The information below is taken from the shareholders' equity section of the statement of financial position for Cullumber Cab Shareholders' equity Preferred shares, authorized 10,000,000 shares, 4,580,000 and 2,120,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,000,000 and 2,120,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity a. b. 2024 C. $12,824,000 5,000,000 135,560,000 (19,400,000) $133,984,000 Provide the journal entries for the following: (Credit account titles are automatically indented when the amount is entered. Do not i manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit 2023 The issuance of preferred shares during 2024. The repurchase of 1,120,000 common shares during 2024 at $6 per share. The closing entry to record net income of $10,320,000. $4,240,000 10,600,000 126,360,000 (38,250,000) $102,950,000
The information below is taken from the shareholders' equity section of the statement of financial position for Cullumber Cab Shareholders' equity Preferred shares, authorized 10,000,000 shares, 4,580,000 and 2,120,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,000,000 and 2,120,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity a. b. 2024 C. $12,824,000 5,000,000 135,560,000 (19,400,000) $133,984,000 Provide the journal entries for the following: (Credit account titles are automatically indented when the amount is entered. Do not i manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit 2023 The issuance of preferred shares during 2024. The repurchase of 1,120,000 common shares during 2024 at $6 per share. The closing entry to record net income of $10,320,000. $4,240,000 10,600,000 126,360,000 (38,250,000) $102,950,000
Chapter1: Financial Statements And Business Decisions
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