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Moscow Jewelry Company reported the following summarized Balance Sheet at December 31, 20X6: Assets Current assets... Property and equipment, net. Total assets... Liabilities and
Moscow Jewelry Company reported the following summarized Balance Sheet at December 31, 20X6: Assets Current assets... Property and equipment, net. Total assets... Liabilities and Equity Liabilities. Shareholders' equity: $0.70 cumulative preference share, $5 par, 300 shares issued... Ordinary share, $4 par, 6,500 shares issued.... Paid-in capital in excess of par. Retained earnings..... $ 33,600 74,000 $107,600 $ 37,300 1,500 26,000 17,800 25,000 $107,600 Total liabilities and equity.... During 20X7, Moscow completed these transactions that affected shareholders' equity: Feb. 13 Issued 5,400 ordinary shares for $6 per share. Jun. 7 24 Aug. 9 Oct. 26 Nov. 20 Declared the regular cash dividend on the preference share. Paid the cash dividend. Distributed a 10% share dividend on the ordinary share. Market price of the ordinary share was $7 per share. Reacquired 500 shares of ordinary share as treasury share, paying $8 per share. Sold 200 shares of the treasury shares for $13 per share. Requirements 1. Journalize Moscow's transactions. Explanations are not required. 2. Report Moscow's shareholders' equity at December 31, 2017. Net income for 20X7 was $28,000.
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