Question

Zlin Aerospace Corporation reported the following equity account balances on December 31, 2013:
Preferred shares, $3.60 cumulative, unlimited shares authorized ........................ $ -0-
Common shares, unlimited shares authorized,
20,000 shares issued and outstanding ............................................................ 552,000
Retained Earnings............................................................................................... 324,000

In 2014, the company had the following transactions affecting shareholders and the shareholders’ equity accounts:


Required
1. Prepare journal entries to record the transactions and closings for 2014 (assume the retirements were the first ever recorded by Zlin Aerospace).
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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