Standards.

 

 Required:

1. Calculate the pension expense for 2013.

2. Prepare the journal entry to record pension expense, gains or losses, past service cost, funding, and payment of benefits for 2013.

 

3. What amount will Electronic Distribution report in its 2013 balance sheet as a net pension asset or net pension liability?

 

P18-4 Statement of retained earnings

P18-4 Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2011 annual report as follows.

 

At December 31, 2008, common shares consisted of the following:

Common stock, 1,855,000 shares at $1 par$1,855,000

Paid-in capital—excess of par7,420,000

 

Required:

Infer from the reports the events and transactions that affected Renn-Dever Corporation’s retained earnings during 2009, 2010, and 2011. Prepare the journal entries that reflect those events and transactions.

 

P18-5 Shareholders’ equity transactions; statement of shareholders’ equity

P18-5 Listed below are the transactions that affected the shareholders’ equity of Branch-Rickie Corporation during the period 2011–2013. At December 31, 2010, the corporation’s accounts included:

 

 a. November 1, 2011, the board of directors declared a cash dividend of $.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.

 

b. On March 1, 2012, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $1.6 million, but were purchased two years previously for $1.3 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5.

 

c. On July 12, 2012, the corporation declared and distributed a 5% common stock dividend (when the market value of the common stock was $21 per share). Cash was paid in lieu of fractional shares representing 250,000 equivalent whole shares.

 

d. On November 1, 2012, the board of directors declared a cash dividend of $.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.

 

e. On January 15, 2013, the board of directors declared and distributed a 3-for-2 stock split effected in the form of a 50% stock dividend when the market value of the common stock was $22 per share.

 

f. On November 1, 2013, the board of directors declared a cash dividend of $.65 per share on its common shares, payable to shareholders of record November 15, to be paid December 1.

 

Required:

1. Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions.

 

2. Prepare comparative statements of shareholders’ equity for Branch-Rickie for the three-year period ($ in 000s). Net income was $330 million, $395 million, and $455 million for 2011, 2012, and 2013, respectively.

 

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