Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 31, 2016, Ocean Air Mall Inc. reported shareholders' equity as follows. (Click the icon to view the shareholders' equity report.) During 2017, Ocean

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
At December 31, 2016, Ocean Air Mall Inc. reported shareholders' equity as follows. (Click the icon to view the shareholders' equity report.) During 2017, Ocean Air Mall completed the following transactions (listed in chronological order). (Click the icon to view the transactions.) Requirement Prepare Ocean Air Mall's statement of changes in shareholders' equity for 2017 0 Shareholders' Equity report Common shares, 500,000 shares authorized, 350,000 shares issued.... $ Retained earnings 945,000 640,000 $ 1,585,000 i Transactions a. Declared and issued a 4% stock dividend on the outstanding shares. At the time, Ocean Air Mall shares were quoted at a market price of $8 per share. b. Issued 15,000 common shares at the price of $14 per share. c. Net income for the year, $370,000. W d. Declared cash dividends of $120,000. Prepare and Art Memeral changes in the court for 2017 ( parentheses or a minut sign for numbers to be attracted a box is not used in the statement of changes, leave the boxempty: do not enter a veroComplete all answer boses in the Total column) Ocean Air Mall in Statement of Changes in the Buty For Your Enotector 31. 2017 Commons Flated Engs Toba 11 2012 Shares Earnings Total Balance Dec. 31, 2016 Stock dividend Issuance of common shares Net income Cash dividends Balance Dec. 31, 2017

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Guide To Local Environmental Auditing

Authors: Hugh Barton; Noel Bruder

1st Edition

1853832340, 9781853832345

More Books

Students also viewed these Accounting questions