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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

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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Also cash dividend and RETAINED EARNINGS journal entries 

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: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
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
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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