2020 2021 Retained earnings, January 1 $ 67,000 Net income 51,000 56,000 Dividends declared and paid 29,000 32,000 Common stock 84,000 Kay issued 3,400 shares of additional common stock in 2021 for $34,000 There were no other shareholder transactions Required a Prepare a statement of shareholders' equity for D Kay Dental Laboratories for the year ended December 31, 2021 D Kay Dental Laboratories Statement of Shareholders' Equity For the Year Ended December 31, 2021 Total Shareholders Equity Common Stock Retained Earnings Balance at January 1, 2021 $84,000 Issue note receivable 34,000 Add Net income Less Dividends Balance at December 31, 2021 $118,000 $0 $0 Required b Account Title Debits Credits Cash 5,350 Accounts receivable 7,500 Prepaid insurance 3,100 Land 210,000 Buildings 57,500 Accumulated depreciationbuildings 23,000 Office equipment 90,000 Accumulated depreciationoffice equipment 36,000 Accounts payable 28,500 Salaries payable 0 Deferred rent revenue 0 Common stock 220,000 Retained earnings 46,500 Service revenue 80,500 Interest revenue 4,000 Rent revenue 4,800 Salaries expense 31,000 Depreciation expense 0 Insurance expense 0 Utilities expense 20,700 Maintenance expense 18,150 Totals 443,300 443,300 Post the beginning balances and adjusting entries into the appropriate T accounts (Enter the LETTER of the transaction in the column next to the amount )

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Posted on Sep 16, 2024

: 2020 2021 Retained earnings, January 1 $ 67,000 ? Net income 51,000 56,000 Dividends declared and paid 29,000 32,000 Common stock 84,000 ? Kay

		2020	2021
Retained earnings, January 1	$	67,000	?
Net income		51,000	56,000
Dividends declared and paid		29,000	32,000
Common stock		84,000	?

Kay issued 3,400 shares of additional common stock in 2021 for $34,000. There were no other shareholder transactions. Required: a Prepare a statement of shareholders' equity for D. Kay Dental Laboratories for the year ended December 31, 2021.

D. Kay Dental Laboratories
Statement of Shareholders' Equity
For the Year Ended December 31, 2021
			Total Shareholders Equity
	Common Stock	Retained Earnings
	Common Stock	Retained Earnings
Balance at January 1, 2021	$84,000
Issue note receivable	34,000
Add: Net income
Less: Dividends
Balance at December 31, 2021	$118,000	$0	$0

Required: b

Account Title	Debits	Credits
Cash	5,350
Accounts receivable	7,500
Prepaid insurance	3,100
Land	210,000
Buildings	57,500
Accumulated depreciationbuildings		23,000
Office equipment	90,000
Accumulated depreciationoffice equipment		36,000
Accounts payable		28,500
Salaries payable		0
Deferred rent revenue		0
Common stock		220,000
Retained earnings		46,500
Service revenue		80,500
Interest revenue		4,000
Rent revenue		4,800
Salaries expense	31,000
Depreciation expense	0
Insurance expense	0
Utilities expense	20,700
Maintenance expense	18,150
Totals	443,300	443,300

Post the beginning balances and adjusting entries into the appropriate T-accounts. (Enter the LETTER of the transaction in the column next to the amount.)