Question: can u please solve this in 30 min i have due in 30 min plz Culver Construction Ltd. reported the following information related to its











Culver Construction Ltd. reported the following information related to its shareholders' equity on January 1, 2024, the first day of its fiscal year. During the year, the following transactions relating to shares occurred. 1. May 15, 2024, issued 3,520 preferred shares for cash of $11.50 per share. 2. Purchased a Caterplitar bulfdozer on fune 5,2024, in exchange for a cash payment of $13,200, and issued 79,200common shares with an estimated fair value of $3.15 per share. The fair value of the bulidozer was unavailable. 3. June 30, 2024, issued 3,872 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $48,400. The preferred shares had an estimated fair value of $11.60 per share on June 30,2024 . 4. November 30,2024 , declared and paid $54,200 of dividends to the preferred shareholders. The following operating information was provided for the year: Prepare a schedule showing all transactions for common shares and preferred shares and show the calculation of the average cost of shares issued. (Round average cost to 2 decimal places, es. 52.75 and final answers to 0 decimal places. e.8. 5,275.) Preferred Shares: Journalize each of the share transactions. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the omounts, List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Prepare a corporate income statement for the year ended December 31, 2024. Prepare the entry to record income tax expense for the year. (Credit account titles ore outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tittes and enter Ofor the amounts, List debit entry before credit entry] Prepare journal entries to close revenue and expenses to the income Summary account. (Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter o for the amounts. List all debit entries before credit entries.) Close the income Summary and dividend accounts at December 31,2024. (Credit occount titles are outomatically indented when the amount is entered. Do not indent manuathy. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List. all debit entries before credit entries) Prepare a statement of retained earnings for the year ended December 31, 2024. (List items that increase retained earnings first.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
