ABC Co. started operations in 2016. The company is authorized to issue 5,000,000, $9par ordinary shares and 100,000, $20 par, 4% cumulative preference shares.At the end of 2017, the company has the following equity accounts:AccountShare capital-ordinaryShare capital-preferenceShare premium-ordinaryShare premium-preferenceTreasury sharesRetained EarningsBalance @ 31/12/2017 ($)| 1,800,0001,800,000400,000500,000320,0003,000,000Additional information:• All the shares were issued at the beginning of 2016.There were 120,000 ordinary shares outstanding at 31/12/2017.The company did not pay any preference dividends for the years 2016 and 2017.R SHAREThe following equity transactions occurred during the year 2018 (in chronologicalorder).1. Declared and paid the preference dividends in arrears by reissuing 36,000treasury shares.2. Issued 5,000 preference shares at $30 per share.3. Sold 10,000 treasury shares at $9 per share.4. Sold 5,000 treasury shares at $3 per share5. Announced a 3 for 1 share split for ordinary shares6. Declared a 3% share dividend to outstanding ordinary shareholders. Marketprice of the share was $15 per share.7. Declared and paid the preference dividend for 2018.Required:For ABC Co.:Prepare the equity section of the statement of financial position at 31 December, 2018[IN PROPER FORMAT]. Net income for the year was $800,000. (show all details andcalculations)

Name: ABC Co. started operations in 2016. The company is authorized to issu
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Description: ABC Co. started operations in 2016. The company is authorized to issue 5,000,000, $9par ordinary shares and 100,000, $20 par, 4% cumulative preference shares.At the end of 2017, the company has the following equity accounts:AccountShare capital-ordi

Owner's equity:The portion of capital contributed by the owner of the company is known as owner's…

Answered: For ABC Co.: Prepare the equity section…

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For ABC Co.: Prepare the equity section of the statement of financial position at 31 December, 2018 [IN PROPER FORMAT]. Net income for the year was $800,000. (show all details and calculations)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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