Kaye Biotech Inc. had the following equity account balances at December 31, 2022: Preferred shares, $ 2.95, non-cumulative, Authorized: 22,000 shares Issued and outstanding: 6,000 shares $ 42,000 Common shares, Authorized: Unlimited Issued and outstanding: 90,000 shares 304, 618 Retained earnings 44,600 On February 1, 2023, 6,000 preferred shares were issued at $8.70 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2023, and a 13% common share dividend was declared and distributed on the same day when the market price per common share was $4.70. On October 1, 2023, 22,000 common shares were issued at $4.84 each. Profit earned during 2023 was $418,800. Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.)
Kaye Biotech Inc. had the following equity account balances at December 31, 2022: Preferred shares, $ 2.95, non-cumulative, Authorized: 22,000 shares Issued and outstanding: 6,000 shares $ 42,000 Common shares, Authorized: Unlimited Issued and outstanding: 90,000 shares 304, 618 Retained earnings 44,600 On February 1, 2023, 6,000 preferred shares were issued at $8.70 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2023, and a 13% common share dividend was declared and distributed on the same day when the market price per common share was $4.70. On October 1, 2023, 22,000 common shares were issued at $4.84 each. Profit earned during 2023 was $418,800. Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kaye Biotech Inc. had the following equity account
balances at December 31, 2022: Preferred shares, $
2.95, non cumulative, Authorized: 22,000 shares
Issued and outstanding: 6,000 shares $ 42,000
Common shares, Authorized: Unlimited Issued and
outstanding: 90,000 shares 304, 618 Retained earnings
44,600 On February 1, 2023, 6,000 preferred shares
were issued at $8.70 each. The board of directors
declared and paid the annual cash dividend on the
preferred shares on June 30, 2023, and a 13% common
share dividend was declared and distributed on the
same day when the market price per common share
was $4.70. On October 1, 2023, 22,000 common
shares were issued at $4.84 each. Profit earned during
2023 was $418,800. Required: Using the information
provided, prepare the statement of changes in equity
for the year ended December 31, 2023. (Amounts to
be deducted should be indicated by a minus sign.)
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