On 1 January 2019, Rake Ltd had equity accounts as follows. Share capital (60 000 shares...

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On 1 January 2019, Rake Ltd had equity accounts as follows. Share capital (60 000 shares issued for $30 each) General reserve Retained earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 July 1 July 31 Dec. 1 Required $1 800 000 250 000 900 000 Declared a $0.60 cash dividend per share to shareholders, payable on 1 March. Paid the dividend declared in February. Declared a 10% share dividend to shareholders, distributable on 31 July. On 1 July the market price of the shares was $40 per share and this was determined to be the amount at which the dividend shares would be issued. Issued the shares for the share dividend. Declared a cash dividend of $0.50 per share on 15 December, payable on 5 January 2020. a. Journalise the transactions. b. Enter the beginning balances and post the entries to the equity T accounts. c. Prepare the equity section of Rake Ltd's statement of financial position as at 31 December. On 1 January 2019, Rake Ltd had equity accounts as follows. Share capital (60 000 shares issued for $30 each) General reserve Retained earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 July 1 July 31 Dec. 1 Required $1 800 000 250 000 900 000 Declared a $0.60 cash dividend per share to shareholders, payable on 1 March. Paid the dividend declared in February. Declared a 10% share dividend to shareholders, distributable on 31 July. On 1 July the market price of the shares was $40 per share and this was determined to be the amount at which the dividend shares would be issued. Issued the shares for the share dividend. Declared a cash dividend of $0.50 per share on 15 December, payable on 5 January 2020. a. Journalise the transactions. b. Enter the beginning balances and post the entries to the equity T accounts. c. Prepare the equity section of Rake Ltd's statement of financial position as at 31 December.

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a Journalize the transactions Feb 1 Cash Dividends Declared Retained Earnings 36000 Dividends Payabl... View the full answer