Direct Exercise - Week 13 Exercise2: On January 1, 2017, the equity section of Laila Corporation shows: Share capitalordinary (OMR 5 par value) OMR 1,500,000; share premium-ordinary OMR 1,000,000; and retained earnings OMR 1,200,000. During the year, the following treasury share transactions occurred. Guidelines to Solve Questions: Mar. 1 Purchased 30,000 shares for cash at OMR 14 per share. Following practice questions are related to week 13. To solve these July 1 Sold 6,000 treasury shares for cash at OMR 17 per share. short questions, students can take help from study material including Sept. 1 Sold 5,000 treasury shares for cash at OMR 13 per share. PPT and related video. In case of any problem, students can discuss Instructions (a) Journalize the treasury share transactions. with course instructor during class. (b) Restate the entry for September 1, assuming the treasury shares were sold at OMR 10 per share. You will find four exercises to practice and understand corporation. You have to answer it and it will be discussed during classes. Exercise3: The following selected transactions pertain to Nasser Corporation: Exercise1: Jan. 3 Issued 150,000 ordinary shares, OMR 10 par value, for OMR 22 per AL-Hadi Corporation is authorized to issue 1,000,000 ordinary shares with OMR 5 par value. During 2017, its first year of operation, the company has the following Feb. 10 Issued 8,000 ordinary shares, OMR 10 par value, in exchange for special share transactions. purpose equipment. Nasser Corporation's ordinary shares has been actively traded on the share exchange at OMR 25 per share. Jan.1Issued500,000ordinarysharesatOMR7pershare.Journalizethetransactions.Instructions Jan. 15 Paid the government OMR 2,000 for incorporation fees. Jan. 30 Attorneys for the company accepted 500 ordinary shares as References: payment for legal services rendered in helping the company incorporate. The 1. Weygandt, J. J. (2015). Financial Accounting: IFRS / Jerry J. Weygandt, Paul legal services are estimated to have a value of OMR 5,000 . D. Kimmel, Donald E. Kieso. 3rd edition, John Wiley \& Sons, Inc Publisher . July 2 Issued 100,000 shares for land. The land had an asking price of 2. Horngren, C. T., Harrison, W. T., Oliver, M. S. (2015). Financial \& Managerial OMR 900,000 . The stock is currently selling on a national exchange at OMR 8 Accounting: Horngren, Charles T., Harrison, Walter T., Jr, Oliver, M. Suzanne. 11th per share. edition, Pearson International Publisher. Sept. 5 Purchased 15,000 shares for the treasury at OMR 10 per share. Dec. 6 Sold 11,000 treasury shares at OMR 11 per share. Instructions Journalize the transactions for AL-Hadi Corporation