Accounting

Exercise 13-5 Share dividend, share split, equity section of balance sheet LO1 CarFind Inc. showed the following equity information at December 31, 2019. Common shares, unlimited shares authorized; 5, 800,060 shares issued and outstanding $ 1, 087, 500 Retained earnings 1 , 470, 060 On April 1, 2020, 380,000 common shares were issued at $0.90 per share. On June 1, the board of directors declared a 15% share dividend to shareholders of record on June 15; the distribution date was July 1. The market prices of the shares on June 1, June 15, and July 1 were $2.48, $2.06, and $2.36, respectively. On December 11, the board of directors declared a 2:1 share split to shareholders of record on December 15; the distribution date was December 20. Profit earned during the year was $1,530,000. Required: Prepare the company's equity section on the December 31, 2020, balance sheet. CARFIND INC. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized, 14,214,000 shares issued and outstanding Retained earnings $ Total equity