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answer all of these , thanks On January 1, 2021, Blossom Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued) Retained earnings $1,200,000
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On January 1, 2021, Blossom Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued) Retained earnings $1,200,000 1,560,000 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2021, none had been issued. During 2021, the corporation had the following transactions and events related to its shareholders' equity: Jan. 2 Issued 96,000 preferred shares for $55 per share. Paid quarterly dividend to preferred shareholders. Apr. 1 July 1 Aug 12 Paid quarterly dividend to preferred shareholders. Issued 96,000 common shares for $1.30 per share. Oct. 1 Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders and a $0.20 per share dividend to the common shareholders. Dec. 31 Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.20 per share dividend to the common shareholders. Dec. 31. Loss for the year was $96,000. Part 1 Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ENG Preferred Shares Date Explanation Jan. 2 Common Shares Question 3 of 4 Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the previous part. (Post entries in the order of Journal entry presented in the previous part.) Date Explanation Jan, 1 Balance Aug. 12 Cash Dividends-Preferred Date Explanation Ref. 31 Ref. 31 Ref. Debit Debit Debit Credit Credit -/40 Credit Balance Balance ||| Balance Apr. 1 July 1 Oct. 1 Dec. 31 Dec. 31 Closing entry Cash Dividends-Common Date Explanation Dec. 31 Dec. 31 Closing entry 31 31 31 J1 31 Ref. 31 31 Debit Credit Balance Retained Earnings Date Explanation Ref. Jan. 1 Balance Dec. 31 Closing entry Dec. 31 Closing entry eTextbook and Media List of Accounts 31 31 Save for Later Using multiple attempts will impact your score. 40% score reduction after attempt 4 Debit Credit Balance: Attempts: 0 of 5 used Submit Answer Prepare the shareholders' equity section of the balance sheet at December 31, 2021, including any required disclosures. Assume Blossom is reporting under ASPE. (Enter account name only and do not provide descriptive information.) BLOSSOM LTD. Balance Sheet (Partial) $ Step by Step Solution
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