Question
Carla Vista Technologies Inc. reported the following information related to its shareholders equity on January 1: Common shares, 1,440,000 authorized, 720,000 shares issued $1,440,000 Contributed
Carla Vista Technologies Inc. reported the following information related to its shareholders equity on January 1:
| Common shares, 1,440,000 authorized, 720,000 shares issued | $1,440,000 | |
| Contributed surplusreacquisition of common shares | 15,100 | |
| Retained earnings | 721,000 |
During the year, the following transactions related to common shares occurred in the order listed:
| 1. | Issued 30,000 shares at $4.00 per share. | |
| 2. | Reacquired 9,000 shares at $2.00 per share. | |
| 3. | Issued 6,000 shares at $4.57 per share. | |
| 4. | Reacquired 19,000 shares at $4 per share. | |
| 5. | Reacquired 75,800 shares at $2 per share. |
(a) Calculate the number of shares authorized and issued at the end of the year.
| Number of shares authorized | ||
| Number of shares issued |
(b) Determine the ending balances in each of the following accounts: Common Shares, Contributed SurplusReacquisition of Common Shares, and Retained Earnings. (Round the average issue price to two decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,276.)
| Common shares | $ | |
| Contributed Surplusreacquisition of common shares | $ | |
| Retained earnings |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started