Question
Ivanhoe Supply Corporation provided the following schedule detailing the changes in the shareholders equity accounts during 2020 and 2021. 2021 2020 Number of Shares Amount
Ivanhoe Supply Corporation provided the following schedule detailing the changes in the shareholders equity accounts during 2020 and 2021.
| 2021 | 2020 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Shares | Amount | Number of Shares | Amount | ||||||||
| Common shares, unlimited authorized | |||||||||||
| Balance, January 1 | 520,000 | $624,000 | 520,000 | $624,000 | |||||||
| Issued shares for cash | 52,000 | 34,000 | 0 | ||||||||
| Reacquired shares | (26,000 | ) | (29,909 | ) | 0 | ||||||
| Balance, December 31 | 546,000 | 628,091 | 520,000 | 624,000 | |||||||
| Contributed surplusreacquisition of common shares | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance, January 1 | 15,500 | 15,500 | |||||||||
| Reacquired common shares | 8,300 | 0 | |||||||||
| Balance, December 31 | 23,800 | 15,500 | |||||||||
| Retained earnings | |||||||||||
| Balance, January 1 | 186,500 | 198,000 | |||||||||
| Profit (loss) | 23,500 | 19,500 | |||||||||
| Common dividendsCash | (22,000 | ) | (31,000 | ) |
|
| Other comprehensive income (loss) | 18,000 | (3,000 | ) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance, December 31 | 71,000 | 53,000 |
Shareholders equity, December 31 $910,891 $879,000
Prepare the statement of changes in shareholders equity for the year ended December 31, 2021. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
IVANHOE SUPPLY CORPORATION Statement of Changes in Shareholders Equity choose the accounting period December 31, 2021Month ended December 31, 2021Year ended December 31, 2021
| Common Shares | Contributed Surplus Reacquisition of Common Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
|---|
| Balance, January 1 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Issued shares for cash | ||||||||||
| Reacquired common shares | ||||||||||
| Cash dividends | ||||||||||
| Comprehensive income | ||||||||||
| Balance, December 31 |
2. On July 9, 2021, Sandhill Enterprises Inc. discovered it had recorded the $72,000 purchase of land as legal expense on November 8, 2020. The company had reported retained earnings of $550,500 at its previous year end, December 31, 2020. During 2021, Sandhill had profit of $185,000 and it declared and paid cash dividends of $207,000. Sandhill has a 25% income tax rate.
(a)
Prepare the journal entry to correct the error. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Date Jan. 1 | Account Titles and Explanation | Debit | Credit |
|---|
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Produktivitat Von Dienstleistungen
Authors: Klaus Moller, Wolfgang Schultze
3rd Edition
3658040858, 9783658040857
