Royal Hill Companies provided the following information regarding its stockholders ' equity section of the balance sheet for the 3 year period ending December 31, 2018 Required Prepare the summary journal entries for 2017 and 2018 to reflect the changes in the shareholders ' equity accounts include...

Business
Intermediate Accounting
Royal Hill Companies provided the following information regarding its stockholders'

Royal Hill Companies provided the following information regarding its stockholders' equity section of the balance sheet for

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Royal Hill Companies provided the following information regarding its stockholders' equity section of the balance sheet for the 3-year period ending December 31, 2018.

Stockholders' equity: (In milkions, except for share amounts) Common Stock no parvalue Addt anal Pad-n Cap ta from Treas

Required

Prepare the summary journal entries for 2017 and 2018 to reflect the changes in the shareholders' equity accounts included in the statement provided above. Royal Hill did not pay any dividends in these years and made no prior-period adjustments. Assume that the treasury stock transactions did not affect retained earnings.

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...

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Stockholders' equity: (In milkions, except for share amounts) Common Stock no parvalue Addt anal Pad-n Cap ta from Treasury Stock Transact ons Retained Eamings Accumu ated Other Comprehens ve Income (Loss) – Unrealized Debt Inves iment Gain (Loss) TreasuryStock, at Cost; 56,071,000 and 32,835,000 shares, in 2018 2017 2016 $ 229 20 $ 229 20 99.24 1,809.72 (0 36 $ 229.20 119.09 99.24 2,089 68 2,217 50 (0 24) (1.71792) (1,031.28) (1,23797) 2018 and 2017 respectivey Total Stockho ders Equity $ 699.96 $1,106.52 $1,32782

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Account 2018 2017 Debit Credit Debit Credit Cash to balance 18684 A...View the full answer

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Intermediate Accounting

ISBN: 978-0134730370

2nd edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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Question Posted: Jun 27, 2019 08:36 AM

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