Timpano Communications Inc. reported the following shareholder's equity information on December 31, 2019 Contributed capital Preferred shares, 2.00 cumulative ( 1 year in arrears), Liquidation price of $20, 100,000 shares authorized, 15,000 shares issued, and an outstanding 240,000 Common shares, unlimited number of shares authorized 25,000 shares issued and outstanding 200,000 Total contributed capital. 440,000 Retained Earnings 512,000 Total Shareholder equity 952,000 The following transactions took place during the 2020 Jan 14 Declared a 90,000 cash dividend, payable on March 1 to the shareholders of record on February 1. Indicate the amount payable to each class of shareholder February 28 Issued 10,000 common shares for $6.00 per share March 1 Paid the cash dividend declared on Jan 1 April 1 Declared a 10 percent stock dividend on the common shares distributed on May 2 to the shareholders of record on April 15. The market value of the shares was $6.40 per share May 2 Distributed the stock dividend declared on Aril 1 July 4 Repurchased 3,000 of the company's own common shares at $7.00 per share Sept 2 Issued 2,500 common shares for 7.50 per share Nov 2. Split the common shares 2 for 1 Dec 31 Reported net income of 150,000. Closed the Income summary account Required 1. Record the transactions on the general journal. Explanations are not required
Timpano Communications Inc. reported the following shareholder's equity information on December 31, 2019
Contributed capital
Common shares, unlimited number of shares authorized 25,000 shares issued and outstanding 200,000
Total contributed capital. 440,000
Total Shareholder equity 952,000
The following transactions took place during the 2020
Jan 14 Declared a 90,000 cash dividend, payable on March 1 to the shareholders of record on February 1. Indicate the amount payable to each class of shareholder
February 28 Issued 10,000 common shares for $6.00 per share
March 1 Paid the cash dividend declared on Jan 1
April 1 Declared a 10 percent stock dividend on the common shares distributed on May 2 to the shareholders of record on April 15. The market value of the shares was $6.40 per share
May 2 Distributed the stock dividend declared on Aril 1
July 4 Repurchased 3,000 of the company's own common shares at $7.00 per share
Sept 2 Issued 2,500 common shares for 7.50 per share
Nov 2. Split the common shares 2 for 1
Dec 31 Reported net income of 150,000. Closed the Income summary account
Required
1. Record the transactions on the general journal. Explanations are not required
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