CH 11

11-1
11-2
Chapter 11
Corporations: Organization, Stock
Transactions, Dividends, and
Retained Earnings
Learning Objectives
After studying this chapter, you should be able to:
1. Identify the major characteristics of a corporation.
2. Record the issuance of common stock.
3. Explain the accounting for treasury stock.
4. Differentiate preferred stock from common stock.
5. Prepare the entries for cash dividends and stock dividends.
6. Identify the items reported in a retained earnings statement.
7. Prepare and analyze a comprehensive stockholders equity section.
11-3
Preview of Chapter 11
Financial Accounting
Eighth Edition
Weygandt Kieso Kimmel
11-4
An entity separate and distinct from its owners.
Classified by Purpose
Not-for-Profit
For Profit
Classified by Ownership
Publicly held
Privately held
McDonalds
Nike
PepsiCo
Google
Salvation Army
American Cancer
Society
Cargill Inc.
The Corporate Form of Organization
LO 1 Identify the major characteristics of a corporation.
11-5
Separate Legal Existence
Limited Liability of Stockholders
Transferable Ownership Rights
Ability to Acquire Capital
Continuous Life
Government Regulations
Additional Taxes
Corporate Management
Characteristics that distinguish corporations from
proprietorships and partnerships.
Advantages
Disadvantages
Characteristics of a Organization
11-6
Continuous Life
Additional Taxes
Corporation acts
under its own name
rather than in the
name of its
stockholders.
11-7
Continuous Life
Additional Taxes
Limited to their
investment.
11-8
Continuous Life
Additional Taxes
Shareholders may
sell their stock.
11-9
Continuous Life
Additional Taxes
Corporation can
obtain capital
through the issuance
of stock.
11-10
Continuous Life
Additional Taxes
Continuance as a
going concern is not
affected by the
withdrawal, death, or
incapacity of a
stockholder,
employee, or officer.
11-11
Continuous Life
Additional Taxes
11-12
Continuous Life
Additional Taxes
Corporations pay
income taxes as a
separate legal entity
and in addition,
stockholders pay
taxes on cash
dividends.
11-13
Continuous Life
Additional Taxes
Separation of
ownership and
management
prevents owners
from having an
active role in
managing the
company.
11-14
Stockholders
Chairman and
Board of
Directors
President and
Chief Executive
Officer
General
Counsel and
Secretary
Vice President
Marketing
Vice President
Finance/Chief
Financial Officer
Vice President
Operations
Vice President
Human
Resources
Treasurer Controller
Illustration 11-1
Corporation
organization chart
11-15
Formed by grant of a state charter.
Corporation develops by-laws.
Initial Steps:
Companies generally incorporate in a state whose laws are
favorable to the corporate form of business (Delaware, New
Jersey).
Corporations expense organization costs as incurred.
Forming a Corporation
11-16
11-17
1. Vote in election of board of
directors and on actions that
require stockholder approval.
Stockholders have the right to:
2. Share the corporate earnings
through receipt of dividends.
Illustration 11-3
Ownership Rights of Stockholders
11-18
3. Keep the same percentage ownership when new
shares of stock are issued (preemptive right*).
* A number of companies have eliminated the preemptive right.
Illustration 11-3
11-19
4. Share in assets upon liquidation in proportion to
their holdings. This is called a residual claim.
Illustration 11-3
11-20
LO 1
Class A
COMMON STOCK
Class A
COMMON STOCK
PAR VALUE
$1 PER SHARE
PAR VALUE
$1 PER SHARE
Stock Certificate
Name of corporation
Stockholders name
Class
Shares
Signature of corporate
official
Prenumbered
Illustration 11-4
11-21
Charter indicates the amount of stock that a corporation
is authorized to sell.
Number of authorized shares is often reported in the
stockholders equity section.
Authorized Stock
Stock Issue Considerations
11-22
Corporation can issue common stock directly to investors
or indirectly through an investment banking firm.
Factors in setting price for a new issue of stock:
1. Companys anticipated future earnings.
2. Expected dividend rate per share.
3. Current financial position.
4. Current state of the economy.
5. Current state of the securities market.
Issuance of Stock
11-23
Stock of publicly held companies is traded on organized
exchanges.
Interaction between buyers and sellers determines the
prices per share.
Prices tend to follow the trend of a companys earnings and
dividends.
Factors beyond a companys control, may cause day-to-
day fluctuations in market prices.
