Only E11-3 Req 1 and 2

LUTUH UH Retained earnings Net earnings Dividends declared 900.000 1,000,000 800,000 The common shares were sold at $20 per share. Required: 1. What was the amount of retained earnings at the beginning of 2018? 2. Compute earnings per share. 3. Prepare the shareholders' equity section of the company's statement of financial position December 31, 2018. LO11-1,11-3 E11-3 Reporting Shareholders' Equity, and Determining Dividend Policy Sampson Corporation was organized in 2017 to operate a financial consulting business. The charter authorized the issue of 12,000 common shares. During the first year, the following selected transactions were completed: a. Sold and issued 6,000 common shares for cash at $22 per share. b. Sold and issued 600 common shares for a piece of land to be used for a facilities site; construction began immediately. Assume that the market price per share was $22 on the date of issuance. Debit the land account. c. Sold and issued 1,000 common shares for cash at $23 per share. d. At year-end, the statement of earnings showed a loss of $7,000. Because a loss was incurred, no income tax expense was recorded. Required: 1. Prepare the journal entry required for each of these transactions. 2. Prepare the shareholders' equity section as it should be reported on the statement of financial position at year-end, December 31, 2017. 3. Can Sampson pay dividends at year-end? Explain. 11-1, 11-3,11-7 E11-4 Determining the Effects of Transactions on Shareholders' Equity Quick Fix-it Corporation was organized in January 2018 to operate several car repair busi large metropolitan area. The charter issued by the government authorized the following to pay ar repair businesses in a ollowing no par value