Journalize Elegant's transactions. Explanations are not required

Report Elegant Jewellery Limited's shareholders' equity at December 31, 2020. Net income for 2020 was 26,000

Elegant Jewellery Limited reported the following summarized balance sheet at December 31, 2019: (Click the icon to view the statement.) (Click the icon to view the transactions.) Requirements 1. Journalize Eleganl's transactions. Explanations are not required. 2. Report Elegant Jewellery Limited's shareholders' equity at December 31, 2020. Net income for 2020 was $25,000. Requirement 1. Journalize the transactions. (Record debits first, then credits. Explanations are not required.) February 13: Issued 5,900 common shares for $6 per share. - X Transactions Journal Entry Accounts Date Debit Credit Feb. 13 During 2020, Elegant completed these transactions that affected shareholders' equity Feb. 13 Issued 5,900 comtion shares for $6 per share. June 7 Declared the regular cash dividend on the preferred shares. July 24 Paid the cash dividend. Aug 9 Distributed a 12 percent stock dividend on the common shares. Market price of the common shares was $7 per share Nov. 20 Sold 200 common shares for $10 per share. - X Statement Print Done Assets Current assets. S 33,200 82,300 S 95,500 S S 37,700 Property and equipment, net Total assets ......... Liabilities and Equity Liabilities.... Shareholders' equity $0.90 cumulative preferred shares, 300 shares issued Common shares, 6,700 shares issued Retained earnings ............. 4,500 24,300 29,000 S 95,500 Total liabilities and equity Print Done He Clear all Check