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The following shareholders' equity accounts are reported by Blossom Inc. on January 1: Common shares (unlimited authorized, 151,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,100 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: (a) Feb. Mar. 2 June 14 July Sept. Oct. Dec. Date 11 Issued 50,500 common shares at $21 per share. Reacquired 19,600 common shares at $23 per share. Split the common shares 2 for 1 when the common shares were trading at $31 per share. Reacquired 390 preferred shares at $70 per share. Reacquired 50,500 common shares for $18 per share. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $20 per share. 25 16 13 Feb. 11: Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,276. List all debit entries before credit entries.) Mar. 2 : June 14: July 25 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $22 per share. Account Titles Cash Common Shares Common Shares Retained Earnings Contributed Surplus-Reacquisition of Common Shares Cash No Entry No Entry $2,575,500 382,500 30,200 I Preferred Shares 1,261,000 Common Shares Debit 1060500 30200 0 Credit 1060500 450800

The following shareholders' equity accounts are reported by Blossom Inc. on January 1: Common shares (unlimited authorized, 151,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,100 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: (a) Feb. Mar. 2 June 14 July Sept. Oct. Dec. Date 11 Issued 50,500 common shares at $21 per share. Reacquired 19,600 common shares at $23 per share. Split the common shares 2 for 1 when the common shares were trading at $31 per share. Reacquired 390 preferred shares at $70 per share. Reacquired 50,500 common shares for $18 per share. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $20 per share. 25 16 13 Feb. 11: Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,276. List all debit entries before credit entries.) Mar. 2 : June 14: July 25 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $22 per share. Account Titles Cash Common Shares Common Shares Retained Earnings Contributed Surplus-Reacquisition of Common Shares Cash No Entry No Entry $2,575,500 382,500 30,200 I Preferred Shares 1,261,000 Common Shares Debit 1060500 30200 0 Credit 1060500 450800

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...
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answer in text form please (without image), Note: .Every entry should have narration please
The following shareholders' equity accounts are reported by Blossom Inc. on January 1: Common shares (unlimited authorized, 151,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5.100 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: (a) Dec. Date Feb. 11 Issued 50,500 common shares at $21 per share. Mar, 2 Reacquired 19,600 common shares at $23 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $31 per share. July 25 Reacquired 390 preferred shares at $70 per share. Sept. 16 Reacquired 50,500 common shares for $18 per share. Oct. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $20 per share. 13 Feb. 11 : Mar. 2 : Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,276. List all debit entries before credit entries.) June 14 : Account Titles July 25 : Cash Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $22 per share. Common Shares Common Shares Retained Earnings Contributed Surplus-Reacquisition of Common Shares Cash No Entry No Entry $2,575,500 I Preferred Shares 382,500 Common Shares 30,200 1,261,000 Debit 1060500 30200 0 Credit 1060500 450800 0
Transcribed Image Text:The following shareholders' equity accounts are reported by Blossom Inc. on January 1: Common shares (unlimited authorized, 151,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5.100 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: (a) Dec. Date Feb. 11 Issued 50,500 common shares at $21 per share. Mar, 2 Reacquired 19,600 common shares at $23 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $31 per share. July 25 Reacquired 390 preferred shares at $70 per share. Sept. 16 Reacquired 50,500 common shares for $18 per share. Oct. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $20 per share. 13 Feb. 11 : Mar. 2 : Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,276. List all debit entries before credit entries.) June 14 : Account Titles July 25 : Cash Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $22 per share. Common Shares Common Shares Retained Earnings Contributed Surplus-Reacquisition of Common Shares Cash No Entry No Entry $2,575,500 I Preferred Shares 382,500 Common Shares 30,200 1,261,000 Debit 1060500 30200 0 Credit 1060500 450800 0
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