EFG Company's charter allows it to issue 1,000,000 no-par value common shares. On July 1, 2021, the company has 30,000 common shares issued and outstanding with a book value of $630,000. The opening balance of the retained earnings account is $180,000.

Required:

a. Prepare journal entries for the following transactions for EFG Company. Assume the opening balance in the contributed surplus account was zero. Do not round intermediate numbers and round the final results to the nearest dollar.

1) On October 10, 2021, EFG bought back 3,000 shares at $20 each for cancellation.

Account	Debit	Credit
Blank 1. Fill in the blank, read surrounding text.	Blank 2. Fill in the blank, read surrounding text.
Blank 3. Fill in the blank, read surrounding text.		Blank 4. Fill in the blank, read surrounding text.
Blank 5. Fill in the blank, read surrounding text.		Blank 6. Fill in the blank, read surrounding text.

2) On November 12, 2021, EFG bought back 1,800 shares at $23 each for cancellation.

Account	Debit	Credit
Blank 7. Fill in the blank, read surrounding text.	Blank 8. Fill in the blank, read surrounding text.
Blank 9. Fill in the blank, read surrounding text.		Blank 10. Fill in the blank, read surrounding text.
Blank 11. Fill in the blank, read surrounding text.		Blank 12. Fill in the blank, read surrounding text.
Blank 13. Fill in the blank, read surrounding text.		Blank 14. Fill in the blank, read surrounding text.

3) In December, EFG declared and distributed 2,500 shares that worth $45,000 as stock dividend to its current shareholders.

Account	Debit	Credit
Blank 15. Fill in the blank, read surrounding text.	Blank 16. Fill in the blank, read surrounding text.
Blank 17. Fill in the blank, read surrounding text.		Blank 18. Fill in the blank, read surrounding text.

4) Complete the the shareholders' equity section of the Statement of Financial Position for EFG Company at December 31, 2021. Net income for the year is $85,000.

EFG Company
Partial Statement of Financial Position
December 31, 2021
Shareholders' Equity:
Common Shares ( Blank 19. Fill in the blank, read surrounding text. shares authorized; Blank 20. Fill in the blank, read surrounding text. shares issued and outstanding)	$	Blank 21. Fill in the blank, read surrounding text.
Contributed Surplus		Blank 22. Fill in the blank, read surrounding text.
Retained Earnings		Blank 23. Fill in the blank, read surrounding text.
Total Shareholders' Equity		Blank 24. Fill in the blank, read surrounding text.