1.

[1] Blabla Grocery Inc., reported the following financial information on December 31, 2019:

Common shares issued and outstanding throughout 2019 700,000 shares

6% nonconvertible cumulative preferred shares capital $450,000

Retained Earnings on January 1. 2019 $3,500,000

Basic EPS for 2019 $0.99 per share

In addition, the company did not declare any dividends for either 2018 or 2019. The amount which the company would report as Retained Earnings on December 31, 2019 would be:

Select one:

a.

$673,000.

b.

$693,000.

c.

$4,220,000.

d.

$4,173,000.

e.

$4,166,000.

2.

The following information pertains to HaffVay Hotels, Inc.'s pension plan for calendar 2019: Defined benefit obligation at Jan 1/19 $96,000 Interest (discount) rate 10% Current service costs $24,000

Pension benefits paid retirees $20,000

The corporation uses IFRS.

If no change in actuarial estimates occurred during 2019, the company's defined benefit obligation at December 31, 2019 would be

Select one:

a.

$85,600.

b.

$100,000.

c.

$105,600.

d.

$109,600.

e.

None of the above.

3.

Glen Tay Inc. had issued 24,000 shares of its no-par common shares on April 1, 2017 for property with an appraisal value of $320,000. The common shares of the company were being traded at $13.15 each on that day.

What is the journal entry required to record the issuance of the shares?

Select one:

a.

DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400.

b.

DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Contributed Surplus - Common Shares, $4,400.

c.

DR Property, $320,000; CR Common Share Capital, $315,600; CR Retained Earnings - Issue Of Shares, $4,400.

d.

DR Property, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400.

e.

None of the above entries