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Section B ( 28% ) - Compulsory Long Questions* Answer ALL questions in this section in the answer book provided . Explanations of the* journal entries are not required . Show your workings . Question B ! Part ! Parasite Company Limited is an art gallery in Central that has two sources of revenue . It rents out* space to artists to display their artworks and receives rental revenue . Also it charges the artists 20^ of the sales of their artwork as commission revenue . Parasite normally adjusts its accounts* monthly and prepares closing entries annually on 3 1 December . Below is the unadjusted trial* balance dated 31 December 2016:` Parasite Company Limited Unadjusted I'rial Balance 31 December 2016\\ Debit ( 5 )| Credit ( S ) Cash 769, 050\\ Commission receivable 294 , 210| Prepaid insurance 14 , 700 Office supplies 0.500 Building 3 , 780, 000| Accumulated depreciation : building \\ 2 , 394, 000 Equipment 189, 000 \\\\ Accumulated depreciation . equipment |13 , 400 5% Notes payable 252. 000 Accounts payable 283, 500 Interest payable 11 , 550| Unearned rental revenue 15 , 750| Income tax payable\\ 220, 500 12 %/ non - cumulative Preference shares , $20 par , authorized . 42, 000 \\issued and outstanding 2 , 100 shares Ordinary share , $ 1 par , 100 , 000 authorized , 94 , 500 shares* 94, 500 issued and 47 , 250 shares outstanding Retained earnings 277 , 200 Treasury shares ( at cost )\\ 47 , 250 Dividends 47 , 250\\ Rental revenue _2 , 092, 650| Commission revenue 294. 210 \\Salaries expense 458, 850| Insurance expense 28, 350| Utilities expense 74 , 550| _Depreciation expense : building Depreciation expense : equipment 42 , 000\\ 25 , 200 Interest expense 89. 250| Income tax expense 220. 500\\ \\Total\\ 6 , 091 , 260 | 6 , 091 , 260|Question BI ( continued ) Part ! The following transactions/adjusting entries have not yet been recorded/adjusted on 31 December 2016:` ( 1 ) Parasite uses straight - line depreciation method . Estimated useful life of the building is 30 years and no residual value . Depreciation expense of the building is only adjusted up to end of April .` ) The 5% 1 - year note payable was borrowed on I January 2016 . The principal together with all the accrued interest will be paid to HISCC Bank next January .\\ ( 3 ) The prepaid insurance was a six month's insurance policy bought on 1 December . ( 4 ) Parasite ordered an HD plasma TV at a price of $10, 000 to be fixed outside the art gallery to promote the artwork's in display . The TV will be delivered on 2 January 2017 and Parasite* will pay for the IV when it is delivered .* ( 5 ) Every month , Parasite estimates sales of the artwork's and makes monthly adjusting entries by debiting Commission receivable and crediting Commission revenue .\\ The artists pay Parasite 20% on their artworks sales once a year on 31 December . Total sales of artworks for the year ended 2016 amounts to $1 , 550, 000 . Payment was made but not yet* recorded .` `On 31 December , the Board of Directors declared to pay cash dividends to different types of the shareholders . Each ordinary shareholder receives $0. 8 per share and all the dividends will* be paid out next January . Required :` Prepare the necessary journal entries at 31 December 2016 so as to bring the financial records of up - to- date . Explanation is NOT required . If no adjustment ment is required , just state" No entry " and no* need to give explanation .* ( 13 marks )Question BI ( continued ) Part ! ! Shawson Company Limited ( Extracted from the Statement of Financial Position as at 31 December 2016 ) Shareholders' Equity* Preference shares , 7%/0 , $5 par , 50, 000 shares authorized 200, 000 Ordinary' shares , $10 par , 500, 000 shares authorized* 2, 500,000 Share premium : Ordinary shares* 55, 000 Retained earnings\\ 758, 00 Less : Treasury shares ( 44, 000 ordinary shares at cost ) 330, 000 Total shareholders' equity 3 , 183 , 000 Required :` Based on the above information of Shawson , answer the following questions :" ( a ) How many ordinary shares are issued ?* ( 1 mark ) ( b) How many preference shares are issued ?! ( 1 mark ) ( C ) What is the acquisition cost of each treasury share ?" ( 1 mark ) ( d ) How many of the ordinary shares are eligible for dividends if dividend is declared and paid ?" ( 1 mark ) ( e ) How many of the preference shares are eligible for dividends if dividend is declared and paid ? ( 1 mark )Question B 2 The data below are taken from the financial statements of HK CC' Photography Company :" Income Statement :" 2015 Profit $120 , 000 Depreciation expense 100. 00` Loss on sale of photographic 20, 000 equipment* Statement of Financial Position :\\ 31 Dec 2015 31 Dec 2014\\ Cash $80,000 $10.000 Accounts receivable 290,000| 305, 000 Inventory\\ 280, 000 3 30. 000 Prepaid expenses 70, 000 60, 000 Accounts payable 239, 000 240, 000 \\Accrued expense payable 56 , 000 58, 000| Additional Information ." ( 1 ) Repaid a three - year loan to the bank for the amount of $25 , 000 .` ( 2 ) Purchased new photographic equipment for cash at the cost of $120 , 000 . ( 3 )` Sold the old photographic equipment for cash at $15, 000 .` ( 4 )` Paid the dividend of $10 ,000 on the ordinary shares .* ( 5 )` Purchased treasury shares for $ 1 12, 000 cash .` ( 6 ) Sold unissued ordinary shares to shareholders for $30 , 000 . Required :* Prepare the statement of cash flows for the year ended 31 December 2015 for HKCC Photograph Company using the indirect method . Place parentheses around those dollar amounts representing* cash outlays .\\ ( 10 marks ) - End of Section B