On January 1, 2012, Copeland Ltd. (a public company) had the following shareholders equity accounts: Preferred shares,

Question:

On January 1, 2012, Copeland Ltd. (a public company) had the following shareholders’ equity accounts:
Preferred shares, $5-non-cumulative, no par value,.. unlimited
number authorized, none issued ............. –0–
Common shares, no par value, unlimited number authorized,
800,000 issued ..................... $5,600,000
Retained earnings ...................1,323,000
Accumulated other comprehensive income ........ 142,000
Instructions
(a). Prepare journal entries to record the transactions above.
(b). Post the entries to the shareholders’ equity T accounts.
(c). Prepare the Statement of Shareholders’ Equity for the year.
(d). Prepare the shareholders’ equity section of the at December 31.
(e). Prepare the financing activities section of the cash flow statement for the year. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...