The equity accounts for Kalimantan Corp showed the following balances
The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2013:
Preferred shares, $2 non-cumulative,
Unlimited shares authorized ............................................................................ $ -0-
Common shares, unlimited shares authorized,
100,000 shares issued and outstanding .......................................................... 640,000
Retained earnings............................................................................................... 864,000
The company completed these transactions during 2014:


Required
1. Prepare General Journal entries to record the transactions and closings for 2014.
2. Prepare the statement of changes in equity for the year ended December 31,2014.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help