Question

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.


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  • CreatedJanuary 08, 2015
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