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Shipbuilding Ltd. has a December 31 year end. On January 1, 2024, the company had the following shareholder's equity accounts: Preferred shares, $4 noncumulative, unlimited number authorized, 7,000 shares issued Common shares, unlimited number authorized, 150,000 shares issued Retained earnings Accumulated other comprehensive income Westcock had the following transactions during 2024: Jan. 31 Mar. 2 June 28 Issued 700 preferred shares at $95 per share. Reacquired 5,000 common shares at $16 a share. Announced a 3-for-1 stock split of the common shares. Immediately before the split, the share price was $13 a share. Declared the annual dividend on the preferred shares for shareholders of record on September 30, payable October 15. Declared a common dividend of $0.50 a share for shareholders of record on November 30. The dividend is payable on December 15. The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2024. Sept. 15 Oct. 31 $ 850,000 2,250,000 1,750,000 22,000 Instructions a) Record all of the transactions. b) Prepare the statement of changes in shareholders' equity using the chart he

Shipbuilding Ltd. has a December 31 year end. On January 1, 2024, the company had the following shareholder's equity accounts: Preferred shares, $4 noncumulative, unlimited number authorized, 7,000 shares issued Common shares, unlimited number authorized, 150,000 shares issued Retained earnings Accumulated other comprehensive income Westcock had the following transactions during 2024: Jan. 31 Mar. 2 June 28 Issued 700 preferred shares at $95 per share. Reacquired 5,000 common shares at $16 a share. Announced a 3-for-1 stock split of the common shares. Immediately before the split, the share price was $13 a share. Declared the annual dividend on the preferred shares for shareholders of record on September 30, payable October 15. Declared a common dividend of $0.50 a share for shareholders of record on November 30. The dividend is payable on December 15. The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2024. Sept. 15 Oct. 31 $ 850,000 2,250,000 1,750,000 22,000 Instructions a) Record all of the transactions. b) Prepare the statement of changes in shareholders' equity using the chart he

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Westcock Shipbuilding Ltd. has a December 31 year end. On January 1, 2024, the company had the following shareholder's equity accounts: Preferred shares, $4 noncumulative, unlimited number authorized, 7,000 shares issued Common shares, unlimited number authorized, 150,000 shares issued Retained earnings Accumulated other comprehensive income Westcock had the following transactions during 2024: Jan. 31 Mar. 2 June 28 Sept. 15 Oct. 31 Issued 700 preferred shares at $95 per share. Reacquired 5,000 common shares at $16 a share. Announced a 3-for-1 stock split of the common shares. Immediately before the split, the share price was $13 a share. Declared the annual dividend on the preferred shares for shareholders of record on September 30, payable October 15. Declared a common dividend of $0.50 a share for shareholders of record on November 30. The dividend is payable on December 15. The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2024. Instructions a) Record all of the transactions. b) Prepare the statement of changes in shareholders' equity using the chart below: $ 850,000 2,250,000 1,750,000 22,000 WESTCOsu
Transcribed Image Text:Westcock Shipbuilding Ltd. has a December 31 year end. On January 1, 2024, the company had the following shareholder's equity accounts: Preferred shares, $4 noncumulative, unlimited number authorized, 7,000 shares issued Common shares, unlimited number authorized, 150,000 shares issued Retained earnings Accumulated other comprehensive income Westcock had the following transactions during 2024: Jan. 31 Mar. 2 June 28 Sept. 15 Oct. 31 Issued 700 preferred shares at $95 per share. Reacquired 5,000 common shares at $16 a share. Announced a 3-for-1 stock split of the common shares. Immediately before the split, the share price was $13 a share. Declared the annual dividend on the preferred shares for shareholders of record on September 30, payable October 15. Declared a common dividend of $0.50 a share for shareholders of record on November 30. The dividend is payable on December 15. The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2024. Instructions a) Record all of the transactions. b) Prepare the statement of changes in shareholders' equity using the chart below: $ 850,000 2,250,000 1,750,000 22,000 WESTCOsu
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