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Please help with the wrong that are wrong. Thank You! At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred
Please help with the wrong that are wrong. Thank You!
At the beginning of 20X1, the accounting records of Friends Corp. reported the following: Preferred shares, 8,000 shares outstanding, no-par Common shares, 181,900 shares outstanding, no-par Contributed capital on common share retirement Retained earnings $ 217,600 472,940 111,500 557,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,700 common shares bought and retired at $4 per share 16 March 4,700 preferred shares bought and retired at $30.50 per share 20 May 10,000 common shares bought and retired at $1 per share 25 May 2,400 preferred shares bought and retired at $16.70 per share 30 May 11,500 common shares issued at $8.70 per share 15 Nov. 5,500 common shares bought and retired at $22 per share Required: 1. Give journal entries to record each share retirement transaction. (Round intermediate calculations to 2 decimal places and Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 15 March Common shares 66,820 35,980 Contributed capital on common share retirement ooo Cash 102,800 2 16 March Preferred shares 127,840 15,510 Contributed capital on preferred share retirement Cash 143,350 3 20 May Common shares 26,000 > Cash 10,000 16,000 Contributed capital on common share retirement 4 25 May Preferred shares 65,280 Cash OOO 40,080 25,200 Contributed capital on preferred share retirement 5 30 May Cash 100,050 Common shares 100,050 6 15 November 16,747 X Common shares Contributed capital on common share retirement Retained earnings 91,520 12,733 X Cash 121,000 2. Calculate the closing balance in each account in shareholders' equity. (Round intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar.) Answer is complete but not entirely correct. $ 24.480 463,423 X Preferred shares Common shares Contributed capital on share retirement: Common Preferred 9,690 544,767 X 1,042,360 X Retained earningsStep by Step Solution
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