US Weygandt, Financial Accounting: IFRS, 3e Help | System Announcements edugen.wileyplus.com/edugen/lti/main.uni Return to Blackboard ractice Assignment Gradebook ORION Downloadable eTextbook gnment CALCULATOR PRINTER VERSION BACK NEXT Question 26 Skysong Limited has been authorized to issue 20,700 102 par value, 10%, non-cumulative preference shares and 1,063,972 no-par ordinary shares. The corporation assigned a 2.59 stated value to the ordinary shares. At December 31, 2017, the ledger contained the following balances pertaining to equity. 107,100 Share Capital-Preference Share Premium-Preference Share Capital-Ordinary Share Premium-Ordinary Treasury Shares-Ordinary (1,020 shares) Share Premium-Treasury 26,400 1,063,972 1,605,400 9,180 1,020 81,100 Retained Earnings The preference shares were issued for land having a fair value of 133,500. All ordinary shares issued were for cash. In November, 1,530 ordinary shares were purchased for the treasury at a per share cost of 9. In December, 510 treasury shares were sold for 11 per share. No dividends were declared in 2017. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. Prepare the journal entries for the: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preference shares for land. (2) Issuance of ordinary shares for cash. (3) Purchase of treasury shares (ordinary) for cash. (4) Sale of treasury shares for cash. No. Account Titles and Explanation Debit Credit 133500 1. Land Share Capital-Preferenc 107100 Share Premium-Prefere 26400 2. Cash 2669372 Share Capital-Ordinary 1063972 Share Premium-Ordinai 1605400 3. Treasury Shares 13770 Cash 13770 4. Cash 6630 Share Premium-Treasur 1020 Treasury Shares 5610 System Announcements Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Lent > Open Assignment MENT CES al Exam tion 1 tion 2 tion 3 tion 4 tion 5 tion 6 stion 7 stion 8 stion 9 stion 10 TIMER Prepare the equity section at December 31, 2017. SKYSONG LIMITED Statement of Financial Position (Partial) stion 11 stion 12 stion 13 stion 14 stion 15 stion 16 stion 17 stion 18 stion 19 stion 20 estion 21 estion 22 estion 23 estion 24 estion 25 astion 26 Type here to search SHOW LIST OF ACCOUNTS By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. CALCULATOR PRINTER VERSION ENG