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lnstructlons: Solve the Problem and give what Is asked for. 1. Akari Inc. is a lighting fixture wholesaler company. During its current fiscal year. ended December 31 . 2006. Akari Inc. completed the following selected transactions: Feb. 3 Purchased 2.500 shares of its own common stock at P 260. recording the stock at cost. (Prior to the purchase. there were 40.000 shares of P 200 par common stock outstanding.) May 1 Declared a semiannual dividend of P 10 on the 10.000 shares of preferred stock and a P 3 dividend on the common stock to stockholders of record on May 31. payable on June 15. June 15 Paid the cash dividends. Sept. 23 Sold 1.000 shares of treasury stock at P 280. receiving cash. Nov. 1 Declared semiannual dividends of P 10 on the preferred stock and P 3 on the common stock. In addition. a 5% common stock dividend was declared on the common stock outstanding. to be capitalized at the fair market value of the common stock. which is estimated at P 300. Dec. 1 Paid the cash dividends and issued the certificates for the common stock dividend. Required: Journaiiz'e the entries to record the transactions forAkeri inc. 2. Boysen Corporation has 10.000 common shareholders and 5.000 preferred shareholders. The preferred stock has a P 50 dividend rate. Two years of dividends are currently in arrears. (Preferred stock is cumulative and nonparticipating). Boysen has P 1.550.000 to distribute in the form of dividends. Required: Calculate the dividends distributed to preferred and common shareholders 3. Bench Corp. has 10.000 shares of P 200 par value common stock selling at P 1.000 per share. Determine the new number of shares. par value and market price under each of the following independent assumptions under stock splits: Split New par Value New number of shares 'Thecreflcal\" New Market (Current Par Value (Current number of shares = Price (Current Market Price = P200) 10,000) = P 1,000) 2:1 4:1 10: 1 5:2