Shipbuilding Ltd. has a December 31 year end. On January 1, 2024, the company had the following shareholder's equity accounts: Preferred shares, $4 noncumulative, unlimited number authorized, 7,000 shares issued Common shares, unlimited number authorized, 150,000 shares issued Retained earnings Accumulated other comprehensive income Westcock had the following transactions during 2024: Jan. 31 Mar. 2 June 28 Issued 700 preferred shares at $95 per share. Reacquired 5,000 common shares at $16 a share. Announced a 3-for-1 stock split of the common shares. Immediately before the split, the share price was $13 a share. Declared the annual dividend on the preferred shares for shareholders of record on September 30, payable October 15. Declared a common dividend of $0.50 a share for shareholders of record on November 30. The dividend is payable on December 15. The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2024. Sept. 15 Oct. 31 $ 850,000 2,250,000 1,750,000 22,000 Instructions a) Record all of the transactions. b) Prepare the statement of changes in shareholders' equity using the chart he
Shipbuilding Ltd. has a December 31 year end. On January 1, 2024, the company had the following shareholder's equity accounts: Preferred shares, $4 noncumulative, unlimited number authorized, 7,000 shares issued Common shares, unlimited number authorized, 150,000 shares issued Retained earnings Accumulated other comprehensive income Westcock had the following transactions during 2024: Jan. 31 Mar. 2 June 28 Issued 700 preferred shares at $95 per share. Reacquired 5,000 common shares at $16 a share. Announced a 3-for-1 stock split of the common shares. Immediately before the split, the share price was $13 a share. Declared the annual dividend on the preferred shares for shareholders of record on September 30, payable October 15. Declared a common dividend of $0.50 a share for shareholders of record on November 30. The dividend is payable on December 15. The company reported a profit of $450,000 and other comprehensive income of $15,000 for 2024. Sept. 15 Oct. 31 $ 850,000 2,250,000 1,750,000 22,000 Instructions a) Record all of the transactions. b) Prepare the statement of changes in shareholders' equity using the chart he
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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 11P: Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as...
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