Intermediate Accounting – Earnings Per Share
Req A) using ASPE
HEAND complete this assignment and hand In no later than February 16 , 2014. Late assignments notaccepted . You may complete this In a group not to exceed * persons . Its Ensure cash participants. "Student number and name appear on the assignment submitted .[question 1 . 112 mark ! !FENWICK It’d. began Operations in ZOLE. Its Fiscal Year- End is DECEMBER 31. Components of thecondensed balance sheet as at December 1 1, 2018, are as follows :`Current liabilities$402.000Bond’s payable_ 7^, mature 2022Total liabilitiesCommon shares 520. and authorized.100, 200 issued / outstandingSE. DOO. “`Contributed surplus_ common shareRetained Earnings (deficit!120.0.0 01)Total shareholders’ equitySE, 202.009During 2019, Fenwick had the following activities ;January 1 – Issued do. and cumulative preferred shares with annual dividend of So. EX per share .! !Proceeds WERE SOEd. Odd, or $12 pershare .I’ll July 1 – Repurchased and cancelled 50. 000 common shares at a cost of SIB per share .jill Net income for the year was 51, Too.010 , no dividends were declared .During 2020 , the company had the following activities ;"1 1 July 1 – Repurchased and cancelled GO,“0 common shares at a cost of $10 each.|1 December 31 – Fenwick declared dividends of $400, 0.00 .Required :al Assume that Fenwick follows ASPE in its Equity transactions . Prepare the journal Entriesrequired for 2019 .61 Prepare the journal Entries required for 2020[ ) Determine the allocation of the dividend declared in 2020 to each class of shareholderassuming that the PF shares are il non- participating , and then i’ll fully participating . Providereasonable schedule showing how you allocated the dividend Entitlement for each .