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J Required 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2023.

J Required 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2023.

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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D1.

 

Transactions January 14 February 28 March 1 April 1 May 2 July 4 September 2 November 2 December 31 Show Transcribed Text Declared a $96,000 cash dividend, payable on March 1 to the shareholders of record on February 1. Indicate the amount payable to each class of shareholder. Issued 12,000 common shares for $6.00 per share. Paid the cash dividend declared on January 14. Declared a 15 percent share dividend on the common shares, distributable on May 2 to the shareholders of record on April 15. The market value of the shares was $6.20 per share. Distributed the share dividend declared on April 1. Repurchased 3,400 of the company's own common shares at $6.75 per share. Issued 3,400 common shares for $7.25 per share. Split the common shares 2 for 1. Reported net income of $180,000. Closed the Income Summary account. Required 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2023.
Transcribed Image Text:Transactions January 14 February 28 March 1 April 1 May 2 July 4 September 2 November 2 December 31 Show Transcribed Text Declared a $96,000 cash dividend, payable on March 1 to the shareholders of record on February 1. Indicate the amount payable to each class of shareholder. Issued 12,000 common shares for $6.00 per share. Paid the cash dividend declared on January 14. Declared a 15 percent share dividend on the common shares, distributable on May 2 to the shareholders of record on April 15. The market value of the shares was $6.20 per share. Distributed the share dividend declared on April 1. Repurchased 3,400 of the company's own common shares at $6.75 per share. Issued 3,400 common shares for $7.25 per share. Split the common shares 2 for 1. Reported net income of $180,000. Closed the Income Summary account. Required 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2023.
Shareholders' equity section Contributed capital Preferred shares, $2.00, cumulative (1 year in arrears), liquidation price of $20, 100,000 shares authorized, 22,000 shares issued and outstanding $ Common shares, unlimited number of shares authorized, 27,000 shares issued and outstanding Total contributed capital Retained earnings Total shareholders' equity 352,000 270,000 622,000 540,000 $ 1,162,000 |
Transcribed Image Text:Shareholders' equity section Contributed capital Preferred shares, $2.00, cumulative (1 year in arrears), liquidation price of $20, 100,000 shares authorized, 22,000 shares issued and outstanding $ Common shares, unlimited number of shares authorized, 27,000 shares issued and outstanding Total contributed capital Retained earnings Total shareholders' equity 352,000 270,000 622,000 540,000 $ 1,162,000 |
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