Question: Madacy Entertainment Inc showed the following equity account balances on

Madacy Entertainment Inc. showed the following equity account balances on the December 31, 2013, balance sheet:
Common shares, unlimited authorized shares,
680,000 shares issued and outstanding........................................................ $5,440,000
Retained earnings............................................................................................. 2,880,000
During 2014, the following selected transactions occurred:



Required
a. Journalize the transactions above (assuming the retirements were the first ever recorded by Madacy Entertainment Inc.).
b. Prepare the equity section on the December 31, 2014, balancesheet.
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  • CreatedJanuary 08, 2015
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