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On January 1, 2020, PT A had the following equity accounts. Share Capital--Ordinary ($10 par value; 60,000 shares issued: 58,000 outstanding) Share Premium--Ordinary Retained
On January 1, 2020, PT A had the following equity accounts. Share Capital--Ordinary ($10 par value; 60,000 shares issued: 58,000 outstanding) Share Premium--Ordinary Retained Earnings Treasury Shares--Ordinary (2,000 shares) $ 600.000 $ 150.000 S 24.000 During the year, the following transactions occurred. 1 01-Feb-20 Issued 3,000 ordinary shares for $45,000. 2 20-Mar-20 Purchased 1,500 additional treasury shares at $16/share. 3 01-Apr-20 Declared cash dividend $0,5 per share to shareholder of record on April 15, payable May 1. 4 01-May-20 Paid the cash dividend declared in April. 5 14-Jun-20 Sold 1,100 treasury shares bought in 2019 for $15,400. 6 05-Jul-20 Issued 5,000 ordinary shares for a patent valued at $87,000. 7 01-Aug-20 Declared a 5% share dividend to shareholders of record on Aug 15, distributable on September 1. On declaration date, the market price was $17 per share. 8 01-Sep-20 Issued the shares for the share dividend. 9 31-Dec-20 Net income for the year was $ (fill in yourself) Instructions a. Journalize the transactions. (16%) b. Prepare closing entries. (4%) c. Prepare an equity section at Statement of Financial Position as of December 31, 2020. (5%)
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