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The information below is taken from the shareholders' equity section of the statement of financial position for Blossom Cable: Shareholders' equity Preferred shares, authorized 10,000,000 shares, 4,550,000 and 1,820,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,020,000 and 1,850,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity a. b. 2024 C. $12,740,000 2023 Provide the journal entries for the following: (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. List all debit entries before credit entries) $3,640,000 5,100,000 136,700,000 123,350,000 (21,520,000) (32,550,000) $133,020,000 $103,690,000 The issuance of preferred shares during 2024. The repurchase of 830,000 common shares during 2024 at $6 per share. The closing entry to record net income of $14,180,000. 9,250,000

The information below is taken from the shareholders' equity section of the statement of financial position for Blossom Cable: Shareholders' equity Preferred shares, authorized 10,000,000 shares, 4,550,000 and 1,820,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,020,000 and 1,850,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity a. b. 2024 C. $12,740,000 2023 Provide the journal entries for the following: (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. List all debit entries before credit entries) $3,640,000 5,100,000 136,700,000 123,350,000 (21,520,000) (32,550,000) $133,020,000 $103,690,000 The issuance of preferred shares during 2024. The repurchase of 830,000 common shares during 2024 at $6 per share. The closing entry to record net income of $14,180,000. 9,250,000

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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The information below is taken from the shareholders' equity section of the statement of financial position for Blossom Cable: Shareholders' equity Preferred shares, authorized 10,000,000 shares, 4,550,000 and 1,820,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,020,000 and 1,850,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity a. b. 2024 C $12,740,000 5,100,000 136,700,000 (21,520,000) $133,020,000 2023 The issuance of preferred shares during 2024. The repurchase of 830,000 common shares during 2024 at $6 per share. The closing entry to record net income of $14,180,000. $3,640,000 Provide the journal entries for the following: (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. List all debit entries before credit entries) 9,250,000 123,350,000 (32,550,000) $103,690,000
Transcribed Image Text:The information below is taken from the shareholders' equity section of the statement of financial position for Blossom Cable: Shareholders' equity Preferred shares, authorized 10,000,000 shares, 4,550,000 and 1,820,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,020,000 and 1,850,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity a. b. 2024 C $12,740,000 5,100,000 136,700,000 (21,520,000) $133,020,000 2023 The issuance of preferred shares during 2024. The repurchase of 830,000 common shares during 2024 at $6 per share. The closing entry to record net income of $14,180,000. $3,640,000 Provide the journal entries for the following: (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. List all debit entries before credit entries) 9,250,000 123,350,000 (32,550,000) $103,690,000
No. Account Titles and Explanation Debit Credit
Transcribed Image Text:No. Account Titles and Explanation Debit Credit
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