Market Value of Stock
11-24
11-25
Years ago, par value determined the legal capital per
share that a company must retain in the business for the
protection of corporate creditors.
Today many states do not require a par value.
No-par value stock is quite common today.
In many states the board of directors assigns a stated
value to no-par shares.
Par and No-Par Value Stock
11-26
Paid-in Capital
Retained Earnings
Account
Paid-in Capital in
Excess of Par
Account
Two Primary
Sources of
Equity
Common Stock
Account
Preferred Stock
Account
Paid-in capital is the total amount of cash and other assets paid in
to the corporation by stockholders in exchange for capital stock.
Corporate Capital
11-27
Paid-in Capital
Retained Earnings
Account
Two Primary
Sources of
Equity
Common Stock
Account
Preferred Stock
Account
Retained earnings is net income that a corporation retains for
future use.
Corporate Capital
Paid-in Capital in
Excess of Par
Account
11-28
Comparison of the owners equity (stockholders equity)
accounts reported on a balance sheet for a proprietorship,
and a corporation.
Illustration 11-6
Corporate Capital
11-29
11-30
Primary objectives:
1) Identify the specific sources of paid-in capital.
2) Maintain the distinction between paid-in capital and
retained earnings.
LO 2 Record the issuance of common stock.
Other than consideration received, the issuance
of common stock affects only paid-in capital
accounts.
Accounting for Common Stock Issues
11-31
Illustration: Assume that Hydro-Slide, Inc. issues 2,000
shares of $1 par value common stock. Prepare Hydro-Slides
journal entry if (a) 1,000 share are issued for $1 per share, and
(b) 1,000 shares are issued for $5 per share.
Cash 1,000
Common stock (1,000 x $1) 1,000
Cash 5,000
Common stock (1,000 x $1) 1,000
Paid-in capital in excess of par value 4,000
a)
b)
Issuing Par Value Common Stock for Cash
11-32
Illustration 11-7
11-33
Illustration: Assume that instead of $1 par value stock, Hydro-
Slide, Inc. has $5 stated value no-par stock and the company
issues 5,000 shares at $8 per share for cash.
Cash 40,000
Common stock 25,000
Paid-in capital in excess of stated value 15,000
Issuing No-Par Common Stock for Cash
11-34
Illustration: What happens when no-par stock does not have a
stated value?
Cash 40,000
Common stock 40,000
Issuing No-Par Common Stock for Cash
11-35
Corporations also may issue stock for:
Services (attorneys or consultants).
Noncash assets (land, buildings, and equipment).
Cost is either the fair market value of the consideration given up, or the
fair market value of the consideration received, whichever is more
clearly determinable.
Issuing Common Stock for Services or
Noncash Assets
11-36
Illustration: Attorneys have helped Jordan Company
incorporate. They have billed the company $5,000 for their
services. They agree to accept 4,000 shares of $1 par value
common stock in payment of their bill. At the time of the
exchange, there is no established market price for the stock.
Prepare the journal entry for this transaction.
Organizational expense 5,000
Common stock (4,000 x $1) 4,000
Paid-in capital in excess of par 1,000
11-37
Illustration: Athletic Research Inc. is an existing publicly held
corporation. Its $5 par value stock is actively traded at $8 per
share. The company issues 10,000 shares of stock to acquire
land recently advertised for sale at $90,000. Prepare the journal
entry for this transaction.
Land (10,000 x $8) 80,000
Common stock (10,000 x $5) 50,000
Paid-in capital in excess of par 30,000
11-38
Total take: $1.7 million
ANATOMY OF A FRAUD
The president, chief operating officer, and chief financial officer of SafeNet, a software
encryption company, were each awarded employee stock options by the companys board
of directors as part of their compensation package. Stock options enable an employee to
buy a companys stock sometime in the future at the price that existed when the stock
option was awarded. For example, suppose that you received stock options today, when
the stock price of your company was $30. Three years later, if the stock price rose to $100,
you could exercise your options and buy the stock for $30 per share, thereby making $70
per share. After being awarded their stock options, the three employees changed the
award dates in the companys records to dates in the past, when the companys stock was
trading at historical lows. For example, using the previous example, they would choose a
past date when the stock was selling for $10 per share, rather than the $30 price on the
actual award date. In our example, this would increase the profit from exercising the
options to $90 per share.
