Equity Assignment

Equity (20 points) Need help with QUESTIONS 5 – 9

LSK Inc. Balance Sheet (Equity section) as of Dec 31, 2019
Common Stock (3000 shares, par = 0.01$) 30
APIC 29,970
Retained Earnings 2,660
Total SE 32,660

Details (read these details extremely carefully)

LSK Inc. started business on January, 2019 by issuing shares for cash in January, 2019

LSK Inc. issued a share dividend of 20% back in March, 2019 when the price was $10.

LSK Inc. did not pay out dividends in 2019.

Using the above details, answer the following:

1) Calculate the split and dividend adjusted price of LSK Inc.’s shares on January 2nd, 2020 using the market value calculated above in (3) (2 points)

2) Record the journal entry on January 1st, 2019 for LSK Inc. issuing shares (2 points)

3) LSK Inc. buys back 1,000 of its outstanding shares on October 31st, 2020. The price of the stock on the market is $12 on October 31st, 2020. Record the journal entry (1.5 points)

4) The Retained Earnings balance is reported at $5,000 on December 31st, 2020. Calculate the EPS of LSK Inc. on December 31st, 2020. (2.5 points)

5) Between January 1st, 2016 and December 31st, 2016, at what average price did the 3M Company, which was formerly known as Minnesota Mining and Manufacturing, company buy back its shares? (5 points)

6. Calculate LSK Inc.’s Earnings-per-share on December 31st, 2019. (2.5 points)

7. LSK Inc. is performing well and its shares are worth $100 on the market on Jan 1st, 2020. LSK Inc. decides to split its shares 10-to-1 on Jan 1st, 2020. Record the journal entry. (1.5 points)

8. Calculate LSK Inc.’s shares new market value on Jan 1st, 2020 after the 10-to-1 split. (1.5 points)

9. Calculate the price that LSK Inc. issued shares for on January 1st, 2019 (1.5 points) Get Finance homework help today

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