C) At December 31, 2020, Albrecht Corporation had outstanding 288,000 shares of common stock and 6,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock. On May 31, 2021, Albrecht sold for cash 12,000 shares of its common stock. No cash dividends were declared for 2021. For the year ended December 31, 2021, Albrecht reported a net loss of $769,000.

Required:

Calculate Albrecht's net loss per share for the year ended December 31, 2021.

Answer format: Numerator / Denominator = Net loss per share

D) At December 31, 2020, Albrecht Corporation had outstanding 288,000 shares of common stock and 6,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock. On May 31, 2021, Albrecht sold for cash 12,000 shares of its common stock. No cash dividends were declared for 2021. For the year ended December 31, 2021, Albrecht reported a net loss of $769,000.

Required:

Calculate Albrecht's net loss per share for the year ended December 31, 2021.

Dividends of $28 million were paid each year. Fieri's fiscal year ends December 31.

Required:

1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.)

Record the change in accountingprinciple.

2. Prepare the 2021-2020 comparative income statements.

3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method.