Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019, and 2020. Is the trend fan able or unfavourable? Explain. Problem 12-8B Share transactions, dividends, statement of changes in equity LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Dec. 31, 2020 = $754,500; 3. Equity, Dec. 31, 2020 = $4,345,500 Pace Oil & Gas Corp. began operations in 2018. Its balance sheet reported the following components of equity on December 31, 2018. Pace Oil & Gas Corp. Equity Section of the Balance Sheet December 31, 2018 Contributed capital: Preferred shares, $1.80 non-cumulative, unlimited shares authorized: 25.000 shares issued and outstanding Common shares, unlimited shares authorized: 162,500 shares issued and outstanding... Total contributed capital....... Retained earnings.... $ 780,000 1,755,000 $2.535.000 + of changes in equity, dividend distribution Th Problem 12-7B Share transactions, statement closing LO2, 3, 4, 5, 6 CHECK FIGURES: 2. Retained earnings, Decembe Labtech Pharmacy Inc. is authorized to $24 non-cumulative preferred. The company complete 100.000 Shares 2 . Retained earnings, December 31, 2020 = $399,480, 3. Total equity $4,2034 macy Inc. is authorized to issue an unlimited number of common shares and for ative preferred. The company completed the following transactions: ing the corporation. The ble market values 2018 Feb 5 issued 70,000 common shares at $24 forces the corporation's promoters 3,750 common shares for their services in organizing the corpor directors valued the services at $96,000. Mar. 3 Issued 14000 common shares in exchan 4000 common shares in exchange for the following assets with the indicated reliable marke and, 5792,000: buildings, $504,000; and machinery, $372.000 Dec. 31 Closed the income Summary account. A $64,800 the income Summary account. A $64.800 loss was incu 2019 Jan. 28 issued for cash 4000 preferred shares at $240 per share. Dec. 31 Closed the income Summary account. A $235.200 profit was er 2020 Jan. 1 The board of directors declared a $24 per share cash dividend to prole shares and 50.48 per share cash dividend to outstanding common shares, payable on February 5 to the January 24 shareholders of record Feb. 5 Paid the previously declared dividends. Dec. 31 Closed the Cash Dividends and Income Summary accounts. A $381,600 profit was earned. quired Prepare general journal entries to record the transactions. Prepare a statement of changes in equity for the year ended December 31, 2020. Prepare the equity section of the balance sheet as of the close of business on Donnmhou 1 000