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Equity Contributed Capital: Preferred shares, $0.60 cumulative, 100,000 shares authorized, 16,000 shares issued and outstanding:..... $ 89,4001 Common shares, 500,000 shares authorized, 50,000 shares issued and outstanding:... 180,000 Total contributed capital... Retained earnings Total equity. Jan 1 - Issued 4,000 common shares for $80,000 Jan 30 - Issued 10,000 preferred shares for $39 per share (dividend of $1.25 per share) June 1 - Repurchased 1,000 common shares for $25 per share $269,400 563,5202 832,920 Aug 1- Share dividend of 10% on common shares, distributable Aug 30th. Market value of shares Aug 1 was $30 per share. Aug 30 distributed share dividend November 1- Common share split 2:1 December 1 - Board declared a dividend of $27,000 with a date of record of Dec 20 Dec 28 paid the cash dividend Dec 31 - income of $120,000 Prepare entries and closing entries and prepare statement of changes in equity

Equity Contributed Capital: Preferred shares, $0.60 cumulative, 100,000 shares authorized, 16,000 shares issued and outstanding:..... $ 89,4001 Common shares, 500,000 shares authorized, 50,000 shares issued and outstanding:... 180,000 Total contributed capital... Retained earnings Total equity. Jan 1 - Issued 4,000 common shares for $80,000 Jan 30 - Issued 10,000 preferred shares for $39 per share (dividend of $1.25 per share) June 1 - Repurchased 1,000 common shares for $25 per share $269,400 563,5202 832,920 Aug 1- Share dividend of 10% on common shares, distributable Aug 30th. Market value of shares Aug 1 was $30 per share. Aug 30 distributed share dividend November 1- Common share split 2:1 December 1 - Board declared a dividend of $27,000 with a date of record of Dec 20 Dec 28 paid the cash dividend Dec 31 - income of $120,000 Prepare entries and closing entries and prepare statement of changes in equity

FINANCIAL ACCOUNTING
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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Equity Contributed Capital: Preferred shares, $0.60 cumulative, 100,000 shares authorized, 16,000 shares issued and outstanding.. $ 89,4001 Common shares, 500,000 shares authorized, 50,000 shares issued and outstanding... 180,000 Total contributed capital... Retained earnings Total equity Jan 1 - Issued 4,000 common shares for $80,000 Jan 30 - Issued 10,000 preferred shares for $39 per share (dividend of $1.25 per share) June 1 - Repurchased 1,000 common shares for $25 per share $269,400 563,5202 832,920 Aug 1- Share dividend of 10% on common shares, distributable Aug 30th. Market value of shares Aug 1 was $30 per share. Aug 30 distributed share dividend November 1- Common share split 2:1 December 1 - Board declared a dividend of $27,000 with a date of record of Dec 20 Dec 28 - paid the cash dividend Dec 31 - income of $120,000 Prepare entries and closing entries and prepare statement of changes in equity
Transcribed Image Text:Equity Contributed Capital: Preferred shares, $0.60 cumulative, 100,000 shares authorized, 16,000 shares issued and outstanding.. $ 89,4001 Common shares, 500,000 shares authorized, 50,000 shares issued and outstanding... 180,000 Total contributed capital... Retained earnings Total equity Jan 1 - Issued 4,000 common shares for $80,000 Jan 30 - Issued 10,000 preferred shares for $39 per share (dividend of $1.25 per share) June 1 - Repurchased 1,000 common shares for $25 per share $269,400 563,5202 832,920 Aug 1- Share dividend of 10% on common shares, distributable Aug 30th. Market value of shares Aug 1 was $30 per share. Aug 30 distributed share dividend November 1- Common share split 2:1 December 1 - Board declared a dividend of $27,000 with a date of record of Dec 20 Dec 28 - paid the cash dividend Dec 31 - income of $120,000 Prepare entries and closing entries and prepare statement of changes in equity
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