xtra Credit Homework Assignment
Order ID: 89JHGSJE83839 Style: APA/MLA/Harvard/Chicago Pages: 5-10 Instructions:
xtra Credit Homework Assignment (Due on July 30)?
3. On January 1, 2017, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 80,000 shares of $10 par value common stock. It then completed these transactions.
On 1/11/17, issued 20,000 shares of common stock at $16 per share.?
On 5/1/17, declared and issued a 10% stock dividend when the market price of the common stock is $14.?
On 6/1/17, repurchased 1,000 shares of common stock at $17 per share. (use cost method)
On 8/1/17, sold the 500 treasury shares at $14 per share.?
On 12/1/17, declared but not yet issued a 40% stock dividend when the market price of the common stock is $14.?
On 12/31/17, A 2-for-1 split of the common stock is effective on this date.?
On 12/31/17, the balance of accumulated other comprehensive income is $5,000.?
In 2017, Phelps Corporation adopted a stock option plan for top executives whereby each might receive rights to purchase up to 10,000 shares of common stock at $30 per share. The options were granted to each of five executives on the same day. The options were non-transferable and the executive had to remain an employee of the company to exercise the option. The options expire on 1/1/18. It is assumed that the options were for services performed equally in 2017 and 2018 (period of benefit). The Black-Scholes option pricing model determines total compensation expense to be $130,000.
Answer is as follows (We will cover in the chapter 16):?
Compensation Expense 65,000
Paid-in CapitalStock Options 65,000
Instructions:
(a) Record the journal entries and adjusting entries needed at the end of year for the transactions listed above.?
(b) Prepare the stockholders equity section of Phelps Corporations balance sheet as of December 31, 2017. Assume the beginning balance of retained earnings is $100,000 and net income for the year is $250,000.?
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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xtra Credit Homework Assignment