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I need these fast please! Thank you! The Data Group Inc. had the following balances in its equity accounts at December 31, 2019: Common shares,
I need these fast please! Thank you!
The Data Group Inc. had the following balances in its equity accounts at December 31, 2019: Common shares, unlimited shares authorized; 160,000 shares issued and outstanding Retained earnings $ 2, 240,000 420,000 During 2020, the following equity transactions occurred: Apr. 15 Repurchased and retired 8,200 common shares at $12.40 per share. May 1 Repurchased and retired 13,000 common shares at $15.60 per share. Nov. 1 The board of directors declared a 2:1 share split effective on this date. Required: 1. Prepare journal entries to account for the transactions during 2020 (assuming the retirements were the first ever recorded by The Data Group Inc.). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Apr. 15 Common shares 114,800 13,120 Contributed capital from retirement of common shares Cash 101,680 2 May 01 Common shares Contributed capital from retirement of common shares Retained earnings Cash 182,000 13,120 7,680 202,800 3 Nov. 01 No journal entry required Date Amount 0 Apr. 15 May 01 Nov. 01 Note Disclosure Note disclosure not required Note disclosure not required Note disclosure required 0 2. Prepare the company's equity section on the December 31, 2020, balance sheet, assuming a loss for the year of $140,000. THE DATA GROUP INC. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Retained earnings Common shares, unlimited shares authorized, 277,600 shares issued and outstanding Total equity $ 0Step by Step Solution
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