Major Communications Ltd., a publicly traded company that specializes in data capture, has been in operation for several years. On October 1, 2019, it had 10 million common shares authorized and 1,400,000 shares issued at an average value of $29 per share. As well, there were 1 million preferred shares authorized, with 220,000 of them issued at $16 per share. During the fiscal year ended September 30, 2020, the company generated net income after taxes of $22,620,000 and other comprehensive loss of $5,150,000. On October 1, 2019, the balance in Retained Earnings was $18,600,000 and the balance in Accumulated Other Comprehensive Income was $910,000. The preferred shares pay an annual dividend of $1.10. During the fiscal year 2020, the following transactions affected shareholders’ equity: 1. On November 1, 2019, 400,000 new common shares were issued at $31 per share. 2. On March 15, 2020, a 5% common stock dividend on the outstanding shares was declared and distributed when the market price was $46 per share. 3. On September 1, 2020, a dividend of $5.65 per common share was declared. The date of record was September 15, 2020, with the date of payment being October 5, 2020. 4. The preferred dividend for the year was declared and paid. Prepare the shareholders’ equity section of the statement of financial position as at September 30, 2020. (Enter negative answers using either a negative sign preceding the number e.g. -5,125 or parentheses e.g. (5,125).) Major Communications Ltd. Shareholders’ Equity September 30, 2020 Select an opening subsection name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity Enter a balance sheet item. $Enter a dollar amount. Enter a balance sheet item. Enter a dollar amount. Select a closing subsection name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity Enter a total of the two previous amounts. Enter a balance sheet item. Enter a dollar amount. Enter a balance sheet item. Enter a dollar amount. Select a closing section name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity

Major Communications Ltd., a publicly traded company that specializes in data capture, has been in operation for several years. On October 1, 2019, it had 10 million common shares authorized and 1,400,000 shares issued at an average value of $29 per share. As well, there were 1 million preferred shares authorized, with 220,000 of them issued at $16 per share. During the fiscal year ended September 30, 2020, the company generated net income after taxes of $22,620,000 and other comprehensive loss of $5,150,000. On October 1, 2019, the balance in Retained Earnings was $18,600,000 and the balance in Accumulated Other Comprehensive Income was $910,000. The preferred shares pay an annual dividend of $1.10. During the fiscal year 2020, the following transactions affected shareholders’ equity: 1. On November 1, 2019, 400,000 new common shares were issued at $31 per share. 2. On March 15, 2020, a 5% common stock dividend on the outstanding shares was declared and distributed when the market price was $46 per share. 3. On September 1, 2020, a dividend of $5.65 per common share was declared. The date of record was September 15, 2020, with the date of payment being October 5, 2020. 4. The preferred dividend for the year was declared and paid. Prepare the shareholders’ equity section of the statement of financial position as at September 30, 2020. (Enter negative answers using either a negative sign preceding the number e.g. -5,125 or parentheses e.g. (5,125).) Major Communications Ltd. Shareholders’ Equity September 30, 2020 Select an opening subsection name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity Enter a balance sheet item. $Enter a dollar amount. Enter a balance sheet item. Enter a dollar amount. Select a closing subsection name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity Enter a total of the two previous amounts. Enter a balance sheet item. Enter a dollar amount. Enter a balance sheet item. Enter a dollar amount. Select a closing section name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity

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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1.		On November 1, 2019, 400,000 new common shares were issued at $31 per share.
2.		On March 15, 2020, a 5% common stock dividend on the outstanding shares was declared and distributed when the market price was $46 per share.
3.		On September 1, 2020, a dividend of $5.65 per common share was declared. The date of record was September 15, 2020, with the date of payment being October 5, 2020.
4.		The preferred dividend for the year was declared and paid.

Prepare the shareholders’ equity section of the statement of financial position as at September 30, 2020. (Enter negative answers using either a negative sign preceding the number e.g. -5,125 or parentheses e.g. (5,125).)

Major Communications Ltd. Shareholders’ Equity September 30, 2020
Select an opening subsection name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity
Enter a balance sheet item.		$Enter a dollar amount.
Enter a balance sheet item.		Enter a dollar amount.
Select a closing subsection name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity		Enter a total of the two previous amounts.
Enter a balance sheet item.		Enter a dollar amount.
Enter a balance sheet item.		Enter a dollar amount.
Select a closing section name. Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentShare CapitalTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Share CapitalTotal Shareholders' Equity		$Enter a total amount for this section.

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