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Common shares, unlimited shares authorized; 4,400,000 shares issued and outstanding Retained earnings $1,027,500 1,375,000 On April 1, 2020, 240,000 common shares were issued at $0.70 per share. On June 1, the board of directors declared a 5% share dividend to shareholders of record on June 15, the distribution date was July 1. The market prices of the shares on June 1, June 15, a July 1 were $2.78, $1.86, and $2.56, respectively. On December 11, the board of directors declared a 21 share spilt to shareholders c record on December 15, the distribution date was December 20. Profit earned during the year was $1,457,500 Required: Prepare the company's equity section on the December 31, 2020, balance sheet.

Common shares, unlimited shares authorized; 4,400,000 shares issued and outstanding Retained earnings $1,027,500 1,375,000 On April 1, 2020, 240,000 common shares were issued at $0.70 per share. On June 1, the board of directors declared a 5% share dividend to shareholders of record on June 15, the distribution date was July 1. The market prices of the shares on June 1, June 15, a July 1 were $2.78, $1.86, and $2.56, respectively. On December 11, the board of directors declared a 21 share spilt to shareholders c record on December 15, the distribution date was December 20. Profit earned during the year was $1,457,500 Required: Prepare the company's equity section on the December 31, 2020, balance sheet.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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2 ook int ences Common shares, unlimited shares authorized; 4,400,000 shares issued and outstanding Retained earnings $1,027,500 1,375,000 On April 1, 2020, 240,000 common shares were issued at $0.70 per share. On June 1, the board of directors declared a 5% share dividend to shareholders of record on June 15, the distribution date was July 1. The market prices of the shares on June 1, June 15, an July 1 were $2.78, $1.86, and $2.56, respectively. On December 11, the board of directors declared a 21 share split to shareholders of record on December 15, the distribution date was December 20. Profit earned during the year was $1,457,500 Required: Prepare the company's equity section on the December 31, 2020, balance sheet Total equity CARFIND INC Equity Section of Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized. 9.744,000 shares issued and outstanding Retained earnings $ 0
Transcribed Image Text:2 ook int ences Common shares, unlimited shares authorized; 4,400,000 shares issued and outstanding Retained earnings $1,027,500 1,375,000 On April 1, 2020, 240,000 common shares were issued at $0.70 per share. On June 1, the board of directors declared a 5% share dividend to shareholders of record on June 15, the distribution date was July 1. The market prices of the shares on June 1, June 15, an July 1 were $2.78, $1.86, and $2.56, respectively. On December 11, the board of directors declared a 21 share split to shareholders of record on December 15, the distribution date was December 20. Profit earned during the year was $1,457,500 Required: Prepare the company's equity section on the December 31, 2020, balance sheet Total equity CARFIND INC Equity Section of Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized. 9.744,000 shares issued and outstanding Retained earnings $ 0
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