PART D: PREPARE A STATEMENT OF RETAINED EARNINGS OF THE YEAR

PART E: PREPARE THE SHAREHOLDERS EQUITY SECTION OF THE STATEMENT OF FINANCIAL POSITION

Duffy Dog Corporation, a publicly traded company, is authorized to issue 206,000 $4 noncumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,500 shares issued) $467,500 Common shares (72,100 shares issued) 1,009,400 Contributed surplus 23,000 Retained earnings 848,000 Accumulated other comprehensive income 10,400 The following equity transactions occurred in 2021: Feb. 6 Issued 10,000 preferred shares for $610,000. Apr. 6 Issued 20,600 common shares for $566,500. 27 Repurchased and retired 3,200 common shares at $16 per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 8,400 common shares in exchange for a building. At the time of the exchange, the building was valued at $164,500 and the common shares at $149,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $593.000. Your answer has been saved. See score details after the due date. Record the above transactions, including any entries required to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round average cost per share to 2 decimal palces, e.g. 2.25 and final answers to 0 decimal places.) Date Account Titles and Explanation Debit Credit Feb. 6 V Cash 610000 Preferred Shares 6100 Apr. 6 Cash 566500 Common Shares 5665 Apr. 27 Common Shares 54400 Contributed Surplus 32 Cash 512 May 29 Dividends Declared 37000 Dividends Payable 370 July 1 Dividends Payable 37000 Cash 370 Aug. 22 Buildings 164500 Common Shares 1645 Dec. 31 Income Summary 593000 Retained Earnings 5930 Dec. 31 Retained Earnings 37000 Dividends Declared 370 Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 Income Summary 593000 Retained Earnings 593000 (To close net income/(loss).) Dec. 31 Retained Earnings 37000 Dividends Declared 37000 (To close dividends.) Open T accounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares Dividends Declared