Mountip Inc. was incorporated under provincial legislation with a December 31 year-end. The company has a single class of shares. As at December 31, 2011, it had 150,000 shares issued and outstanding. These shares had a book value of $5,700,000 on the balance sheet. During 2012, Mountip repurchased 5% of the issued shares from one of the minority shareholders at a cost of $48 per share. The company held these in treasury and later found a buyer for half of these shares at $52. The other half were sold at $46 to another investor.
Record the share transactions using the alternative two-transaction method for treasury stock.
7) Dunst Company had the following shareholders' equity account balances on December 31, 2011:
Common stock, 150,000 authorized, 40,000 issued $880,000
Contributed surplus on repurchases and resales45,000
Treasury shares, 20,000 shares(800,000)
Total shareholder's equity$625,000
During 2012, the following transactions occurred:
i. May 1: Dunst resold 1,600 of the treasury shares at $52 per share.
ii. Dec. 30: The board of directors declared cash dividends of $2 per share.
iii. Dec. 31: Net income for the year ended December 31, 2012 was $150,000.
Dunst uses the single transaction method for treasury shares.
a. Record the journal entries for the transactions in 2012 and make all the necessary year-end entries relating to shareholders' equity accounts.
b. Prepare the presentation of the shareholders' equity section of Dunst's balance sheet as at December 31, 2012.
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