The shareholders' equity section of Toto Co.'s statement of financial positions at December 31, 2019, include Preference
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The shareholders' equity section of Toto Co.'s statement of financial positions at December 31, 2019, include Preference share 8%,200 par, cumulative and participant $1,000,000, with one year in arrears, ordinary shares at par value $6, $3,000,000, premium preference 1000,000 ordinary premium 2,000,000 and retained earnings 450000, and treasury shares 30000 for $240000
The company declared the following dividend:
- 31/12/2019, A total cash dividend of $300,000 was declared and paid.
- 31/12/2019 net income for the year was 350,000
- 1/01/2020, transferred to shareholder ordinary shares a equipment with cots 100,000, accumulated depreciation 40,000 with fair market value 75,000 as dividend for ordinary will distributed on January 25, 2018.
- 10/01/2020 reissued 15000 treasury shares at $7 each.
- 15/1/2020, the company decided to split its shares 1to3.
- 25/1/2020 distributed the equipment for the shareholders.
- 31/01/2020 declared shares dividend to ordinary 1 share to every five shares outstanding, on that date the market price was $ 2.5 (use market option)
Required: Journalize the above economic events 2019,2020?
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Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
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