The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2019:

Preferred shares, $2 non-cumulative, unlimited shares authorized .............................................. $ -0-Common shares, unlimited shares authorized, 100,000 shares issued and outstanding ........... 640,000Retained earnings .................................................................................................................................. 864,000

The company completed these transactions during 2020:

Required

1. Prepare general journal entries to record the transactions and closings for 2020.

2. Prepare the statement of changes in equity for the year ended December 31, 2020.

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Issued 20,000 common shares at $9.60 cash per share. Jan. 10 The directors declared a 10% share dividend to the January 30 shareholders of record, distributable on February 15. 15 The market price of the shares on January 15 was $9.80. 15 Distributed the share dividend. Feb. Mar. The directors declared a $1.20 per share cash dividend payable on March 31 to the March 15 shareholders of record. 31 10 The directors announced a 3:1 share split to the April 20 shareholders of record. The shares were trading just prior to the announcement at $10.00 per share. 11 The board of directors declared total dividends of $182,400 payable December 15, 2020. 15 Paid the dividend declared on March 2. Apг. Issued 12,000 preferred shares at $20.00 per share. Nov. Dec. Paid the dividends declared on December 1. Closed the $1,160,000 credit balane Closed the Cash Dividends account. in the Profit Summary account. 31 31