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before tuesday night!!! please The following shareholders' equity accounts are reported by Wildhorse Inc. on January 1: $ 2,664,000 457,500 Common shares (unlimited authorized, 166,500
before tuesday night!!! please
The following shareholders' equity accounts are reported by Wildhorse Inc. on January 1: $ 2,664,000 457,500 Common shares (unlimited authorized, 166,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized 6,100 issued) Contributed surplus-reacquisition of common shares Retained earnings 32.200 1.271.000 The following selected transactions occurred during the year: The following selected transactions occurred during the year: Feb. 11 Mar. 2 June 14 July 25 Issued 55,500 common shares at $ 20 per share. Reacquired 20,600 common shares at $ 22 per share. Split the common shares 2 for 1 when the common shares were trading at $ 30 per share. Reacquired 490 preferred shares at $ 70 per share. Reacquired 55,500 common shares for $17 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $ 19 per share. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $ 21 per share. Sept. 16 Oct. 27 Dec. 13 Prepare journal entries for the transactions. (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. Round average per share to 2 decimal places, e.g. 15.25 and final answers to decimal places, eg. 5,276.) Date Account Titles and Explanation Debit Credit Feb. 11 Cash 1110000 Common Shares 1110000 (Issued common shares for cash.) Mar. 2 Common Shares 350200 Contributed Surplus - Reacquisition of Common Shares 32200 Retained Earnings 70800 Cash 453200 (To record reacquisition of (To record reacquisition of common shares.) July 25 Preferred Shares 36750 Contributed Surplus - Reacquisition of Preferred Shares 2450 Cash 34300 (To record reacquisition of preferred shares.) Sept. 16 ommon Share 471750 Retained Earnings 471750 Cash 943500 (To record reacquisition of common shares.) Oct. 27 Stock Dividends 329935 Stock Dividends Distributable 329935 (To record declaration of stock dividend.) Dec. 13 Stock Dividends Distributable 329935 Common Shares 329935 (To record distribution of stock dividend.) (b) Show how each class of shares will be presented in the shareholders' equity section of the balance sheet at December 31. Wildhorse Inc. Partial Balance Sheet Shareholders equity S Attempts: 0 of 2 used Submit Answer Sve for
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