The Missing Control
Independent internal verification. The companys board of directors should have ensured
that the awards were properly administered. For example, the date on the minutes from the
board meeting could be compared to the dates that were recorded for the awards. In addition,
the dates should again be confirmed upon exercise.
11-39
Paid-in Capital
Retained Earnings
Account
Paid-in Capital in
Excess of Par
Account
Less:
Treasury Stock
Account
Two Primary
Sources of
Equity
Common Stock
Account
Preferred Stock
Account
LO 3 Explain the accounting for treasury stock.
Accounting for Treasury Stock
11-40
Treasury stock - corporations own stock that it has
reacquired from shareholders, but not retired.
Corporations purchase their outstanding stock:
1. To reissue the shares to officers and employees under
bonus and stock compensation plans.
2. To enhance the stocks market value.
3. To have additional shares available for use in the acquisition
of other companies.
4. To increase earnings per share.
11-41
Purchase of Treasury Stock
Debit Treasury Stock for the price paid to reacquire the
shares.
Treasury stock is a contra stockholders equity
account, not an asset.
Purchase of treasury stock reduces stockholders
equity.
11-42
Treasury stock (4,000 x $8) 32,000
Cash 32,000
Illustration: On February 1, 2014, Mead acquires 4,000 shares of
its stock at $8 per share.
Illustration 11-8
11-43
Stockholders Equity with Treasury stock
Both the number of shares issued (100,000), outstanding (96,000), and the
number of shares held as treasury (4,000) are disclosed.
Illustration 11-9
11-44
11-45
Sale of Treasury Stock
Above Cost
Below Cost
Both increase total assets and stockholders equity.
Disposal of Treasury Stock
11-46
Treasury stock 8,000
Illustration: On July 1, Mead sells for $10 per share 1,000
shares of its treasury stock, previously acquired at $8 per share.
July 1
Paid-in capital treasury stock 2,000
Cash 10,000
A corporation does not realize a gain or suffer a loss from stock
transactions with its own stockholders.
Above
Cost
11-47
Paid-in capital treasury stock 800
Illustration: On Oct. 1, Mead sells an additional 800 shares of
treasury stock at $7 per share.
Oct. 1
Cash 5,600
Below
Cost
Illustration 11-10
11-48
Paid-in capital treasury stock 1,200
Illustration: On Dec. 1, assume that Mead, Inc. sells its
remaining 2,200 shares at $7 per share.
Dec. 1
Retained earnings 1,000
Cash 15,400
Limited
to
balance
on hand
Below
Cost
11-49
Features often associated with preferred stock.
1. Preference as to dividends.
2. Preference as to assets in liquidation.
3. Nonvoting.
LO 4 Differentiate preferred stock from common stock.
Accounting for preferred stock at issuance is similar to that for
common stock.
Accounting for Preferred Stock
11-50
Illustration: Stine Corporation issues 10,000 shares of $10
par value preferred stock for $12 cash per share. Journalize
the issuance of the preferred stock.
Cash 120,000
Preferred stock (10,000 x $10) 100,000
Paid-in capital in excess of par
Preferred stock 20,000
Preferred stock may have a par value or no-par value.
11-51
Right to receive dividends before common
stockholders.
Per share dividend amount is stated as a percentage of
the preferred stocks par value or as a specified
amount.
Cumulative dividend holders of preferred stock must
be paid their annual dividend plus any dividends in
arrears before common stockholders receive dividends.
Dividend Preferences
11-52
Cumulative Dividend
Illustration: Scientific Leasing has 5,000 shares of 7%, $100 par
value, cumulative preferred stock outstanding. Each $100 share
pays a $7 dividend (.07 x $100). The annual dividend is $35,000
(5,000 x $7 per share). If dividends are two years in arrears,
preferred stockholders are entitled to receive the following
dividends in the current year.
11-53
Most preferred stocks have a preference on corporate
assets if the corporation fails.
Provides security for the preferred stockholder.
Preference to assets may be for the par value of the
shares or for a specified liquidating value.
Liquidation Preferences
11-54
Distribution of cash or stock to stockholders on a pro rata
(proportional) basis.
Types of Dividends:
LO 5 Prepare the entries for cash dividends and stock dividends.
1. Cash dividends.
2. Property dividends.
Dividends expressed: (1) as a percentage of the par or stated
value, or (2) as a dollar amount per share.
