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Hi teachers! Please help me with these questions! thanks Use information provided below to answer the questions that follow Lee Corporation is authorized by its
Hi teachers! Please help me with these questions! thanks
Use information provided below to answer the questions that follow Lee Corporation is authorized by its article to issue 100000 shares of $5 preferred shares and an unlimited number of common shares. The company started the year with a balance of Retained earning of $74,000. The table below shows the transactions that occurred during the year of the company's operations: Year 2017 Issued 8000 common shares at $3 per share pan2 Feb 15 Paid the promoters $ 3500 in cash Issued 9000 common shares in exchange for a equipment valued at $52000 and land valued at $50000 April 30 May Paid $2250 to suppliers in kind (3000 preferred shares and 2000 common shares) August 31 Sept 10 Dec 31 Issued 2000 preferred shares for cash $90 per share, Board of directors declared cash dividend of $ 2.25 to common shareholders and the dividend for preferred shares Paid the dividend both to common shareholder and preferred shareholders Closed the account with $52000 balance in the income summary To the Retained earnings December 31 REQUIRED (A) Journalize the transactions (B) Make a statement of Retained earnings (C) Show the equity section of the balance sheet using the proper Step by Step Solution
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