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1.) Determine the Number of outstanding common shares on December 31, 2019. 2.) Determine the balance of retained earnings on December 31, 2019 Please help
1.) Determine the Number of outstanding common shares on December 31, 2019.
2.) Determine the balance of retained earnings on December 31, 2019
Please help will rate
QUESTION THREE (10 points, 18 minutes) The December 31, 2017 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 80,000 shares issued and outstanding $1,000,000 Preferred shares, cumulative, $4, 6,000 shares issued and outstanding 600,000 Retained earnings 1,500,000 Contributed surplus - Common share repurchases 49,500 Randy Inc. engaged in the following transactions during 2018: January 1: Issued 20,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends on common shares totaling $72,000. July 20: Paid the cash dividends declared on May 30. September 15: Declared and distributed a 2% stock dividend. Randy's common shares were trading at $50 per share on that date. December 1: Paid $850,000 to repurchase and cancel 18,000 common shares that had a total average issue cost of $335,500. Other information is presented below: a. 2018 net income totaled $2,650,000. b. Randy Inc. did not pay any dividends in 2017Step by Step Solution
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