3. Stock dividends.
4. Scrip.
Dividends
11-55
Three dates:
Dividends
Illustration 11-12
11-56
For a corporation to pay a cash dividend, it must have:
1. Retained earnings - Payment of cash dividends from
retained earnings is legal in all states.
2. Adequate cash.
3. A declaration of dividends by the Board of Directors.
Dividends
Cash Dividends
11-57
Illustration: On Dec. 1, the directors of Media General declare a
50 per share cash dividend on 100,000 shares of $10 par value
common stock. The dividend is payable on Jan. 20 to
shareholders of record on Dec. 22.
December 1 (Declaration Date)
Cash dividends 50,000
Dividends payable 50,000
December 22 (Date of Record)
January 20 (Payment Date)
Cash 50,000
No entry
Cash Dividends
11-58
Allocating Cash Dividends Between Preferred
and Common Stock
Holders of cumulative preferred stock must be paid any
unpaid prior-year dividends before common stockholders
receive dividends.
Dividends
11-59
Illustration: On December 31, 2014, IBR Inc. has 1,000 shares
of 8%, $100 par value cumulative preferred stock. It also has
50,000 shares of $10 par value common stock outstanding. At
December 31, 2014, the directors declare a $6,000 cash dividend.
Prepare the entry to record the declaration of the dividend.
Pfd Dividends: 1,000 shares x $100 par x 8% = $8,000
Dividends
11-60
2012 2013
Dividends declared 6,000 $
Dividends in arrears
Allocation to preferred 6,000
Remainder to common - $
* 1,000 shares x $100 par x 8% = $8,000
*
** 2012 Pfd. dividends $8,000 declared $6,000 = $2,000
**
Illustration: At December 31, 2015, IBR declares a $50,000
cash dividend. Show the allocation of dividends to each class of
stock.
$ 50,000
2,000
8,000
$ 40,000
Dividends
11-61
Illustration: At December 31, 2015, IBR declares a $50,000 cash
dividend. Prepare the entry to record the declaration of the
dividend.
Dividends
11-62
11-63
Results in decrease in retained earnings and increase in paid-in capital.
Illustration 11-14
Dividends
Stock Dividends
Pro rata distribution of the corporations own stock.
11-64
Reasons why corporations issue stock dividends:
1. Satisfy stockholders dividend expectations without
spending cash.
2. Increase marketability of the corporations stock.
3. Emphasize a portion of stockholders equity has been
permanently reinvested in the business.
Dividends
Stock Dividends
11-65
Small stock dividend (less than 2025% of the
corporations issued stock, recorded at fair market
value)
Large stock dividend (greater than 2025% of issued
stock, recorded at par value)
* Accounting based on the assumption that a small stock dividend will
have little effect on the market price of the outstanding shares.
*
Dividends
Stock Dividends
11-66
10% stock dividend is declared
Stock dividends (50,000 x 10% x $15)
75,000
Common stock dividends distributable
50,000
Paid-in capital in excess of par value
25,000
Stock issued
Common stock dividends distributable
50,000
Common stock (50,000 x 10% x $1)
50,000
Illustration: Medland Corporation has a balance of $300,000 in
retained earnings. It declares a 10% stock dividend on its 50,000
shares of $10 par value common stock. The current fair market
value of its stock is $15 per share.
Dividends
11-67
Stockholders Equity with Dividends Distributable
Dividends
Illustration 11-15
Statement presentation
of common stock
dividends distributable
11-68
Medland Corporation Before After Net
Dividend Dividend Change
Stockholders' equity
Paid-in capital
Common stock, $10 par 500,000 $ 550,000 $ 50,000 $
Paid-in capital in excess of par - 25,000 25,000
Retained earnings 300,000 225,000 (75,000)
Total stockholders' equity 800,000 $ 800,000 $ - $
Outstanding shares 50,000 55,000
Par value per share 10 $ 10 $
Effects of Stock Dividends
Dividends
Illustration 11-16
11-69
Which of the following statements about small stock dividends is
true?
a. A debit to Stock Dividends for the par value of the shares
issued should be made.
b. A small stock dividend decreases total stockholders equity.
c. Market value per share should be assigned to the dividend
shares.
d. A small stock dividend ordinarily will have no effect on
book value per share of stock.
Question
Dividends
11-70
In the stockholders equity section, Common Stock Dividends
Distributable is reported as a(n):
a. deduction from total paid-in capital and retained
earnings.
b. current liability.
c. deduction from retained earnings.
d. addition to capital stock.
