Complete solution of required 2 please. Thanks. NAME:SCORE:SECTION:PROFESSOR:Problem #24Shareholders' Equity: Transactions and StatementThe shareholders' equity section of L. Generales Corporation at Dec. 31, 2017, follows:Ordinary'Shares, P10 par, 100,000 shares authorized, 25,000shares issued, 4,000 shares are in the treasuryShare PremiumShare Premium-TreasuryRetained EarningsP250,000325,00012,000198,000TotalP785,000Less: Treasury Stock, 4,000 shares at costTotal Shareholders' Equity100,000P685,000Note: A portion of retained earnings is réstricted due to the purchase of treasyry stock.The following transactions affecting shareholders' equity occurred during 2018:Jan. 8Issued 10,000 shares of previously unissued ordinary shares for P26 cashper share.Sold all of the treasury shares for P27 cash per share.Declared a 6% share dividend on all outstanding ordinary shares. TheMar. 12June 30market value of the share was P30 per share.Issued the share dividend declared on June 30.Acquired 1,100 ordinary shares for the treasury at P28 per share.Declared a cash dividend of P2.00 per outstanding ordinary shareJuly 10Oct. 7Dec. 18payable on Jan. 9 to shareholders of record on Dec. 31.Closed the income summary account, with profit of P183,000 to31retained earnings.Closed the dividend accounts to retained earnings.31Required:1. Prepare journal entries to record the foregoing transactions.2. Prepare the statement of changes in shareholders' equity for 2018

Journal entries to record the transactions for 2018 Date Particulars Debit Credit 8 Jan Cash…

nolders' Equity: Transactions and Statement areholders' equity section of L. Generales Corporation at rdinary'Shares, P10 par, 100,000 shares authorized, 25,000 shares issued, 4,000 shares are in the treasury nare Premium nare Premium-Treasury etained Earnings otal ess: Treasury Stock, 4,000 shares at cost otal Shareholders' Equity pte: A portion of retained earnings is rêstricted due to the purchase of ollowing transactions affecting shareholders' equity occurre .8 Issued 10,000 shares of previously unissued ordinary per share. Sold all of the treasury shares for P27 cash per share. Declared a 6% share dividend on all outstanding ord market value of the share was P30 per share. Issued the share dividend declared on June 30. Acquired 1,100 ordinary shares for the treasury at P28 Declared a cash dividend of P2.00 per outstandin payable on Jan. 9 to shareholders of record on Dec. 31 Closed the income summary account, with profit 12 30 10 E. 7 18 31 retained earnings. Closed the dividend accounts to retained earnings. 31 ired: Prepare journal entries to record the foregoing transactions. nstatement of changes in shareholders' equity for

nolders' Equity: Transactions and Statement areholders' equity section of L. Generales Corporation at rdinary'Shares, P10 par, 100,000 shares authorized, 25,000 shares issued, 4,000 shares are in the treasury nare Premium nare Premium-Treasury etained Earnings otal ess: Treasury Stock, 4,000 shares at cost otal Shareholders' Equity pte: A portion of retained earnings is rêstricted due to the purchase of ollowing transactions affecting shareholders' equity occurre .8 Issued 10,000 shares of previously unissued ordinary per share. Sold all of the treasury shares for P27 cash per share. Declared a 6% share dividend on all outstanding ord market value of the share was P30 per share. Issued the share dividend declared on June 30. Acquired 1,100 ordinary shares for the treasury at P28 Declared a cash dividend of P2.00 per outstandin payable on Jan. 9 to shareholders of record on Dec. 31 Closed the income summary account, with profit 12 30 10 E. 7 18 31 retained earnings. Closed the dividend accounts to retained earnings. 31 ired: Prepare journal entries to record the foregoing transactions. nstatement of changes in shareholders' equity for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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