https://edugen.wileyplus.com/edugen/student/mainfr.uni Weygandt, Financial Accou

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https://edugen.wileyplus.com/edugen/student/mainfr.uni Weygandt, Financial Accounting: IFRS, 3e ctice Assignment Gradebook ORION Downloadable eTextbook ment Problem 11-6A (Part Level Submission) Oriole Limited has been authorized to issue 20,200 E 100 par value, 10%, non-cumulative preference shares and 1,038,258 no-par ordinary shares. The corporation assigned a £2.61 stated value to the ordinary shares. At December | 31, 2017, the ledger contained the following balances pertaining to equity Share Capital-Preference Share Premium-Preference Share Capital-Ordinany Share Premium-Ordinary Treasury Shares-Ordinary (940 shares) Share Premium-Treasury Retained Earnings £106,000 26,000 1,038,258 1,754,100 10,340 940 83,500 The preference shares were issued for land having a fair value of E132,000. All ordinary shares issued were for cash. In November, 1,410 ordinary shares were purchased for the treasury at a per share cost of E11. In December, 470 treasury shares were sold for £13 per share. No dividends were declared in 2017 | ? (a) Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash, No. Account Titles and Explanation Debit Credit 1. Y Policy I All Rights Reserved. A Division of 1ohn Wilcy &Sons.; Ins

Explanation / Answer

No Account titles & Explanations Debit Credit 1) Land 132,000 share capital-preference 106,000 share premium-preference 26,000 2) Cash 2,792,358 share capital-ordinary 1,038,258 share premium-ordinary 1,754,100 3) Treasury stock 15510 cash (1410*11) 15,510 4) Cash (470*13) 6110 Treasury stock 5170 share premium-Treasury 940

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