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In 2023, the company had the following transactions affecting shareholders and the shareholders equity accounts: Jan. 1 Purchased and retired 3,900 common shares at $36
In 2023, the company had the following transactions affecting shareholders and the shareholders equity accounts: Jan. 1 Purchased and retired 3,900 common shares at $36 per share. 14 The directors declared an 11% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $47.50 per share. 30 Date of record regarding the 11% share dividend. Feb. 5 Date of distribution regarding the 11% share dividend. July 6 Sold 6,900 preferred shares at $79 per share. Sept. 5 The directors declared a total cash dividend of $48,018 payable on October 5 to the September 20 shareholders of record. Oct. 5 The cash dividend declared on September 5 was paid. Dec. 31 Closed the $484,600 credit balance in the Profit Summary account to Retained Earnings. 31 Closed the dividend accounts. Required 1. Prepare journal entries to record the transactions and closings for 2023 (assume the retirements were the first ever recorded by Zen Aerospace). 2. Prepare the statement of changes in equity for the year ended December 31, 2023
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