Question
In its first year of operations, Wiley Ltd. had the following transactions relating to its common shares: Jan 1 Issued 5,000 shares for cash at
In its first year of operations, Wiley Ltd. had the following transactions relating to its common shares:
Jan 1 Issued 5,000 shares for cash at $45 per share.
Jul 1 Issued 3,000 shares for cash at $43 per share.
Dec 1 Issued 6,000 shares for the acquisition of land. The land has a fair value of $180,000 and the shares are currently trading at $46 each.
If Wiley Ltd is preparing statements in accordance with International Financial Reporting Standards (IFRS), the sum of the entries for the first year would be:
Question 39 options:
| Total debit to assets of $534,000, total credit to common shares of $534,000 |
| Total debit to assets of $514,000, total credit to common shares of $514,000 |
| Total credit to assets of $530,000, total debit to common shares of $530,000 |
| Total credit to assets of $514,000, total debit to common shares of $514,000 |
| None of the above |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started