Question 4 of 8 6.84/20 View Policies Show Attempt History Current Attempt in Progress On January 1, 2021, Page Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1.0 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.19 million issued Retained earnings $3,190,000 4,080,000 8 Mar The following selected transactions occurred during 2021: Jan. 2 Issued 220,000 preferred shares at $25 per share, Feb. Issued 90.000 common shares in exchange for land. On this date, the fair value of the land was 5183.000. The common shares have not recently traded, but the last time they traded they sold for $2.5 per share. Declared the quarterly cash dividend to preferred shareholders of record on March 20. payable April 2 Apr Issued 413,000 common shares at $3 per share. June Declared the quarterly cash dividend to preferred shareholders of record on June 20. payable July 1. Sept 5 Declared the quarterly cash dividend to preferred shareholders of record on September 20, pavable October 1. Issued 43,000 preferred shares at $25 per share. 5 Declared the quarterly cash dividend to preferred shareholders of record on December 20. payable January 1. 14 Declared a cash dividend of 50.5 per share to the common shareholders of record on December 31, payable January 10, 5 18 5 4 Oct Dec i stion 4 of 8 6.84 / 20 re pt. Auth t. ec. 5 Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. Issued 43,000 preferred shares at $25 per share. Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. Declared a cash dividend of $0.5 per share to the common shareholders of record on December 31, payable January 10 Net income for the year was $1.07 million. 14 31 Your answer is partially correct. Record the above transactions for 2021, including any entries required to close dividends and net income to Retained Earnings. (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) Transaction entries: Date Debit Account Titles and Explanation Cash Credit Jan 2 5500000 o BH Question 4 of 8 6.84 / 20 E Record the above transactions for 2021, including any entries required to cose dividends and net income to Retained Earnings. (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.) Transaction entries: Date Account Titles and Explanation Debit Credit Jan 2 Cash 5500000 Preferred Shares 5500 Feb. 8 v Land 183000 Common Shares 1836 Mar. 5 6.84/20 III Apr. 18 V Cash 1239000 Common Shares 12390 June 5 6.84/20 E Closing entries: Date Account Titles and Explanation Debit Credit Dec. 31 = (To record net income/loss)) Dec. 31 III (To close dividends) e Textbook and Media List of Accounts Sve for Later Attempts: 1 of 3 used Submit Answer O
