2. Calculate the closing balance in each account in shareholders' equity. (Round intermediate calculations to 2 decimal places.Round your final answers to the nearest whole dollar.)Answer is complete but not entirely correct.Preferred shares$ 24,480Common shares463,423 XContributed capital on shareretirement:Common9,690 xPreferred544,767 XRetained earnings1,042,360 X At the beginning of 20X1, the accounting records of Friends Corp. reported the following:$ 217,600Preferred shares, 8,000 shares outstanding, no-parCommon shares, 181,900 shares outstanding, no-parContributed capital on common share retirementRetained earnings472,940111,500557,500During the year, the company acquired and retired shares, while other shares were issued:15 March 25,700 common shares bought and retired at $4 per share16 March 4,700 preferred shares bought and retired at $30.50 per share20 May 10,000 common shares bought and retired at $1 per share25 May 2,400 preferred shares bought and retired at $16.70 per share30 May 11,500 common shares issued at $8.70 per share15 Nov. 5,500 common shares bought and retired at $22 per shareRequired:1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Roundyour final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)

Journal entry is a record of financial transactions in the books of accounts of a business. It…

2. Calculate the closing balance in each account in shareholders' equity. (Round intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar.) OAnswer is complete but not entirely correct. Preferred shares S 24,480 O Common shares 463,423 X Contributed capital on share retirement: Common 9,690 X Preferred 544,767 X Retained earnings 1,042,360 X

2. Calculate the closing balance in each account in shareholders' equity. (Round intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar.) OAnswer is complete but not entirely correct. Preferred shares S 24,480 O Common shares 463,423 X Contributed capital on share retirement: Common 9,690 X Preferred 544,767 X Retained earnings 1,042,360 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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