* Shareholders' equity section X 368,000 Contributed capital Preferred shares, $2.00, cumulative (1 year in arrears), liquidation price of $20, 100,000 shares authorized, 23,000 shares issued and outstanding Common shares, unlimited number of shares authorized, 25,000 shares issued and outstanding Total contributed capital Retained earnings Total shareholders' equity 237,500 605,500 510,000 $ 1,115,500 Print Done Cassel Communication Inc. had the following shareholders' equity information on December 31, 2019: (Click the icon to view the shareholders' equity section.) The following transactions took place during 2020: (Click the icon to view the transactions.) Required 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2020. Requirement 1. Record the transactions in the general journal. Jan. 14. Declared a $98,000 cash dividend, payable on March 1 to the shareholders of record on February 1. Indicate the amount payable to each class of shareholder. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Jan. 14 0 Transactions X Jan. 14 28 Feb. Mar. Apr. 1 1 Declared a $98,000 cash dividend, payable on March 1 to the shareholders of record on February 1. Indicate the amount payable to each class of shareholder. Issued 28,000 common shares for $6.00 per share. Paid the cash dividend declared on January 14. Declared a 10 percent stock dividend on the common shares, distributable on May 2 to the shareholders of record on April 15. The market value of the shares was $6.20 per share. Distributed the stock dividend declared on April 1. Repurchased 3,600 of the company's own common shares at $6.65 per share. Issued 3,200 common shares for $7.15 per share. Split the common shares 2 for 1. Reported net income of $230,000. Closed the Income Summary account. 2 4 May Jul. Sep. Nov. Dec. 2 2 31 * Shareholders' equity section X 368,000 Contributed capital Preferred shares, $2.00, cumulative (1 year in arrears), liquidation price of $20, 100,000 shares authorized, 23,000 shares issued and outstanding Common shares, unlimited number of shares authorized, 25,000 shares issued and outstanding Total contributed capital Retained earnings Total shareholders' equity 237,500 605,500 510,000 $ 1,115,500 Print Done Cassel Communication Inc. had the following shareholders' equity information on December 31, 2019: (Click the icon to view the shareholders' equity section.) The following transactions took place during 2020: (Click the icon to view the transactions.) Required 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2020. Requirement 1. Record the transactions in the general journal. Jan. 14. Declared a $98,000 cash dividend, payable on March 1 to the shareholders of record on February 1. Indicate the amount payable to each class of shareholder. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Jan. 14 0 Transactions X Jan. 14 28 Feb. Mar. Apr. 1 1 Declared a $98,000 cash dividend, payable on March 1 to the shareholders of record on February 1. Indicate the amount payable to each class of shareholder. Issued 28,000 common shares for $6.00 per share. Paid the cash dividend declared on January 14. Declared a 10 percent stock dividend on the common shares, distributable on May 2 to the shareholders of record on April 15. The market value of the shares was $6.20 per share. Distributed the stock dividend declared on April 1. Repurchased 3,600 of the company's own common shares at $6.65 per share. Issued 3,200 common shares for $7.15 per share. Split the common shares 2 for 1. Reported net income of $230,000. Closed the Income Summary account. 2 4 May Jul. Sep. Nov. Dec. 2 2 31