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The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued Common shares, 5,000 shares issued Retained earnings During 2023 the company completed the following transactions: February 10 Declared a regular cash dividend on the preferred shares $ 60,000 30,000 122,000 $212,000

The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued Common shares, 5,000 shares issued Retained earnings During 2023 the company completed the following transactions: February 10 Declared a regular cash dividend on the preferred shares $ 60,000 30,000 122,000 $212,000

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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The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued Common shares, 5,000 shares issued Retained earnings During 2023 the company completed the following transactions: February 10 March 10 April 14 REQUIRED: $ 60,000 30,000 Declared a regular cash dividend on the preferred shares. Paid the cash dividend Declared a 10% stock dividend on the common shares. Market price per common share was $10/ share May 14 Distributed the stock dividend July 10 Issued 5,000 common shares for $8/ share November 20 Received equipment valued at $50,000 and issued 5,000 common shares. 122,000 $212,000 1. 2. Journalize Chen's transactions. Explanations are not required. Prepare the shareholder's equity section of Chen Industries Limited balance sheet at November 30, 2023. Net income for the year ended November 30, 2023 was $175,000.
Transcribed Image Text:The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued Common shares, 5,000 shares issued Retained earnings During 2023 the company completed the following transactions: February 10 March 10 April 14 REQUIRED: $ 60,000 30,000 Declared a regular cash dividend on the preferred shares. Paid the cash dividend Declared a 10% stock dividend on the common shares. Market price per common share was $10/ share May 14 Distributed the stock dividend July 10 Issued 5,000 common shares for $8/ share November 20 Received equipment valued at $50,000 and issued 5,000 common shares. 122,000 $212,000 1. 2. Journalize Chen's transactions. Explanations are not required. Prepare the shareholder's equity section of Chen Industries Limited balance sheet at November 30, 2023. Net income for the year ended November 30, 2023 was $175,000.
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