Stoop's diluted earnings per share (rounded) is calculated to be
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Knight Co. owned 80% of the common stock of Stoop Co. Stoop had 50,000 shares of $5 par value common stock and 2,000 shares of preferred stock outstanding. Each
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- Primus, Inc., owns all outstanding stock of Sonston, Inc. For the current year, Primus reports net income (exclusive of any investment income) of $544,000. Primus has 50,000 shares of common stock outstanding. Sonston reports net income of $144,000 for the period, with 50,000 shares of common stock outstanding. Sonston also has 10,000 stock warrants outstanding that allow the holder to acquire shares at $14.00 per share. The value of this stock was $28 per share throughout the year. Primus owns 4,300 of these warrants. What amount should Primus report for diluted earnings per share? (Round your intermediate percentage value to the nearest whole number and the final answer to 2 decimal places.)Jackson Corporation is owned by three individuals: Annie, Betty, and Charlotte. There is one class of voting common stock outstanding. Annie owns 40 shares with a basis of $100 per share. Betty owns 25 shares with a basis of $100 per share. Charlotte owns 35 shares with a basis of $50 per share. All of the shareholders have held their stock interests for over one year. The fair market value of the common stock is $200 per share. Jackson Corporation has E&P of $5,000.Required: What are the tax consequences to the shareholders under each of thefollowing alternative redemption transactions (ie. amount and character of any realized or recognized gain or loss and basis of any remaining shares)? For each transaction, be sure to discuss the applicability of a, b, and c.a. Jackson redeems 10 shares from Annie for $200 per share. All of the shareholders are unrelated.b. Jackson redeems all 25 of Betty’s shares for $80 per share. Betty is Annie’s granddaughter. Charlotte is unrelated to the…Baskin purchased 24,000 common shares (15%) of Robbin on January 1, Year 5, for $293,000 and classified the investment as FVTPL. Robbin reported net income of $103,000 in Year 5 and $108,000 in Year 6, and paid dividends of $58,000 in each year. Robbin's shares were trading at $16 per share on December 31, Year 5, and January 1, Year 6. On January 1, Year 6, Baskin obtained significant influence over the operating, investing, and financing decisions of Robbin when the controlling shareholder sold some shares in the open market and lost control over Robbin. Accordingly, the investment in Robbin was reclassified to an investment in associate. On December 31, Year 6, Baskin sold its investment in Robbin for $17 per share. Required: Prepare all journal entries for Years 5 and 6 related to Baskin's investment in Robbin. Date January 1, Year 5 December 31, Year 5 December 31, Year 5 Date December 31, Year 6 December 31, Year 6 December 31, Year 6 General Journal Investment in Robbin Cash…
- Colter Corporation has two shareholders: Arlen with 70 shares and Marcy with 30 shares. Colter has E&P of $100,000 and capital stock and paid-in-capital accounts totaling $200,000. Colter redeems 10 of Arlen's shares for $31,000. Arlen paid $2,000 per share for the shares 5 years ago. As a result of this transaction _____________________. Question options: a. Arlen will have a long-term capital gain of $11,000. b. Arlen will have dividend income of $31,000. c. Colter's E&P will be reduced by 10% of the outstanding E&P on the distribution.Earth Inc. purchased 13,500 of the common shares of Moon Inc. on January 1, Year 2 for $310,500. Moon had 90,000 common shares outstanding. During Year 2, Moon had income of $110,000 and paid dividends of $60,000. On December 31, Year 2 the selling price of Moon's shares was $25 per share. Earth purchased additional 9,000 shares of Moon's common shares on March 1, Year 3 for $216,000. During Year 3, Moon had income of $120,000 earned evenly over the year. On December 31, Moon declared dividends of $70,000. On December 31, Year 3 the selling price of Moon's shares was $21 per share. January 2, Year 4, Moon's shares price fell to $19.50 per share and the decline is considered permanent. Required: Prepare all the journal entries for Years 2, 3 and January 2, Year 4 related to Earth's investment in Moon. Write out ALL account names and show all calculations for full marksWLS Corporation has three shareholders: Brown (20%), Smith (10%), and Jones (70%). None of these individuals are related. The corporation redeems all of Brown's shares for $100,000. Brown's basis in his shares is $40,000. SELECT ALL OF THE TRUE STATEMENTS FROM THE LIST BELOW!! Brown has $100,000 of dividend income. Brown has a capital gain of $60,000. WLS Corporation will transfer out 20% of the E&P on the distribution. WLS Corporation will transfer out $100,000 of E&P on the distribution.
- XYZ, Inc. owns 2,500 of the 10,000 outstanding shares of the common stock of ABC Corporation. The stock was originally purchased on January 1, Year 1 for $5 per share. During the year, ABC earned $100,000 in revenue and paid out dividends in the amount of $40,000. At December 31, Year 1, the stock is valued at $6 per share. By what amount should the Investment in ABC Corporation account increase as a result of this year's transactions? $10,000 O $25,000 O $15,000 O $2,500At the start of the current year, Violet Company held 30% of ABC Company's 150,000 outstanding shares and 2% of DEF Company's 500,000 outstanding shares. During the year, Violet received a 25,000 cash dividend from ABC and a 5% share dividend when the stock of ABC was selling at 40 per share. DEF declared 15 per share dividend during the year but subsequently issued 500 shares to violet in lieu of the cash dividends. At the end of the year, Violet received 50,000 as liquidating dividends from DEF Company. How much will Violet report as dividend income for the current year?Vine Corporation has a single class of common stock outstanding. Tillie owns 1,000 shares, which she purchased five years ago for $120,000. Vine declares a stock dividend payable in 8% preferred stock having a $230 par value. Each shareholder receives one share of preferred stock for ten shares of common stock. On the distribution date—December 16 of the current year—the common stock was worth $437 per share, and the preferred stock was worth $230 per share. On April 1 of the next year, Tillie sells half of her preferred stock for $12,000. How much gain or loss must Tillie recognize when she sells the preferred stock? (Ignore the implications of Sec. 306 .) Do not give answer in image
- DeMilo, Inc., owns 100 percent of the 43,000 outstanding shares of Ricardo, Inc. DeMilo currently carries the Investment in Ricardo account at $346,400 using the equity method. Ricardo issues 7,000 new shares to the public for $11.75 per share. How does this transaction affect the Investment in Ricardo account that appears on DeMilo’s financial records?On January 1, 20X8, Ball Corporation purchased shares of Leftwich Company common Stock. Assume the stock acquired by Ball represents 15% of Leftwich’s voting stock and that Ball has no influence over Leftwich’s business decisions. Use the financial statement effects template (with amounts and accounts) to record the following transactions. Ball purchased 5,000 common shares of Leftwich at $15 cash per share. Leftwich reported annual net income of $40,000. Ball received a cash dividend of $1.10 per common share from Leftwich. Year-end market price of Leftwich common stock is $19.00 per share. Assume that the stock acquired by Ball represents 30% of Leftwich’s voting stock and that Ball accounts for this investment using the equity method because it is able to exert significant influence. Use the financial statement effects template (with amounts and accounts) to record the following transactions. Ball purchased 5,000 common shares of Leftwich at $15 cash per share. Leftwich…Jeeper purchased 400 shares of the GST Company common stock at P4,890.00 per share. A few months later, he sold the shares at P3,500.00, His stockbroker charges 4.3% commission on round lots and 4.6% on odd lots. Compute a. total cost, n. the proceeds, and c. the gain or loss on the transactions.
