Record and post transactions; prepare shareholders' equity section.

P$14\mathrm{.}2$A $($LO $1,2)$ AP On December $31,2023,$ LeBlanc Corporation, a public company, had the following shareholders' equity accounts:

LEBLANC CORPORATION

$Q$

Balance Sheet $($partial$)$

December $31,2023$

Shareholders' equity

Common shares $($unlimited number of shares authorized, $90,000$ issued$)$

Retained earnings

Total shareholders' equity

$$1,100,000$

$!$

$$

During the year, the following transactions occurred:

Jan. $15$ Declared a $$1$ per share cash dividend to shareholders of record on January $31,$ payable February $15.$

July $1$ Announced a $3-$for$-2$ stock split. The market price per share on the date of the announcement was $$15.$

Dec. $15$ Declared a $10\%$ stock dividend to shareholders of record on December $30,$ distributable on January $15.$ On December $15,$ the market price of each share was $$10$; on December $30,$$$12$; and on January $15,$ $$11.$

$31$ Determined that profit before income tax for the year was $$450,000.$ The company has a $30\%$ income tax rate.

Instructions

a$.$ Journalize the transactions and closing entries for $2024.$

b$.$ Create general ledger accounts and enter the beginning balances from the December $31,2023,$ partial balance sheet. Post the entries in part $($a$)$ to the shareholders' equity accounts. $($Note: Open additional shareholders' equity accounts as needed.$)$

c$.$ Prepare the shareholders' equity section of the balance sheet at December $31,2024.$