Hi there,For this accounting problem, how do I determine the balance of each shareholders equity account at December 31? Selected 2021 balances of GNT Industries were made available as below:Accumulated other comprehensive income (loss), January 1Common shares, January 1, 80,000 issued and outstandingCost of goods soldLong-term debtOther comprehensive incomeOther operating expensesPreferred shares, January 1, $2, 6,000 issued and outstandingRetained earnings, January 1Revenues($12,000)$320,000$350,000$125,000$16,000$339,500$80,000$206,000$1,440,000On March 31, 2021, GNT declared and distributed a 3% stock dividend, which resulted in the distributionof common shares with a market value of $34,320. On September 30, 2021, GNT spent $2.6 per share torepurchase and cancel 8,500 common shares. On December 20, 2021, GNT declared and paid a total cashdividends of $50,000. There is no dividend in arrears as at January 1, 2021. For the year ended December31, 2021, GNT reported $650,000 net income.

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Description: Hi there,For this accounting problem, how do I determine the balance of each shareholders equity account at December 31? Selected 2021 balances of GNT Industries were made available as below:Accumulated other comprehensive income (loss), January 1Com

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For this accounting problem, how do I determine the balance of each shareholders equity account at December 31?

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 18P

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