Happypark, Inc., ended 20X6 with 7 million shares of $1 par ordinary share issued and outstanding. Beginning additional paid-in capital was $13 million, and Retained Earnings totaled $40 million.(Click the icon to view the 20X7 transactions.)Requirement1.Complete the following tabulation to show what Happypark should report for shareholders' equity at December 31, 20X7. Journal entries are not required. (Enter amounts in millions to one decimal place. Leave amounts blank where no transaction occurred. Enter theeffect on total equity on each line of the table; if the total is zero, enter "0". Use parentheses or a minus sign when entering numbers to be subtracted or when showing a debit balance.)(Amounts in millions)Balance, Dec 31, 20X6.Issuance of sharesOrdinaryShares$+AdditionalPaid-inCapital +13.0 + $7.0 + $++RetainedEarnings40.0 - $TreasuryShares =0.0 = $=TotalEquity60.0(1)Data tableIn April 20X7, Happypark issued 3 million shares of ordinary shares at a price of $9 per share.In June, the company distributed a 10% share dividend at a time when Happypark's ordinaryshares had a market value of $11 per share.Then in September, Happypark's shares price dropped to $6 per share and the companypurchased 2 million shares of treasury share.For the year, Happypark earned net income of $26 million and declared cash dividends of $15million.PrintDone-X

Name: Happypark, Inc., ended 20X6 with 7 million shares of $1 par ordinary
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Description: Happypark, Inc., ended 20X6 with 7 million shares of $1 par ordinary share issued and outstanding. Beginning additional paid-in capital was $13 million, and Retained Earnings totaled $40 million.(Click the icon to view the 20X7 transactions.)Require

Shareholders' equity represents the residual interest of a company's owners in its assets after…

Business

Accounting

Requirement Complete the following tabulation to show what Happypark should report for shareholders' equity at December 31, 20X7. Journal entries are not required. (E effect on total equity on each line of the table; if the total is zero, enter "0". Use parentheses or a minus sign when entering numbers to be subtracted or whe 1.

Requirement Complete the following tabulation to show what Happypark should report for shareholders' equity at December 31, 20X7. Journal entries are not required. (E effect on total equity on each line of the table; if the total is zero, enter "0". Use parentheses or a minus sign when entering numbers to be subtracted or whe 1.

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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Prepare a journal entry on June 30 for the payment of dividends of $16,000. If an amount box does not require an entry, leave it blank. June 30
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(b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share. (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. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
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