Pina Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the general ledger contained the following shareholders' equity accounts:

Preferred shares (10,000 shares issued)$500,000Common shares (70,000 shares issued)1,050,000Retained earnings737,000

The following equity transactions occurred during the year ended January 31, 2021:

Feb.28Issued 4,400 preferred shares for $255,200.Apr. 12Issued 180,000 common shares for $2.88 million.May25 Issued 4,400 common shares in exchange for land. At the time of the exchange, the land was valued at $66,000.Jan. 1Paid dividend of $2.50 per share to preferred shareholders.Jan. 31A loss of $51,000 was incurred for the year.

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Journalize the transactions and the entries to close dividends and the Income Summary account. (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 0 for the amounts. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

Feb. 28Apr. 12May 25Jan. 1Jan. 31

(To record issuance of shares.)

Feb. 28Apr. 12May 25Jan. 1Jan. 31

(To record issuance of shares.)

Feb. 28Apr. 12May 25Jan. 1Jan. 31

(To record issuance of shares.)

Feb. 28Apr. 12May 25Jan. 1Jan. 31

(To record declaration and payment of dividend.)

Feb. 28Apr. 12May 25Jan. 1Jan. 31

(To close Income Summary.)

Feb. 28Apr. 12May 25Jan. 1Jan. 31

(To close dividends.)

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Open general ledger accounts for the shareholders' equity accounts and post entries from previous part. (Post entries in the order of Journal entry presented in the previous part (a).)

Preferred Shares

Date

Explanation

Ref.

Debit

Credit

Balance

Feb. 1

Balance

Feb. 28

J1

Common Shares

Date

Explanation

Ref.

Debit

Credit

Balance

Feb. 1

Balance

cond courses/44945/assignments/5579385 State Bank of India... ID TD Bank my ehealth. Log In Home - Billing & Pa... Rogers Bank Online Go Daddy US Visa Question 2 View Policies Current Attempt in Progress Pina Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the gene contained the following shareholders' equity accounts: Preferred shares (10,000 shares issued) $500,000 Common shares (70,000 shares issued) 1.050.000 Retained earnings 737.000 The following equity transactions occurred during the year ended January 31, 2021 Feb. 28 Issued 4.400 preferred shares for $255,200. Apr. 12 Issued 180.000 common shares for $2.88 million. May 25 Issued 4.400 common shares in exchange for land. At the time of the exchange, the land was valued at $66,000. Jan. 1 Paid dividend of $2.50 per share to preferred shareholders. Jan. 31 A loss of 551,000 was incurred for the year. Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically indented when the amount is enter manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Feb. 28 v Cash n.wileyplus.com/courses/44948/assignments/5579385 internet... State Bank of India... TD TD Bank my ehealth. Log In Home - Billing & Pa... Rogers Bank Online Go Daddy US Visa BelD EVSA Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically Indented when the amount is entered. Do not Inde manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 28 Cash Preferred Shares (To record issuance of shares.) Apr. 12 Cash Common Shares (To record issuance of shares.) Common Shares May 25 Cash (To record issuance of shares.) Jan 1 (To record declaration and payment of dividend. To close Income Summary.) (To close dividends) ENG INTL 07- o search y.com/core/44945/inments/5579385 Rernet.. State Bank of India... 10 TD Bank my ehealth: Log In Home - Billing & Pa... Rogers Bank Online GoDaddy US Visa DV Open general ledger accounts for the shareholders' equity accounts and post entries from previous part. (Post entries in the order of Journal entry presented in the previous part fal] Preferred Shares Date Explanation Feb. 1 Balance Ref. Debit Credit Balance Feb. 28 J1 Common Shares Date Explanation Feb. 1 Balance Ref. Debit Credit Balance Apr. 12 J1 May 25 11 Cash Dividends-Preferred Date Explanation Ref. Jan. 1 J1 Debit Credit Balance 11 Jan. 31 Closing entry Retained Earnings Date Explanation Feb. 1 Balance Balance Credit Debit Ref. 31 Jan. 31 Closing Entry 31 Jan. 31 Closing Entry ENG INTL 07.00 e Textbook and Media 0 o search (hp State Bank of India ID TD Bank my ehealth Log In TGROTECT Home - Billing & Pa... Rogers Bank Online Go Daddy US Visio List of Accounts Prepare the shareholders' equity section of the balance sheet at January 31, 2021, including any required disclosures. Assume Pina is reporting under ASPE and there were no preferred dividend arrears at January 31, 2020. (Enter account name only and do not provide descriptive information.) PINA CORPORATION Balance Sheet (Partial) ho $ $ e Textbook and Media List of Accounts A4 ENG INTL 07.0 cond courses/44945/assignments/5579385 State Bank of India... ID TD Bank my ehealth. Log In Home - Billing & Pa... Rogers Bank Online Go Daddy US Visa Question 2 View Policies Current Attempt in Progress Pina Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the gene contained the following shareholders' equity accounts: Preferred shares (10,000 shares issued) $500,000 Common shares (70,000 shares issued) 1.050.000 Retained earnings 737.000 The following equity transactions occurred during the year ended January 31, 2021 Feb. 28 Issued 4.400 preferred shares for $255,200. Apr. 12 Issued 180.000 common shares for $2.88 million. May 25 Issued 4.400 common shares in exchange for land. At the time of the exchange, the land was valued at $66,000. Jan. 1 Paid dividend of $2.50 per share to preferred shareholders. Jan. 31 A loss of 551,000 was incurred for the year. Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically indented when the amount is enter manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Feb. 28 v Cash n.wileyplus.com/courses/44948/assignments/5579385 internet... State Bank of India... TD TD Bank my ehealth. Log In Home - Billing & Pa... Rogers Bank Online Go Daddy US Visa BelD EVSA Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically Indented when the amount is entered. Do not Inde manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 28 Cash Preferred Shares (To record issuance of shares.) Apr. 12 Cash Common Shares (To record issuance of shares.) Common Shares May 25 Cash (To record issuance of shares.) Jan 1 (To record declaration and payment of dividend. To close Income Summary.) (To close dividends) ENG INTL 07- o search y.com/core/44945/inments/5579385 Rernet.. State Bank of India... 10 TD Bank my ehealth: Log In Home - Billing & Pa... Rogers Bank Online GoDaddy US Visa DV Open general ledger accounts for the shareholders' equity accounts and post entries from previous part. (Post entries in the order of Journal entry presented in the previous part fal] Preferred Shares Date Explanation Feb. 1 Balance Ref. Debit Credit Balance Feb. 28 J1 Common Shares Date Explanation Feb. 1 Balance Ref. Debit Credit Balance Apr. 12 J1 May 25 11 Cash Dividends-Preferred Date Explanation Ref. Jan. 1 J1 Debit Credit Balance 11 Jan. 31 Closing entry Retained Earnings Date Explanation Feb. 1 Balance Balance Credit Debit Ref. 31 Jan. 31 Closing Entry 31 Jan. 31 Closing Entry ENG INTL 07.00 e Textbook and Media 0 o search (hp State Bank of India ID TD Bank my ehealth Log In TGROTECT Home - Billing & Pa... Rogers Bank Online Go Daddy US Visio List of Accounts Prepare the shareholders' equity section of the balance sheet at January 31, 2021, including any required disclosures. Assume Pina is reporting under ASPE and there were no preferred dividend arrears at January 31, 2020. (Enter account name only and do not provide descriptive information.) PINA CORPORATION Balance Sheet (Partial) ho $ $ e Textbook and Media List of Accounts A4 ENG INTL 07.0