help urgent!!!
Ice Industries Inc. showed the following equity account balances at December 31, 2019 Common shares, unlimited shares authorized, 89,000 shares issued and outstanding Retained earnings $854,000 131,800 The company issued long-term debt during 2020 that requires a retained earnings restriction of $91,000. Share dividends declared but not distributed during 2020 totalled 8,900 shares capitalized for a total of $106.800. Required: a. Prepare a statement of changes in equity for the year ended December 31, 2020, assuming profit earned during the year was S134,300. (Negative answers should be indicated by a minus sign.) ICE INDUSTRIES INC. Statement of Changes in Equity For Year Ended December 31, 2020 Common Retained Total Equity Shares Earnings Balance, January 1 $ 854,000 $ 131,800 $ 985,800 Common share dividend distributable Profit Dividends Balance, December 31 $ 854,000 $ 131.800 $ 985,800 b. What is the maximum amount of dividends that the company can declare during 2021? Maximum dividends Arcus Development Inc's equity section on the December 31, 2019, balance sheet showed the following information: Common shares, unlimited shores authorized, 100,000 shares issued and outstanding Retained earnings $2,000,000 385,000 On January 15, 2020, the company's board of directors declared a 10% share dividend to the shareholders of record on January 20 to be distributed on January 30. The market prices of the shares on January 15, 20, and 30 were $21.90, 52100, and $2145, respectively Required: 1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared af no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: 1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Record the declaration of share dividends to common shareholders. 7 2 Record the date of entry into the books of accounts. 3. Record the distribution of share dividends to common shareholders. 2. Prepare the equity section on the January 31, 2020, balance sheet, assuming profit earned during January 2020 was $667.500. ARCUS DEVELOPMENT INC. Equity Section of Balance Sheet January 31, 2020 Contributed capital $ 0 Total equity