Dividends
Question
11-71
Dividends
Reduces the market value of shares.
No entry recorded for a stock split.
Decrease par value and increase number of shares.
Stock Split
11-72
Effects of Stock Splits
Dividends
Medland Corporation Before After Net
Split Split Change
Stockholders' equity
Paid-in capital
Common stock 500,000 $ 500,000 $ - $
Paid-in capital in excess of par - - -
Retained earnings 300,000 300,000 -
Total stockholders' equity 800,000 $ 800,000 $ - $
Outstanding shares 50,000 100,000
Par value per share 10 $ 5 $
Illustration 11-17
11-73
11-74
Net income increases Retained Earnings and a net loss
decreases Retained Earnings.
Part of the stockholders claim on the total assets of the
corporation.
Debit balance in Retained Earnings is identified as a
deficit.
LO 6 Identify the items reported in a retained earnings statement.
Retained Earnings
Illustration 11-20
11-75
Restrictions can result from:
1. Legal restrictions.
2. Contractual restrictions.
3. Voluntary restrictions.
Companies generally disclose retained earnings restrictions in
the notes to the financial statements.
Retained Earnings Restrictions
Retained Earnings
11-76
Correction of an error in previously issued financial
statements.
Result from:
mathematical mistakes.
mistakes in application of accounting principles.
oversight or misuse of facts.
Adjustment made to the beginning balance of retained
earnings.
Prior Period Adjustments
Retained Earnings
11-77
Balance, January 1 1,050,000 $
Net income 360,000
Dividends (300,000)
Balance, December 31 1,110,000 $
For the Year Ended December 31, 2014
Statement of Retained Earnings
Woods, Inc.
Before issuing the report for the year ended December 31, 2014, you discover a
$50,000 error (net of tax) that caused the 2013 inventory to be overstated
(overstated inventory caused COGS to be lower and thus net income to be higher in
2013. Would this discovery have any impact on the reporting of the Statement of
Retained Earnings for 2014?
Retained Earnings Statement
11-78
Balance, January 1, as previously reported 1,050,000 $
Prior period adjustment - error correction (50,000)
Balance, January 1, as restated 1,000,000
Net income 360,000
Dividends (300,000)
Balance, December 31 1,060,000 $
For the Year Ended December 31, 2014
Statement of Retained Earnings
Woods, Inc.
11-79
Debits and Credits to Retained Earnings
Illustration 11-24
11-80
All but one of the following is reported in a retained
earnings statement. The exception is:
a. cash and stock dividends.
b. net income and net loss.
c. some disposals of treasury stock below cost.
d. sales of treasury stock above cost.
Question
11-81
LO 7
Illustration 11-26
Statement Presentation and Analysis
Presentation
Note R: Retained earnings is restricted for the cost of treasury stock, $80,000.
11-82
Net Income Available to
Common Stockholders
Return on
Common
Stockholders
Equity
=
Average Common
Stockholders Equity
LO 7 Prepare and analyze a comprehensive stockholders equity section.
Ratio shows how many dollars of net income the company
earned for each dollar invested by the stockholders.
Statement Presentation and Analysis
Analysis
11-83
LO 8 Describe the use and content of the stockholders equity statement.
Illustration 11A-1
When a stockholders equity statement is presented, a retained earnings
statement is not necessary.
APPENDIX 11A STOCKHOLDERS EQUITY STATEMENT
11-84
Illustration 11B-1
The equity a common stockholder has in the net assets of the
corporation.
Book Value per Share
SO 9 Compute book value per share.
APPENDIX 11B BOOK VALUE-ANOTHER PER SHARE AMOUNT
11-85
The computation of book value per share involves the following
steps.
1. Compute the preferred stock equity. This equity is equal to the
sum of the call price of preferred stock plus any cumulative
dividends in arrears. If the preferred stock does not have a call
price, the par value of the stock is used.
2. Determine the common stock equity. Subtract the preferred
stock equity from total stockholders equity.
3. Determine book value per share. Divide common stock equity
by shares of common stock outstanding.
Book Value per Share
11-86
Illustration: Using the stockholders equity section of Graber Inc.
shown in Illustration 11-26. Grabers preferred stock is callable at
$120 per share and is cumulative. Assume that dividends on
Grabers preferred stock were in arrears for one year, $54,000
(6,000 $9). The computation of preferred stock equity (Step 1 in the
preceding list) is:
Illustration 11B-2
11-87
Computation of book value:
Illustration 11B-2
Illustration 11B-3
11-88
The correlation between book value and the annual range of a
companys market value per share is often remote.
