Ayayai Corporation’s charter authorized 2 million shares of $11 par value common shares, and 200,000 shares of 7% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 320,000 common shares were issued for $4.16 million and 9,000 preferred shares were issued for machinery valued at $1,202,000. Subscriptions for 11,400 common shares have been taken, and 40% of the subscription price of $16 per share has been collected. The shares will be issued upon collection of the subscription price in full. In addition, 8,000 common shares have been repurchased for $15 and retired. The Retained Earnings balance is $190,000 before considering the transactions above. a. Prepare the shareholders’ equity section of the SFP in good form.
Ayayai Corporation’s charter authorized 2 million shares of $11 par value common shares, and 200,000 shares of 7% cumulative and non-participating
a. Prepare the shareholders’ equity section of the SFP in good form.
b. Prepare the shareholders’ equity section of the
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