Financial Accounting, Seventh Canadian Edition by Kimmel, Weyandt, Kiese, Trenholm, Irvine, and Burnley JS Licle System Announcements Search Problem 11-2 Hoole Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue and number of 5) noncurative preferred shares and an unlimited number of common shares The following share transactions were completed during the company's first year of operations Jan. 19 Issued 970,000 common shares for $2 per share. Mar. 1 Issued 18.000 preferred shares for $50 per share. D May 1 Issued 242,500 common shares for $3 per share. June Reacquired and retired 11,000 common shares at $2 per share. Determine the average cost of each reacaired share to the nearest cant before recording the brain July 24 Issued 30,000 common shares for $123.000 cash and used equipment. The equipment originally cost $27,000. It now has a carrying out of $13.500 and a current the shares were trading for $4 per share on this date. Sept. 4 Issued 11,000 common shares for $5 per share. Nov. Issued 4.400 preferred shares for $50 per share 20 Reacquired and retired 14,000 common shares at 4 per share. Determine the average cost of each reacured share to the nearest cent before recording the transaction Dec. 14 Dedared a $77,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, pable on January 10 31 Reported net income of $1,200,000 for the year 1 1 Record the above transactions for 2018, including any reared entries to doseduidends declared and not come aromatically when the most indent manually. If no entry is required, select "Entry for the accounts and for the map share to decimal and we decimal places.) transaction entre Date Account Titles and Explanation Debat 10 Common shares 1010000 Marcas 900000 000000 e N acer 20 Dec 14 31 Reacquired and retired 14,000 common shares at $4 per share. Determine the average cost of each reacgured Share to the nearest cent before recording this transaction. Declared a $77,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10, Reported net income of $1,200,000 for the year. Record the above transactions for 2018, including any required entries to dose dividends declared and net income. (Credit account titles are automatically Indented when the amount indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts. Round average cost per Share to 2 decimal poses 2.25 and for decimal places.) Transaction entries: Date Account Titles and Explanation Jan. 10 cash Debut Credit 1940000 Common Shares 1940000 Mar. 1 Cash 900000 Preferred shares 900000 May 1 cash 727500 Common Shares 727500 June 1 Common Shares 22000 Contributed Surplus 22000 cash 22000 July 24 123000 Equipment 14500 123300 Common Shares e 6 acer LZA (Part cash 18A Dec. 14 Dividends Dedared re sults by active Dividends payable Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To close cash dividends) Dec. 31 (To close profit) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares acer gen.wileyplus.com/edugen/ti/main.uni as ileyPLUS Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine, and Burnley Help System Announcements Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) NMENT RESOURCES er 11- Post re Assignment blem 11.2 blem 13A (Part el Submission blem 11-4A blem 11.7A (Part vel Submission blem 1-8A Preferred Shares v Ew Score w Results by Objective Common Shares Contributed Surplus Dividends Declared Retained Earnings LINK TO TEXT Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide HIROOLE CORPORATION Statement of Financial Position (Partial) $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Alte EM attemor 2 e N rer Financial Accounting, Seventh Canadian Edition by Kimmel, Weyandt, Kiese, Trenholm, Irvine, and Burnley JS Licle System Announcements Search Problem 11-2 Hoole Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue and number of 5) noncurative preferred shares and an unlimited number of common shares The following share transactions were completed during the company's first year of operations Jan. 19 Issued 970,000 common shares for $2 per share. Mar. 1 Issued 18.000 preferred shares for $50 per share. D May 1 Issued 242,500 common shares for $3 per share. June Reacquired and retired 11,000 common shares at $2 per share. Determine the average cost of each reacaired share to the nearest cant before recording the brain July 24 Issued 30,000 common shares for $123.000 cash and used equipment. The equipment originally cost $27,000. It now has a carrying out of $13.500 and a current the shares were trading for $4 per share on this date. Sept. 4 Issued 11,000 common shares for $5 per share. Nov. Issued 4.400 preferred shares for $50 per share 20 Reacquired and retired 14,000 common shares at 4 per share. Determine the average cost of each reacured share to the nearest cent before recording the transaction Dec. 14 Dedared a $77,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, pable on January 10 31 Reported net income of $1,200,000 for the year 1 1 Record the above transactions for 2018, including any reared entries to doseduidends declared and not come aromatically when the most indent manually. If no entry is required, select "Entry for the accounts and for the map share to decimal and we decimal places.) transaction entre Date Account Titles and Explanation Debat 10 Common shares 1010000 Marcas 900000 000000 e N acer 20 Dec 14 31 Reacquired and retired 14,000 common shares at $4 per share. Determine the average cost of each reacgured Share to the nearest cent before recording this transaction. Declared a $77,000 cash dividend to the preferred shareholders, to shareholders of record on December 31, payable on January 10, Reported net income of $1,200,000 for the year. Record the above transactions for 2018, including any required entries to dose dividends declared and net income. (Credit account titles are automatically Indented when the amount indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts. Round average cost per Share to 2 decimal poses 2.25 and for decimal places.) Transaction entries: Date Account Titles and Explanation Jan. 10 cash Debut Credit 1940000 Common Shares 1940000 Mar. 1 Cash 900000 Preferred shares 900000 May 1 cash 727500 Common Shares 727500 June 1 Common Shares 22000 Contributed Surplus 22000 cash 22000 July 24 123000 Equipment 14500 123300 Common Shares e 6 acer LZA (Part cash 18A Dec. 14 Dividends Dedared re sults by active Dividends payable Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 (To close cash dividends) Dec. 31 (To close profit) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares acer gen.wileyplus.com/edugen/ti/main.uni as ileyPLUS Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine, and Burnley Help System Announcements Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) NMENT RESOURCES er 11- Post re Assignment blem 11.2 blem 13A (Part el Submission blem 11-4A blem 11.7A (Part vel Submission blem 1-8A Preferred Shares v Ew Score w Results by Objective Common Shares Contributed Surplus Dividends Declared Retained Earnings LINK TO TEXT Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide HIROOLE CORPORATION Statement of Financial Position (Partial) $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Alte EM attemor 2 e N rer