ACME Incorporated, a publicly traded company with a December 31 year end, had the following equity balances at December 31, 2020: Shareholders' Equity $3 Preferred Shares, cumulative, participating, 300,000 authorized & outstanding Class A Common Shares, unlimited authorized, 600,000 shares outstanding Contributed surplus - redemption of $3 preferred shares Total paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity $2,500,000 5,000,000 50,000 $7,550,000 28,500,000 875,000 $ 36,925,000 No dividends have been declared for the last three years. On December 01, 2021, the board of directors declared cash dividends of $10 million payable on December 30, 2021 to shareholders of record on December 15, 2021. Required: 1. Prepare the required journal entries for the above transactions and show calculations to support your work

ACME Incorporated, a publicly traded company with a December 31 year end, had the following equity balances at December 31, 2020: Shareholders' Equity $3 Preferred Shares, cumulative, participating, 300,000 authorized & outstanding Class A Common Shares, unlimited authorized, 600,000 shares outstanding Contributed surplus - redemption of $3 preferred shares Total paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity $2,500,000 5,000,000 50,000 $7,550,000 28,500,000 875,000 $ 36,925,000 No dividends have been declared for the last three years. On December 01, 2021, the board of directors declared cash dividends of $10 million payable on December 30, 2021 to shareholders of record on December 15, 2021. Required: 1. Prepare the required journal entries for the above transactions and show calculations to support your work

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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Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

ACME Incorporated, a publicly traded company with a December 31 year end, had
the following equity balances at December 31, 2020:
Shareholders' Equity
$3 Preferred Shares, cumulative, participating, 300,000 authorized & outstanding
Class A Common Shares, unlimited authorized, 600,000 shares outstanding
Contributed surplus - redemption of $3 preferred shares
Total paid-in capital
Retained earnings
Accumulated other comprehensive income
Total shareholders' equity
$2,500,000
5,000,000
50,000
$7,550,000
28,500,000
875,000
$ 36,925,000
No dividends have been declared for the last three years. On December 01, 2021,
the board of directors declared cash dividends of $10 million payable on December
30, 2021 to shareholders of record on December 15, 2021.
Required:
1. Prepare the required journal entries for the above transactions and show
calculations to support your work

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