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Required: 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2020. 3. Calculate the earnings per share at December 31, 2020. (Hint: Use issue dates in your calculations.)

Required: 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2020. 3. Calculate the earnings per share at December 31, 2020. (Hint: Use issue dates in your calculations.)

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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Transactions Mar. 29 Declared a 10 percent stock dividend on the common shares. The market value of the Toronto Exports Inc. common shares was $5.00 per share. The record date was April 20, with distribution set for May 29. Issued the stock dividend shares. May 29 Jul. 30 Repurchased 30,000 of the company's own common shares at $5.00 per share; average issue price was $5.91. Oct. 4 Sold 20,000 common shares for $7.50 per share. Dec. 27 Declared a $0.20 per share dividend on the common shares outstanding. The date of record was January 17, 2021, and the payment date was January 31, 2021. 31 Closed the $875,000 net income to Retained Earnings. Print Done - X - DO F
Transcribed Image Text:Transactions Mar. 29 Declared a 10 percent stock dividend on the common shares. The market value of the Toronto Exports Inc. common shares was $5.00 per share. The record date was April 20, with distribution set for May 29. Issued the stock dividend shares. May 29 Jul. 30 Repurchased 30,000 of the company's own common shares at $5.00 per share; average issue price was $5.91. Oct. 4 Sold 20,000 common shares for $7.50 per share. Dec. 27 Declared a $0.20 per share dividend on the common shares outstanding. The date of record was January 17, 2021, and the payment date was January 31, 2021. 31 Closed the $875,000 net income to Retained Earnings. Print Done - X - DO F
The balance sheet of Toronto Exports Inc. at December 31, 2019, presented the following shareholders' equity: (Click the icon to view the shareholders' equity section on the balance sheet.) During 2020, Toronto Exports Inc. completed the following selected transactions: (Click the icon to view the transactions.) Required: 1. 2. 3. Record the transactions in the general journal. Prepare the statement of shareholders' equity for the year ended December 31, 2020. Calculate the earnings per share at December 31, 2020. (Hint: Use issue dates in your calculations.) J Date Mar. 29 Dividends Payable, Common Requirement 1. Record the transactions in the general journal. Mar. 29. Declared a 10 percent stock dividend on the common shares. The market value of the Toronto Exports Inc. common shares was $5.00 per share. The record date was April 19, with distribution set for May 29. (Record debits first, then credits. Explanations are not required.) Journal Entry Show Transcribed Text Accounts C Debit areholders' equity section on the balance sheet.) completed the following selected transactions: ansactions.) Print 500 Credit Shareholders' equity section on the balance sheet 677 Common shares, 3,000,000 shares authorized, 500,000 shares issued and outstanding Retained earnings Total shareholders' equity Done $ 2,955,000 1,820,000 $ 4,775,000 X s $5.00
Transcribed Image Text:The balance sheet of Toronto Exports Inc. at December 31, 2019, presented the following shareholders' equity: (Click the icon to view the shareholders' equity section on the balance sheet.) During 2020, Toronto Exports Inc. completed the following selected transactions: (Click the icon to view the transactions.) Required: 1. 2. 3. Record the transactions in the general journal. Prepare the statement of shareholders' equity for the year ended December 31, 2020. Calculate the earnings per share at December 31, 2020. (Hint: Use issue dates in your calculations.) J Date Mar. 29 Dividends Payable, Common Requirement 1. Record the transactions in the general journal. Mar. 29. Declared a 10 percent stock dividend on the common shares. The market value of the Toronto Exports Inc. common shares was $5.00 per share. The record date was April 19, with distribution set for May 29. (Record debits first, then credits. Explanations are not required.) Journal Entry Show Transcribed Text Accounts C Debit areholders' equity section on the balance sheet.) completed the following selected transactions: ansactions.) Print 500 Credit Shareholders' equity section on the balance sheet 677 Common shares, 3,000,000 shares authorized, 500,000 shares issued and outstanding Retained earnings Total shareholders' equity Done $ 2,955,000 1,820,000 $ 4,775,000 X s $5.00
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