Halifax Metal Products Ltd. had the following shareholders' equity at October 31, 2017: Common shares, unlimited shares

Question:

Halifax Metal Products Ltd. had the following shareholders' equity at October 31, 2017:

Common shares, unlimited shares authorized, 60,000 shares issued

and outstanding ..................................................................$150,000

Retained earnings ................................................................. 450,000

Total shareholders' equity ........................................................$600,000

On November 14, 2017, Halifax Metal Products Ltd. split its common shares 2 for 1. Make the memorandum entry to record the stock split, and prepare the shareholders' equity section of the balance sheet immediately after the split.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...