chap 11 kieso "financial accounting"

Problems P12.1 (LO 2,4) Go Limited was organized on January 1, 2020. It is authorized to issue 10.000 85 HK$1.000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HKS20 per share. The following share transactions were completed during the first year. Jan. 10 Mar. pe may Issued 100,000 ordinary shares for cash at HKS48 per share. Issued 5,000 preference shares for cash at HKS1.050 per share. Issued 18,000 ordinary shares for land. The asking price of the land was HK5980.000. The fair value of the land was HKS920,000. Issued 80,000 ordinary shares for cash at HK$45 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HKS320,000 for Services provided in helping the company organize. Issued 10,000 ordinary shares for cash at HKS50 per share. Issued 1,000 preference shares for cash at HK$1.060 per share. Nov. ! Issued 1.000 Instructions 4. Journalize the transactions. Post to the equity c. Prepare the o the equity accounts. (Use J5 as the posting reference.) pare the share capital section of the statement of financial position at December 31, 2020, P12.4 (LO 3, 4) On January 1, 2020, Prasad SpA had the following equity accounts. Share Capital-Ordinary (25 par value, 48.000 shares issued and outstanding) 1.200.000 Share Premium-Ordinary 200.000 Retained Earnings 600.000 During the year, the following transactions occurred. Feb. 1 Declared a El cash dividend per share to shareholders of record on February 15, py March 1 Mar 1 Paid the dividend declared in February Apr.1 Announced a 5.for share split. Prior to the split, the market price per share was July Declared a 10% share dividend to shareholders of record on July 15. distributable Jun On July 1, the market price was 7 per share. July 31 Issued the shares for the share dividend. Dec. Declared a 0:40 per share dividend to shareholders of record on December 15, January 5, 2021 31 Determined that net income for the year was 350,000. ecember 15, payable