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Prepare journal entry to account for quasi reorganization

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Reference no: EM132739561

The stockholders' equity section of Brown Co.'s December 31, 20x1, balance sheet consisted of the following: Ordinary shares, ?30 par, 10,000 shares authorized and outstanding ?300,000 Share premium 150,000 Retained earnings (deficit) (210,000) On January 2, 20x2, Brown put into effect a stockholder-approved quasi-reorganization by reducing the par value of the stock to ?5 and eliminating the deficit against share premium.

Required:

Problem 1. Prepare journal entry to account for the quasi reorganization

Problem 2. Compute for the balance in share premium immediately after the quasi reorgnaization

Reference no: EM132739561

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