Cullumber Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021: Accumulated other comprehensive income (loss) $(22,000 ) Contributed surplus-reacquisition of common shares 505,000 Retained earnings 1,400,000 Common shares ( 30,000 shares) 780,000 Cullumber had the following transactions and events during 2021: Feb. 2 Repurchased 1,100 shares for $ 48,400. Apr. 17 Declared and paid cash dividends of $ 77,000. Oct. 29 Issued 1,500 shares for $ 106,000 cash. Dec. 31 Reported comprehensive income of $ 377,000, which included other comprehensive income of $ 45,000.

Cullumber Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021: Accumulated other comprehensive income (loss) $(22,000 ) Contributed surplus-reacquisition of common shares 505,000 Retained earnings 1,400,000 Common shares ( 30,000 shares) 780,000 Cullumber had the following transactions and events during 2021: Feb. 2 Repurchased 1,100 shares for $ 48,400. Apr. 17 Declared and paid cash dividends of $ 77,000. Oct. 29 Issued 1,500 shares for $ 106,000 cash. Dec. 31 Reported comprehensive income of $ 377,000, which included other comprehensive income of $ 45,000.

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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Concept explainers

Consolidation

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

Prepare a statement of changes in shareholders' equity at December 31, 2021. (Enter negative amounts using either a
negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
ER CORPORATION
of Changes in Shareholders' Equity
Contributed Surplus-
Accumulated Other
Reacquisition of
Comprehensive
Income (Loss)
Common
Retained
Shares
Common Shares
Earnings
2$
2$
$
2$
ash
isive
$
$
$
31
List of Accounts
Calculate the number of shares issued as at December 31, 2021.
Number of shares
List of Accounts

Cullumber Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021:
Accumulated other comprehensive income (loss)
$( 22,000 )
Contributed surplus-reacquisition of common shares
505,000
Retained earnings
1,400,000
Common shares ( 30,000 shares)
780,000
Cullumber had the following transactions and events during 2021:
Feb. 2
Repurchased 1,100 shares for $ 48,400.
Apr. 17
Declared and paid cash dividends of $ 77,000.
Oct. 29
Issued 1,500 shares for $ 106,000 cash.
Dec. 31
Reported comprehensive income of $ 377,000, which included other comprehensive income of $ 45,000.
Prepare journal entries to record the transactions that took place during 2021. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account
titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Feb. 2
(To record reacquisition
of common shares.)
(Declared and paid a cash dividend.)
(Issued common shares for cash.)

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