Jan. 1- Declared $2 per share dividend (preferred) and $0.80 per share dividend (common).These dividends would be paid on April 15 to shareholders on record on Jan. 18.Feb. 1 - Issued 1,000 common shares at 22 per share.March 1 - Issued 5,000 more preferred shares at $75 per share.April 3 - Purchased 9,000 common shares at $25 per share and cancelled them.April 15 – Paid dividends declared on Jan. 1.October 3 - Purchased 5,000 common shares at $26 per share and cancelled them.October 13 - Declared a 10% stock dividend on the outstanding common shares when the shareswere trading at $28 per share.Nov. 13 - Issued the stock dividend.The statement of financial position of Ribian Motors dated December 31, 2020 showed thefollowing account balances in the shareholders' equity section:Preferred shares, $2 dividend (70,000 shares authorized, 10,000 shares issued)$700,000Common shares (unlimited authorized, 99,000 issued)1,978,000Contributed surplus8,000Retained earnings702,000Accumulated other comprehensive income30,000Total$3,492,000The contributed surplus (credit balance) arose from a previous common share buybacks andcancellations.1. Make journal entries for each transaction in 2021 described.2) Calculate the balance of each of the following accounts as of December 31, 2021:- common shares- preferred shares- contributed surplus- retained earnings

Stockholder's Equity Stockholders equity which comprises of Common Shares, Preference shares,…

Retained earnings 702,000 Accumulated other comprehensive income 30,000 Total $3,492,000 The contributed surplus (credit balance) arose from a previous common share buybacks and cancellations. 1. Make journal entries for each transaction in 2021 described. 2) Calculate the balance of each of the following accounts as of December 31, 2021: - common shares - preferred shares

Retained earnings 702,000 Accumulated other comprehensive income 30,000 Total $3,492,000 The contributed surplus (credit balance) arose from a previous common share buybacks and cancellations. 1. Make journal entries for each transaction in 2021 described. 2) Calculate the balance of each of the following accounts as of December 31, 2021: - common shares - preferred shares

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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Current Attempt in Progress On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 48,400 shares issued) $1,936.000 Retained earnings 1,249,600 Accumulated other comprehensive income 59,840 During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively. Apг. 16 Oct. Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $552,640. (a) Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically…
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