Need the Answer SOON! Thank you for thehelpThe shareholders' equity section of Casey Inc. as at December 31, 20x0 is as follows:Preferred Shares – Series A, $4, cumulative and fully participating,25,000 shares outstandingPreferred Shares, Series B, 6%, noncumulative and non participatingCommon Shares, 600,000 shares outstandingContributed Surplus, common share repurchasesRetained earnings$2,500,0001,400,00011,200,000422,0005,800,000The following transactions occurred during the year ended December 31, 20x1:Jan 2Issued an additional 15,000 Preferred Shares – Series A for s1,500,000.Mar 1Issued 200,000 common shares for total proceeds of $5,000,000Incurred underwiter and legal fees related to the common share issue ofMarch 1 of $325,000Mar 8April 15Purchased land in exchange for 20,000 common shares. The fair valueof the land was $375,000. The common shares were trading for $18.20per share on April 15.May 15Declared a 3:1 stock split. The effect of the split was to drop the fairvalue per share from $18 to $9.Aug 31Repurchased 130,000 common shares at $11.00The net income for the year was $1,960,000 and a dividend of$1,300,000 was declared (show the breakdown of the dividends betweenall three types of shares, i.e. one dividend payable account for each classof shares)Dec 31Required -Prepare the journal entries to record the above transactions. Round any per share data tothree decimals.

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Description: Need the Answer SOON! Thank you for thehelpThe shareholders' equity section of Casey Inc. as at December 31, 20x0 is as follows:Preferred Shares – Series A, $4, cumulative and fully participating,25,000 shares outstandingPreferred Shares, Series B,

Journal entry is a primary entry that records the financial transactions initially.

Answered: Prepare the journal entries to record…

Business

Accounting

Prepare the journal entries to record the above transactions. Round any per share data to three decimals.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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