Question2Instructo Inc. showed the following shareholders' equity account balances at December 31, 2019:Common shares, unlimited authorized shares,480,000 shares issued and outstandingRetained earnings$6,800,0003,600,000During 2020, the following selected transactions occurred:Repurchased and retired 200,000 common shares at $9.20 per shareRepurchased and retired 125,000 common shares at $10.75 per shareIssued 50,000 common shares at $12 per shareRepurchased and retired 100,000 common shares at $20.00 per shareDeclared a 10% share dividend to shareholders of record on December 10,distributable December 20. The market prices of the shares on December 1,December 10, and December 20 were $7.50, $6.80, and $7.20 respectively.Apr.June1AugNov.Dec.20Distributed the share dividend declared December 1.31Closed the credit balance of $1,620,000 in the Income Summary account.Required:a.Journalize the transactions above.b.Prepare the shareholders' equity section at December 31, 2020.

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Question2 Instructo Inc. showed the following shareholders' equity account balances at December 31, 2019 Common shares, unlimited authorized shares, 480,000 shares issued and outstanding Retained earnings $6,800,000 3,600,000 During 2020, the following selected transactions occurred: Repurchased and retired 200,000 common shares at $9.20 per share Repurchased and retired 125,000 common shares at $10.75 per share Issued 50,000 common shares at $12 per share Apr. 1 June 1 Aug

Question2 Instructo Inc. showed the following shareholders' equity account balances at December 31, 2019 Common shares, unlimited authorized shares, 480,000 shares issued and outstanding Retained earnings $6,800,000 3,600,000 During 2020, the following selected transactions occurred: Repurchased and retired 200,000 common shares at $9.20 per share Repurchased and retired 125,000 common shares at $10.75 per share Issued 50,000 common shares at $12 per share Apr. 1 June 1 Aug

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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