ane Technologies Inc. reported the following information related to its shareholders' equity on January 1: Common shares, 1,680,000 authorized, 840,000 shares issued $2,520,000 Contributed surplus-reacquisition of common shares 14,290 Retained earnings 714.000 uring the year, the following transactions related to common shares occurred in the order listed: 1. Issued 35,000 shares at $4.00 per share. 2. Reacquired 10.000 shares at $3.00 per share. 3.1 Issued 5,000 shares at $4.78 per share. 4. Reacquired 19.000 shares at $4 per share. 5. Reacquired 76.000 shares at $3 per share.
ane Technologies Inc. reported the following information related to its shareholders' equity on January 1: Common shares, 1,680,000 authorized, 840,000 shares issued $2,520,000 Contributed surplus-reacquisition of common shares 14,290 Retained earnings 714.000 uring the year, the following transactions related to common shares occurred in the order listed: 1. Issued 35,000 shares at $4.00 per share. 2. Reacquired 10.000 shares at $3.00 per share. 3.1 Issued 5,000 shares at $4.78 per share. 4. Reacquired 19.000 shares at $4 per share. 5. Reacquired 76.000 shares at $3 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Crane Technologies Inc. reported the following information related to its shareholders' equity on January 1:
Common shares, 1,680,000 authorized, 840.000 shares issued
$2,520.000
Contributed surplus-reacquisition of common shares
14.290
Retained earnings
714.000
During the year, the following transactions related to common shares occurred in the order listed:
1.
Issued 35,000 shares at $4.00 per share.
Reacquired 10.000 shares at $3.00 per share.
3.
Issued 5,000 shares at $4.78 per share.
4.
Reacquired 19.000 shares at $4 per share.
5.
Reacquired 76.000 shares at $3 per share.
2.
Transcribed Image Text:(a) Calculate the number of shares authorized and issued at the end of the year.
Number of shares authorized
1680000
Number of shares issued
(b) Determine the ending balances in each of the following accounts: Common Shares, Contributed Surplus-Reacquisition of
Common Shares, and Retained Earnings. (Round the average issue price to two decimal places, e.g. 5.27 and final answers to 0 decime
places, e.g. 5,276.)
Common shares
Contributed Surplus-reacquisition of common shares
Retained earnings
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