Ivanhoe Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2024: Accumulated other comprehensive income (loss) $(24,000) Contributed surplus-reacquisition of common shares 550,000 Retained earnings 1,520,000 Common shares (36,000 shares) 828,000 Ivanhoe had the following transactions and events during 2024: Feb. 2 Repurchased 800 shares for $37,600. Apr. 17 Declared and paid cash dividends of $75,000. Oct. 29 Issued 2,100 shares for $93,000 cash. Dec. 31 Reported comprehensive income for the year of $451,000, which included other comprehensive income of $41,000. Prepare journal entries to record the transactions that took place during 2024. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Ivanhoe Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2024: Accumulated other comprehensive income (loss) $(24,000) Contributed surplus-reacquisition of common shares 550,000 Retained earnings 1,520,000 Common shares (36,000 shares) 828,000 Ivanhoe had the following transactions and events during 2024: Feb. 2 Repurchased 800 shares for $37,600. Apr. 17 Declared and paid cash dividends of $75,000. Oct. 29 Issued 2,100 shares for $93,000 cash. Dec. 31 Reported comprehensive income for the year of $451,000, which included other comprehensive income of $41,000. Prepare journal entries to record the transactions that took place during 2024. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ivanhoe Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2024:
Accumulated other comprehensive income (loss)
$(24,000)
Contributed surplus-reacquisition of common shares
550,000
Retained earnings
1,520,000
Common shares (36,000 shares)
828,000
Ivanhoe had the following transactions and events during 2024:
Feb. 2
Repurchased 800 shares for $37,600.
Apr.
17
Declared and paid cash dividends of $75,000.
Oct. 29
Issued 2,100 shares for $93,000 cash.
Dec. 31
Reported comprehensive income for the year of $451,000, which included other comprehensive income of $41,000.
Prepare journal entries to record the transactions that took place during 2024. (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 O for the
amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
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