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On January 2 , 2 0 2 5 , Mable Corporation was incorporated in the province of Ontario. It was authorized to issue an unlimited
On January Mable Corporation was incorporated in the province of Ontario. It was authorized to issue an unlimited number of nopar value common shares, and shares of nopar, $ cumulative and nonparticipating preferred shares. During the firm completed the following transactions:
January Accepted subscriptions for common shares at $ per share. Down payment on the subscribed shares totaled $
January Issued preferred shares in exchange for the following assets:
Machine with a fair value of $ a factory with a fair market value of $ and land with an appraised value of $
March Machinery with a fair market value of $ was donated to the company.
April Collected the balance of the subscriptions receivable and issued common shares.
June Purchased common shares at $ per share. The shares were retired.
December Closed the income summary to retained earnings. The income for the period was $
December Declared sufficient cash dividends to allow $ per share divided for outstanding common shares. The dividend is payable on January to shareholders of record on January
Required:
Prepare the journal entries to record the above transactions.
Prepare a multicolumn statement of changes in equity that explains the change in each equity account.
Prepare the shareholders' equity section of the SFP for Marble Corporation at December
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