ACCT 312 Week 3 Homework Solutions, E18-11, E18-13, E18-15, E18-19

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ACCT 312 Week 3 Homework Solutions

Exercise 18-5: During the first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders equity. The articles of incorporation authorized the issue of 8 million common shares, $1 per share, and 1 million preferred shares, $50 per share. Prepare the appropriate journal entries to record each transaction.

Exercise 18-11: Bonner Communications articles of incorporation authorized the issuance of 130 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to the transactions, Borner’s shareholders’ equity included the following:

Shareholder’s Equity                                            Millions

Common Stock, 100 Million shares at $1 par     =100

Paid-in capital – excess of Par                            =300

Retained earnings                                              =210

Exercise 18-13: In 2013, Western Transport Company entered into the treasury stock transactions described below.  In 2011, Western Transport had issued 140 million shares of its $1 par common stock at $17 per share.

Exercise 18-15: On two previous occasions, the management of Dennison and Company, Inc., repurchased some of its common shares. Between buyback transactions, the corporation issued common shares under its management incentive plan. Shown below is shareholders’ equity following these share transaction, as reported by two different methods of accounting for reacquired shares.

Exercise 18-19: The shareholders’ equity of CoreTechnologies Company on June 30, 2012 included the following:

Common stock, $1 par, authorized, 8 million shares; issued and outstanding, 3 million shares = $3,000,000

Paid-in capital – excess of par = $12,000,000

Retained earnings = $14,000,000

On April 1, 2013, the board of directors of Core Technologies declared a 10% stock dividend on common shares, to be distributed on June 1. The market price of Core Technologies common stock was $30 on April 1, 2013 and $40 on June 1, 2013.

(Both in MS Excel and Word Format)

ACCT 312 Week 3 Homeworkacct 312 week 3 homework answers

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