Grouse Grind Limited (GGL) had an Initial Public Offering incorporated on January 1, 2012 with the following chronological equity related events. Required: Prepare entries, with all supporting computations, for the following events. Please round per share book values up or down to the nearest dollar; no cents. Entries for any dividend declarations must indicate the total for each class of shares.

January 1: No entry.

The Articles of Incorporation state that Grouse Grind Limited is authorized to issue 1 million common shares and 250,000 preferred shares. Preferred shares have preference to cash dividends only as follows; they are cumulative, $0.75 annual entitlement.

There were no balances of Contributed Surplus at the end of the prior year.

As indicated below, prepare the analysis and entries for the following transactions. Show work!

NOTE: For this assignment, it would behove you to keep track of the number of shares o/s by class as well at the related contributed capital.

January 15- 360,000 common shares were issued by the underwriter for $48 per share. Total issue costs; underwriters fees, share printing totalled $720,000. GGL wishes no elective adjustment to retained earnings. Prepare the journal entry(s) and show calculations .

January 20- 60,000 common shares were sold by subscription to 400 subscribers who will purchase 150 shares each at a subscription price of $50 per share. 15% of the subscription, in cash, accompanied the contract and the balance was due on December 1, 2012. Prepare the journal entry(s) and show calculations .

January 25- 25,000 preferred shares were issued for $32 per share. Prepare the journal entry(s) and show calculations .

February 20- 5,000 common shares were repurchased from the open market at $52 per share. Prepare the journal entry(s) and show calculations .

February 28- The company acquired high technology equipment by issuing 8,000 preferred shares when the preferred shares were trading at a five day average of $42.50 per share and the fair value of the equipment was reliably determined to be $330,000. The company values shares issued in acquiring assets as prescribed under IFRS 2. (Hint: Google IFRS 2 and all will be revealed!) Prepare the journal entry(s) and show calculations .

May 13- The company repurchased and retired 5,000 preferred shares at a cost of $38 per share. Prepare the journal entry(s) and show calculations .

July 1- The company declared a 2% stock dividend on common shares outstanding at this date, to be distributed on July 31, valued at $40 per share. Prepare the journal entry(s) and show calculations .

July 31- Shares were issued under the stock dividend declaration. Prepare the journal entry(s) and show calculations .

December 1: All but 5 subscribers to the share subscription contracts entered into on January 20 paid in full at this date and the shares were issued. According to the contract, the defaulting subscribers would be issued no shares and the original 15% deposits received would not be refunded. Prepare the journal entry(s) and show calculations .

December 15: GGL went to the open market and purchased 25,000 common shares at $61 which it designated as being held in Treasury. Prepare the journal entry(s) and show calculations .

December 22- GGL re-sold to the open market 10,000 of the shares it was holding in treasury for proceeds of $66 per share. Prepare the journal entry(s) and show calculations .

December 31- The company declared $260,000 in cash dividends, to be distributed in accordance with the share class entitlements. (Round to nearest dollar in determining distribution; no cents; any %s to one decimal place) Indicate total dividend per share class in the appropriate entry; one entry only. Prepare the journal entry(s) and show calculations .