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ere to search The shareholders' equity accounts of Sheridan Inc. at December 31, 2023, are as follows. Preferred shares, $3 noncumulative, unlimited number authorized, 2,000
ere to search The shareholders' equity accounts of Sheridan Inc. at December 31, 2023, are as follows. Preferred shares, $3 noncumulative, unlimited number authorized, 2,000 issued Common shares, unlimited number authorized, 150,000 issued Retained earnings Accumulated other comprehensive loss Feb. July Sheridan has a 35% income tax rate. During the following fiscal year ended December 31, 2024, the company had the following transactions and events: Dec. Dec. Dec 12 1 18 TI $200,000 750,000 1 Repurchased 10,000 common shares for $40,000. Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. 31 430,000 (40,000) Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2025, payable on January 31, 2025. Declared a 10% stock dividend to common shareholders of record at December 20, distributable on January 12, 2025. The fair value of the common shares was $10 per share. Determined that for 2024, profit before income tax was $320,000 and other comprehensive Income, net of income tax expense of $41,300, was $76,700.
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