Zen Aerospace Corporation reported the following equity account balances on December 3 1 , 2 0 2
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Question:
Zen Aerospace Corporation reported the following equity account balances on December :
Preferred shares, $ cumulative, unlimited shares authorized $
Common shares, unlimited shares authorized, shares issued and outstanding
Retained earnings
In the company had the following transactions affecting shareholders and the shareholders equity accounts:
Jan. Purchased and retired common shares at $ per share.
The directors declared an share dividend distributable on February to the January shareholders of record. The shares were trading at $ per share.
Date of record regarding the share dividend.
Feb. Date of distribution regarding the share dividend.
July Sold preferred shares at $ per share.
Sept. The directors declared a total cash dividend of $ payable on October to the September shareholders of record.
Oct. The cash dividend declared on September was paid.
Dec. Closed the $ credit balance in the Profit Summary account to Retained Earnings.
Closed the dividend accounts.
Required
Prepare journal entries to record the transactions and closings for assume the retirements were the first ever recorded by Zen Aerospace Assume share dividends and cash dividends account is used when dividends are declared. If no entry is required for a transactionevent select No journal entry required" in the first account field.
Prepare the statement of changes in equity for the year ended December Amounts to be deducted should be indicated by a minus sign. Round the final answer to the nearest whole dollar.
Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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