The following statement of changes in shareholders equity summarizes various equity transactions that occurred during 20X2: Required:
Question:
The following statement of changes in shareholders’ equity summarizes various equity transactions that occurred during 20X2:
Required:
Journalize the transactions in the statement of shareholders’ equity. For earnings, close the income summary to retained earnings.
Transcribed Image Text:
MORGAN CORPORATION Changes in Shareholders' Equity for the Year Ended 31 December 20X2 (in thousands) Balance at 1 January 20X2 Net earnings and comprehensive income Shares issued Share issue costs Share buyback Share buyback Stock dividend to shareholders Cash dividends to shareholders Balance at 31 December 20X2 Preferred Common Shares Shares $ 210 $500 360 (80) $490 380 (41) 107 $946 Contributed Capital from Common Share Retirement $70 11 $81 Retained Total Earnings Equity $ 910 $1,690 330 (15) (26) (107) (34) $1,058 330 740 (15) (106) (30) (34) $2,575
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a Income summary Retained earnings b Cash Preferred shares Common shares 330 740 ...View the full answer
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781260881240
8th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
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