Please don't provide answer in image format thank you.   Required 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2023.

converted into preferred stock. Assuming that the book value method was used, what entry would be made? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account title and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media

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Step one of the closing entries for a corporation requires a debit to revenue account(s) for its balance, credit each expense account for its balance and credit what account for the amount of net income? Group of answer choices common stock retained earnings treasury stock dividends

Saved Help Save & Exit Submi- Which of the following does not accurately describe a requirement that a company must fulfill when adopting IFRS for the first time? Multiple Choice The company must provide a reconciliation of net income and stockholders' equity under previous GAAP to net income and stockholders' equity under IFRS in its first set of IFRS financial statements. The company must prepare an opening IFRS balance sheet at the beginning of the year for which the company is preparing its first set of IFRS financial statements. At the IFRS transition date, the company must select IFRS accounting policies based on those that will be in effect for the accounting period that will be covered by the first set of IFRS financial statements. At the IFRS transition date, the company must derecognize assets and liabilities that were recognized

These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent revenue Common shares Cash Accounts receivable D Accumulated depreciation-equipment $32,500 46,700 12,000 2,600 70,200 5,020 116,100 19,000 27,500 5,560 16,100 5,800 Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2020 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2021) Interest expense O $900 777891 700 14,500 3,500 22,940 11,500 5,700 2,100 20,500 24,800 Additional information: Sunland started the year with $14,000 of common shares and issued additional shares for $13,500 during the year. 1,900 O W

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