Book Value versus Market Value
Illustration 11B-4
11-89
Under IFRS, the term reserves is used to describe all equity
accounts other than those arising from contributed (paid-in) capital.
This would include, for example, reserves related to retained
earnings, asset revaluations, and fair value differences.
Many countries have a different mix of investor groups than in the
United States. For example, in Germany, financial institutions like
banks are not only major creditors of corporations but often are the
largest corporate stockholders as well. In the United States, Asia,
and the United Kingdom, many companies rely on substantial
investment from private investors.
Key Points
11-90
There are often terminology differences for equity accounts. The
following summarizes some of the common differences in
terminology.
Key Points
11-91
The accounting for treasury stock differs somewhat between IFRS
and GAAP. (However, many of the differences are beyond the scope
of this course.) Like GAAP, IFRS does not allow a company to
record gains or losses on purchases of its own shares. One
difference worth noting is that, when a company purchases its own
shares, IFRS treats it as a reduction of stockholders equity, but it
does not specify which particular stockholders equity accounts are
to be affected. Therefore, it could be shown as an increase to a
contra equity account (Treasury Stock) or a decrease to retained
earnings or share capital.
Key Points
11-92
A major difference between IFRS and GAAP relates to the account
Revaluation Surplus. Revaluation surplus arises under IFRS
because companies are permitted to revalue their property, plant,
and equipment to fair value under certain circumstances. This
account is part of general reserves under IFRS and is not
considered contributed capital.
IFRS often uses terms such as retained profits or accumulated profit
or loss to describe retained earnings. The term retained earnings is
also often used.

Key Points
11-93
The accounting related to prior period adjustments is essentially the
same under IFRS and GAAP. One area where IFRS and GAAP differ
in reporting relates to error corrections in previously issued financial
statements. While IFRS requires restatement with some exceptions,
GAAP does not permit any exceptions.
Equity is given various descriptions under IFRS, such as
shareholders equity, owners equity, capital and reserves, and
shareholders funds.
Key Points
11-94
The income statement using IFRS is called the statement of
comprehensive income. A statement of comprehensive income is
presented in a one- or two-statement format. The single-statement
approach includes all items of income and expense, as well as each
component of other comprehensive income or loss by its individual
characteristic. In the two-statement approach, a traditional income
statement is prepared. It is then followed by a statement of
comprehensive income, which starts with net income or loss and
then adds other comprehensive income or loss items. Regardless of
which approach is reported, income tax expense is required to be
reported.
The computations related to earnings per share are essentially the
same under IFRS and GAAP.
Key Points
11-95
Looking to the Future
The IASB and the FASB are currently working on a project related to
financial statement presentation. An important part of this study is to
determine whether certain line items, subtotals, and totals should be
clearly defined and required to be displayed in the financial statements.
For example, it is likely that the statement of stockholders equity and its
presentation will be examined closely. Both the IASB and FASB are
working toward a convergence of any remaining differences related to
earnings per share computations. This convergence will deal with highly
technical changes beyond the scope of this textbook.
11-96
Under IFRS, a purchase by a company of its own shares is
recorded by:
a) an increase in Treasury Stock.
b) a decrease in contributed capital.
c) a decrease in share capital.
d) All of these are acceptable treatments
IFRS Self-Test Questions
11-97
Which of the following is true?
a) In the United States, the primary corporate stockholders
are financial institutions.
b) Share capital means total assets under IFRS.
c) The IASB and FASB are presently studying how financial
statement information should be presented.
d) The amount to treasury stock is very different between
U.S. GAAP and IFRS.
11-98
Under IFRS, the amount of capital received in excess of par
value would be credited to:
a) Retained Earnings.
b) Contributed Capital.
c) Share Premium.
d) Par value is not used under IFRS.
11-99
Copyright 2012 John Wiley & Sons, Inc. All rights reserved.
Reproduction or translation of this work beyond that permitted in
Section 117 of the 1976 United States Copyright Act without the
express written permission of the copyright owner is unlawful.
Request for further information should be addressed to the
Permissions Department, John Wiley & Sons, Inc. The purchaser
may make back-up copies for his/her own use only and not for
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programs or from the use of the information contained herein.
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CH 11

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11-1

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