P10-88B. (Learning Objectives 2, 3, 4: Accounting for share issuance, dividends, and treasury share) London Gems Company reported the following summarized Balance Sheet at December 31, 20X6:

During 20X7, London completed these transactions that affected shareholders’ equity:

Requirements 1. Journalize London’s transactions. Explanations are not required.
2. Report London’s shareholders’ equity at December 31, 20X7. Net income for 20X7 was €24,000.

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Assets Current assets.... Property and equipment, net. Total assets..... Liabilities and Equity Liabilities. Shareholders' equity: 0.80 cumulative preference share, 15 par, 400 shares issued........ Ordinary share, 2 par, 6,300 shares issued. Paid-in capital in excess of par Retained earnings.......... Total liabilities and equity. 33,500 63,100 96,600 37,600 6,000 12,600 17,400 23,000 96,600