Pyrogenesis Canada Inc. which was provincially incorporated reported the following equity account balances on December 31, 2013:
Common shares, unlimited shares authorized,
20,000 shares issued and outstanding ............................................................ $690,000
Retained earnings............................................................................................... 405,000
In 2014, the company had the following transactions affecting shareholders and the equity accounts:

Required
1. Prepare journal entries to record the transactions and closings for 2014.
2. Prepare the equity section of the company€™s balance sheet as of December 31,2014.

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Jan. 1 Purchased 2,000 treasury shares at $60 per share. 5 The directors declared a 56 per share cash dividend payable on Feb. 28 to the Feb. July Aug. Dec. 28 6 22 31 Feb. 5 shareholders of record Paid the dividend declared on January 5. Sold 750 of the treasury shares at $72 per share. Sold 1,250 of the treasury shares at $51 per share Closed the $582,000 credit balance in the Income Summary account to Retained Earnings. Closed the Cash Dividends account. 31