Question

Pace Oil & Gas Corp. began operations in 2012. Its balance sheet reported the following components of equity on December 31, 2012.
Pace Oil & Gas Corp.
Equity Section of the Balance Sheet
December 31, 2012
Contributed capital:
Preferred shares, $1.80 non-cumulative, unlimited shares
Authorized; 25,000 shares issued and outstanding .................................... $780,000
Common shares, unlimited shares authorized;
162,500 shares issued and outstanding..................................................... 1,755,000
Total contributed capital ............................................................................... $2,535,000
Retained earnings............................................................................................. 681,000
Total equity ...................................................................................................... $3,216,000

The corporation completed these transactions during 2013 and 2014:


Required
1. Prepare journal entries to record the transactions and closings for 2013 and 2014.
2. Prepare the statement of changes in equity for the year ended December 31, 2014.
3. Prepare the equity section of the company’s balance sheet as of December 31,2014.


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  • CreatedJanuary 08, 2015
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