Kaye Biotech Inc. had the following equity account balances at December 31, 2022: Preferred shares, $2.65, non-cumulative, Authorized: 20,800 shares Issued and outstanding: 5,400 shares Common shares, Authorized: Unlimited Issued and outstanding: 87,000 shares Retained earnings $ 37,800 294,464 42,200 On February 1, 2023, 5,400 preferred shares were issued at $8.10 each. The board of directors declared and paid the annual cas dividend on the preferred shares on June 30, 2023, and a 13% common share dividend was declared and distributed on the same when the market price per common share was $4.40. On October 1, 2023, 20,800 common shares were issued at $4.54 each. Pri earned during 2023 was $412,800. KAYE BIOTECH INC. Statement of Changes in Equity Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to deducted should be indicated by a minus sign.)
Kaye Biotech Inc. had the following equity account balances at December 31, 2022: Preferred shares, $2.65, non-cumulative, Authorized: 20,800 shares Issued and outstanding: 5,400 shares Common shares, Authorized: Unlimited Issued and outstanding: 87,000 shares Retained earnings $ 37,800 294,464 42,200 On February 1, 2023, 5,400 preferred shares were issued at $8.10 each. The board of directors declared and paid the annual cas dividend on the preferred shares on June 30, 2023, and a 13% common share dividend was declared and distributed on the same when the market price per common share was $4.40. On October 1, 2023, 20,800 common shares were issued at $4.54 each. Pri earned during 2023 was $412,800. KAYE BIOTECH INC. Statement of Changes in Equity Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to 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 Blotech Inc. had the following equity account balances at December 31, 2022:
Preferred shares, $2.55, non-cumulative,
Authorized: 20,800 shares
Issued and outstanding: 5,400 shares
Common shares,
Authorized: Unlimited
Issued and outstanding: 87,000 shares
Retained earnings
On February 1, 2023, 5,400 preferred shares were issued at $8.10 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 $4.40. On October 1, 2023, 20,800 common shares were issued at $4.54 each. Profit
earned during 2023 was $412,800.
Balance, January 1
Preferred shares issued
Common shares issued
Menneend each dandande
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.
Statement of Changes in Equity
For Year Ended December 31, 2023
$ 37,800
294,464
42,200
$ 37,800 $ 294,464
43,740
Preferred Common Retained
Shares Shares
94,432
Total
Equity
Earnings
$ 42,200 S 374.464
43,740
94,432
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