A-1 Networking Solutions Inc. began operations on January 1, 2020. A-1's balance sheet at December 31, 2020, reported the following shareholders' equity

During 2020, A-1:

a. Issued 50,000 common shares for \(\$ 5\) per share

b. Issued additional common shares for \(\$ 7\) per share

c. Earned Revenues of \(\$ 171,000\) and incurred Expenses totalling \(\$ 115,000\).

d. Declared and paid cash dividends.
{Requirement}
Record all of the journal entries that yield the reported shareholders' equity balances at December 31, 2020.

Transcribed Image Text:

Common shares $253,500 Retained earnings. 38.000 Total shareholders' equity. $291,500