Homework Help is Here – Start Your Trial Now!
Business
Accounting
Pearl City Corporation, a publicly traded company, is authorized to issue 213,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,800 shares issued) Common shares (72,100 shares issued) Contributed surplus Retained earnings Accumulated other comprehensive income 99 6 27 The following equity transactions occurred in 2021: Feb. 6 Issued 9.200 preferred shares for $542,800. Apr. Issued 20,600 common shares for $587,100. Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. May 29 Aug. 22 Dec. 14 $475,200 1.081.500 31 24,200 828,000 10.400 Issued 9,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,800 and the common shares at $151,000. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $634,000. چلے

Pearl City Corporation, a publicly traded company, is authorized to issue 213,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,800 shares issued) Common shares (72,100 shares issued) Contributed surplus Retained earnings Accumulated other comprehensive income 99 6 27 The following equity transactions occurred in 2021: Feb. 6 Issued 9.200 preferred shares for $542,800. Apr. Issued 20,600 common shares for $587,100. Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. May 29 Aug. 22 Dec. 14 $475,200 1.081.500 31 24,200 828,000 10.400 Issued 9,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,800 and the common shares at $151,000. The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $634,000. چلے

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

DO  NOT GIVE SOLUTION IN IMAGE 

Record the above transactions, including any entries required to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round average cost per share to 2 decimal palces, es 2.25 and final answers to 0 decimal places) Date Account Titles and Explanation Debit 10000 Credit
Transcribed Image Text:Record the above transactions, including any entries required to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round average cost per share to 2 decimal palces, es 2.25 and final answers to 0 decimal places) Date Account Titles and Explanation Debit 10000 Credit
Pearl City Corporation, a publicly traded company, is authorized to issue 213,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,800 shares issued) Common shares (72,100 shares issued) Contributed surplus Retained earnings Accumulated other comprehensive income May 29 Aug. 22 Dec. 14 $475,200 31 1.081.500 24,200 The following equity transactions occurred in 2021: Feb. 6 Issued 9.200 preferred shares for $542,800. Apr. 6 Issued 20,600 common shares for $587,100. 27 Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12. payable July 1. Issued 9,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,800 and the common shares at $151,000. 828,000 10,400 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $634,000. 4
Transcribed Image Text:Pearl City Corporation, a publicly traded company, is authorized to issue 213,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,800 shares issued) Common shares (72,100 shares issued) Contributed surplus Retained earnings Accumulated other comprehensive income May 29 Aug. 22 Dec. 14 $475,200 31 1.081.500 24,200 The following equity transactions occurred in 2021: Feb. 6 Issued 9.200 preferred shares for $542,800. Apr. 6 Issued 20,600 common shares for $587,100. 27 Repurchased and retired 2,800 common shares at $17 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. Declared a semi-annual cash dividend to the preferred shareholders of record at June 12. payable July 1. Issued 9,800 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,800 and the common shares at $151,000. 828,000 10,400 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. Net income for the year was $634,000. 4
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS