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Need the Answer SOON! Thank you for the help The shareholders' equity section of Casey Inc. as at December 31, 20x0 is as follows: $2,500,000
Need the Answer SOON! Thank you for the help
The shareholders' equity section of Casey Inc. as at December 31, 20x0 is as follows: $2,500,000 Preferred Shares - Series A, $4, cumulative and fully participating, 25,000 shares outstanding Preferred Shares, Series B, 6%, noncumulative and non participating Common Shares, 600,000 shares outstanding Contributed Surplus, common share repurchases Retained earnings 1,400,000 11,200,000 422,000 5,800,000 The following transactions occurred during the year ended December 31, 20xl: Jan 2 Mar 1 Mar 8 April 15 Issued an additional 15,000 Preferred Shares - Series A for $1,500,000. Issued 200,000 common shares for total proceeds of $5,000,000 Incurred underwiter and legal fees related to the common share issue of March 1 of $325,000 Purchased land in exchange for 20,000 common shares. The fair value of the land was $375,000. The common shares were trading for $18.20 per share on April 15. Declared a 3:1 stock split. The effect of the split was to drop the fair value per share from $18 to $9. Repurchased 130,000 common shares at $11.00 The net income for the year was $1,960,000 and a dividend of $1,300,000 was declared (show the breakdown of the dividends between all three types of shares, i.e. one dividend payable account for each class of shares) May 15 Aug 31 Dec 31 Required - Prepare the journal entries to record the above transactions. Round any per share data to three decimalsStep by Step Solution
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