Question Details
The shareholdersAc??c equity section of the balance sheet of TNL
Systems Inc. included the following accounts at December 31,
2012:
|
| Shareholders'
Equity | ($
in millions) | ||
| Common stock, 350
million shares at $1 par | $ | 350 | |
| Paid-in
capitalAc???excess of par | 3,150 | ||
| Paid-in
capitalAc???share repurchase | 1 | ||
| Retained
earnings | 2,500 | ||
Required: |
| 1. |
During 2013, TNL Systems reacquired shares of its common stock
and later sold shares in two separate transactions. Prepare the
entries for both the purchase and subsequent resale of the shares
assuming the shares are (a) retired and (b) viewed as treasury
stock. (If no entry is required for a particular
transaction, select "No journal entry required" in the first
account field. Enter your answers in millions (i.e., 10,000,000
should be entered as 10).)
| ||
| a. | On February 5, 2013,
TNL Systems purchased 9 million shares at $12 per share. | ||
| b. | On July 9, 2013, the
corporation sold 3 million shares at $14 per share. | ||
| c. | On November 14,
2015, the corporation sold 3 million shares at $9 per share. | ||
| 2. |
Prepare the shareholdersAc??c equity section of TNL SystemsAc??c balance
sheet at December 31, 2015, comparing the two approaches. Assume
all net income earned in 2013Ac??o2015 was distributed to shareholders
as cash dividends. (All lines in the table should be
filled. Enter your answers in millions (i.e., 10,000,000 should be
entered as 10).)
| ||
Solution details:
Answered
QUALITY
Approved
ANSWER RATING
This question was answered on: Dec 08, 2020
Solution~000652147653909.zip (25.37 KB)
This attachment is locked
We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
About this Question
STATUSAnswered
QUALITYApproved
DATE ANSWEREDDec 08, 2020
EXPERTTutor
ANSWER RATING
GET INSTANT HELP/h4>
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:
- As a reference for in-depth understanding of the subject.
- As a source of ideas / reasoning for your own research (if properly referenced)
- For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
NEW ASSIGNMENT HELP?
Order New Solution. Quick Turnaround
Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.
WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.
