On January 1, 2024, Carla Vista Ltd. had the following shareholders' equity accounts: Common shares (1,110,000 issued) Retained earnings The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity. $1,665,000 1.998,000 Jan. 2 Issued 111,000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 108,000 common shares for $1.70 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Loss for the year was $104,000. Mar. 31 June 30 Aug 12 Sept. 30 Dec. 31 Dec. 31
On January 1, 2024, Carla Vista Ltd. had the following shareholders' equity accounts: Common shares (1,110,000 issued) Retained earnings The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity. $1,665,000 1.998,000 Jan. 2 Issued 111,000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 108,000 common shares for $1.70 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Loss for the year was $104,000. Mar. 31 June 30 Aug 12 Sept. 30 Dec. 31 Dec. 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Also cash dividend and
Transcribed Image Text:On January 1, 2024, Carla Vista Ltd. had the following shareholders' equity accounts:
Common shares (1,110,000 issued)
Retained earnings
The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none
had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity.
Jan.
Mar.
Dec.
$1,665,000
1.998,000
2 Issued 111,000 preferred shares for $50 per share.
Paid quarterly dividend to preferred shareholders.
Paid quarterly dividend to preferred shareholders.
Issued 108,000 common shares for $1.70 per share.
Paid quarterly dividend to preferred shareholders.
Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders.
Loss for the year was $104,000.
31
June 30
Aug 12
Sept. 30
Dec. 31
31
Transcribed Image Text:Preferred Shares
Date Explanation
Jan. 2
Common Shares
Date
Jan. 1 Balance
Aug. 12
Cash Dividends-Preferred
Date
Explanation
Mar 31
June 30
Explanation
Sept. 30
Dec. 31
loring ontry
Ref.
31
Ref.
V
31
Ref.
31
31
31
31
31
Debit
Debit
Debit
1665000
Credit
5550000
Credit
1665000
183600
Credit
Balance
Balance
1665000
1848600
Balance
1665000
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