Carla Vista Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021:
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Question:
Carla Vista Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021:
Accumulated other comprehensive income (loss) | $ (28,000) | ||
Contributed surplus—reacquisition of common shares | 516,000 | ||
Retained earnings | 1,520,000 | ||
Common shares (36,000 shares) | 828,000 |
Carla Vista had the following transactions and events during 2021:
Feb. 2 | Repurchased 900 shares for $42,300. | |
Apr. 17 | Declared and paid cash dividends of $74,000. | |
Oct. 29 | Issued 1,300 shares for $102,000 cash. | |
Dec. 31 | Reported comprehensive income of $389,000, which included other comprehensive income of $34,000. |
Prepare journal entries to record the transactions that took place during 2021.
Prepare a statement of changes in shareholders' equity at December 31,2021.
Calculate the number of shares issued as at December 31,2021. ________
Common Shares | Contributed Surplus-Reacquisition of Common Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |
Balance January 1 | $ | $ | $ | $ | $ |
Issued for Cash | |||||
Reacquired Shares | |||||
Dividends | |||||
Comprehensive Income | |||||
Balance, December 31 | $ | $ | $ | $ | $ |
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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