The information below is taken from the shareholders’ equity section of the statement of financial position for Harcus Cable:

Required
Provide the journal entries for the following: 

a. The issuance of preferred shares during 2024. 

b. The repurchase of 1,000,000 common shares during 2024 at $6 per share. 

c. The closing entry to record net income of $11,000,000.

Transcribed Image Text:

Shareholders' equity Preferred shares, authorized 10,000,000 shares, 5,000,000 and 2,000,000 issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Common shares, authorized 25,000,000 shares, 1,000,000 and 2,000,000 shares issued and outstanding at December 31, 2024, and December 31, 2023, respectively. Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity 2024 $ 14,000,000 2023 $ 4,000,000 5,000,000 10,000,000 135,000,000 125,000,000 (20,000,000) (35,000,000) $134,000,000 $104,000,000