Question 4 View Policies Current Attempt in Progress Shamrock Inc., a private company, is authorized to issue an unlimited number of common shares and 260,000 noncumulative $4 preferred shares. It began operations on January 1, 2021, and the following are selected transactions during 2021. Jan. 1 Issued 400,000 common shares for $200,000 cash. 2 Issued 40,000 preferred shares for $60 cash per share. Dec. 1 Declared a total of $242,000 in dividends, payable on January 5, to shareholders of record on December 13. 31 Determined that it had total revenues of $935,000 and operating expenses of $610.000. Shamrock elected to report under ASPE. It has a 15% income tax rate and paid income tax Instalments during the year of $40,750. Record the share issue and dividend transactions. (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.) Credit Date Jan. 1 Account Titles and Explanation Cash X + us.com/courses/44586/assignments/4901157 Record the share issue and dividend transactions. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date Jan. 1 Cash Common Shares (To record Issuance of shares) Cash Jan 2 Common Shares (To record issuance of shares.) Dec. 1 (To record declaration of dividend.) e Textbook and Media List of Accounts List of Accounts Prepare a partial income statement starting with profit before income tax and record an adjusting entry for income tax (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.) SHAMROCK INC. Income Statement (Partial) Debit Credit Date Account Titles and Explanation Dec. 31 (To record income tax expense.) e Textbook and Media List of Accounts Prepare a statement of retained earnings. (List Items that increase retained earnings first.) SHAMROCK INC. Statement of Retained Earnings e Textbook and Media List of Accounts yprus.com/courses/44586 assignments/4901157 Prepare the shareholders' equity section of the balance sheet. SHAMROCK INC. Balance Sheet (Partial) e Textbook and Media List of Accounts Question 4 View Policies Current Attempt in Progress Shamrock Inc., a private company, is authorized to issue an unlimited number of common shares and 260,000 noncumulative $4 preferred shares. It began operations on January 1, 2021, and the following are selected transactions during 2021. Jan. 1 Issued 400,000 common shares for $200,000 cash. 2 Issued 40,000 preferred shares for $60 cash per share. Dec. 1 Declared a total of $242,000 in dividends, payable on January 5, to shareholders of record on December 13. 31 Determined that it had total revenues of $935,000 and operating expenses of $610.000. Shamrock elected to report under ASPE. It has a 15% income tax rate and paid income tax Instalments during the year of $40,750. Record the share issue and dividend transactions. (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.) Credit Date Jan. 1 Account Titles and Explanation Cash X + us.com/courses/44586/assignments/4901157 Record the share issue and dividend transactions. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date Jan. 1 Cash Common Shares (To record Issuance of shares) Cash Jan 2 Common Shares (To record issuance of shares.) Dec. 1 (To record declaration of dividend.) e Textbook and Media List of Accounts List of Accounts Prepare a partial income statement starting with profit before income tax and record an adjusting entry for income tax (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.) SHAMROCK INC. Income Statement (Partial) Debit Credit Date Account Titles and Explanation Dec. 31 (To record income tax expense.) e Textbook and Media List of Accounts Prepare a statement of retained earnings. (List Items that increase retained earnings first.) SHAMROCK INC. Statement of Retained Earnings e Textbook and Media List of Accounts yprus.com/courses/44586 assignments/4901157 Prepare the shareholders' equity section of the balance sheet. SHAMROCK INC. Balance Sheet (Partial) e Textbook and Media List of Accounts
