Radford Corporation's charter authorized 1 million $11 par value common shares, and 300,000 6% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 300,000 common shares were issued for $3.6 million and 10,000 preferred shares were issued for machinery valued at $1,475,000. Subscriptions for 10,500 common shares have been taken, […]

On January 1, 2020, Copeland Ltd. (a public company) had the following shareholders' equity accounts: The following selected transactions occurred during 2020: Instructions a. Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends. b. Post the entries to the shareholders' equity and dividends T accounts. c. Prepare the statement of changes in shareholders' equity for […]

BCE Inc.'s accounting policy note and its note disclosures relating to the company's pension and other postemployment benefits for the year ended December 31, 2017 are set out in the chapter. Instructions Review the disclosures from BCE's 2017 financial statements found in the chapter and answer the following questions. a. Determine the dollar amount of the surplus or deficit of the defined benefit (DB) pension […]

Use the information for Jenny Corporation in E18.16. Assume that the company reports accounting income of $155,000 in each of 2021 and 2022, and that there is no reversing difference other than the one identified in E18.16. In addition, assume now that Jenny Corporation was informed on December 31, 2021, that the enacted rate for 2022 and subsequent years is 28%. Instructions a. Calculate the […]

Mazur Corp. follows IFRS and began operations in 2020 and reported accounting income of $275,000 for the year. Mazur's CCA exceeded its book depreciation by $40,000. Mazur's tax rate for 2020 and years thereafter is 30%. In its December 31, 2020 statement of financial position (SFP), what amount of deferred tax liability should be reported?

Laurentian Mills Ltd. had the following shareholders' equity at January 1, 2020. The contributed surplus accounts arose from amounts received in excess of the par value of the shares when issued. During 2020, the following transactions occurred: 1. Equipment was purchased in exchange for 100 common shares. The shares' fair value on the exchange date was $12 per share. 2. Sold 1,000 common shares and […]

The following is the shareholders' equity section of Suozzi Corp. at December 31, 2020: The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. Instructions a. No dividends were paid in 2018 or 2019. On December 31, 2020, Suozzi wants to pay a cash dividend of $4 per share to common […]