Question: do in proper accounting format and show calculations Problem #5 (20 Marks): On January 1, 2019, the JDS Corporation had 35,000 of non-par value common

 do in proper accounting format and show calculations Problem #5 (20

do in proper accounting format and show calculations

Problem #5 (20 Marks): On January 1, 2019, the JDS Corporation had 35,000 of non-par value common shares outstanding originally issued at $460,500. The corporation was authorized to issue an unlimited number of common shares. The balance of its retained earnings account on that date was $2,650,000. The following transactions occurred during the year: Feb. 3 Issued 5.800 common shares at $13.00 per share. Apr. 6 Repurchased (bought back) 2,800 of its own common shares from investors at $11.00 per share. July 3 Declared an 8% stock dividend to common shareholders of record, as of July 19. The market price per common share was $15.00 on July 3 and the stock dividend was distributed to shareholders on July 30. Oct. 1 Board of Directors declared a $0.25 per share dividend to common shareholders. The date of record was October 15 and the payment date was October 29. Dec. 31 The Corporation reported $1.000.000 in expenses and $910,000 in revenues during the year. Instructions a) Prepare the journal entries related to the above transactions. Calculate to the nearest dollar. b) Prepare the shareholders' equity section of the balance sheet, December 31, 2019

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