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Prepare the shareholders' equity section of the balance sheet at December 31, 2024. IVANHOE SUPPLY CORPORATION Partial Balance Sheet $ $

Prepare the shareholders' equity section of the balance sheet at December 31, 2024. IVANHOE SUPPLY CORPORATION Partial Balance Sheet $ $

FINANCIAL ACCOUNTING
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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Common shares, unlimited authorized Balance, January 1 Reacquired shares Balance, December 31 Contributed surplus-reacquisition of common shares Balance, January 1 Reacquired common shares Balance, December 31 Retained earnings Balance, January 1 Profit (loss) for the year Common dividends-Cash Balance, December 31 Accumulated other comprehensive income Balance, January 1 Other comprehensive income (loss) for the year Balance, December 31 Shareholders' equity, December 31 (a) Issued shares for cash (b) Save for Later Number of Shares > 500,000 > 50,000 (25,000) 525.000 IVANHOE SUPPLY CORPORATION Partial Balance Sheet $ Amount $ $600,000 32,500 (28,750) 603,750 15,000 8,000 23,000 Prepare the shareholders' equity section of the balance sheet at December 31, 2024. 179,500 22,500 (21,000) 181,000 51,000 17,000 68,000 $875,750 Number of Shares Amount 500,000 $600,000 500,000 0 0 600,000 15,000 0 15,000 190,000 19,500 (30,000) 179,500 54,000 (3,000) Attempts: 0 of 2 used 51.000 $845,500 Submit Answer
Transcribed Image Text:Common shares, unlimited authorized Balance, January 1 Reacquired shares Balance, December 31 Contributed surplus-reacquisition of common shares Balance, January 1 Reacquired common shares Balance, December 31 Retained earnings Balance, January 1 Profit (loss) for the year Common dividends-Cash Balance, December 31 Accumulated other comprehensive income Balance, January 1 Other comprehensive income (loss) for the year Balance, December 31 Shareholders' equity, December 31 (a) Issued shares for cash (b) Save for Later Number of Shares > 500,000 > 50,000 (25,000) 525.000 IVANHOE SUPPLY CORPORATION Partial Balance Sheet $ Amount $ $600,000 32,500 (28,750) 603,750 15,000 8,000 23,000 Prepare the shareholders' equity section of the balance sheet at December 31, 2024. 179,500 22,500 (21,000) 181,000 51,000 17,000 68,000 $875,750 Number of Shares Amount 500,000 $600,000 500,000 0 0 600,000 15,000 0 15,000 190,000 19,500 (30,000) 179,500 54,000 (3,000) Attempts: 0 of 2 used 51.000 $845,500 Submit Answer
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