Runner Corporation, a publicly traded company, is authorized to issue 192,000 $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2018, the general ledger contained the following shareholders' equity accounts: Preferred shares (8,500 shares issued) $476,000 Common shares (66,500 shares issued) 997,500 Contributed surplus 24,000 Retained earnings 872,000 Accumulated other comprehensive income 10,200 The following equity transactions occurred in 2018: Feb. 6 Issued 9,700 preferred shares for $582,000. Apr. 6 Issued 19,000 common shares for $541,500, 27 Reacquired and retired 3,300 common shares at $17 per share. May 29 Declared a semi-annual cash dividend to the preferred shareholders of record at June 12, payable July 1. Aug. 22 Issued 8,700 common shares in exchange for a building. At the time of the exchange, the building was valued at $157,000 and the common shares at $143,000. Dec. 14 The board of directors decided there were insufficient funds to declare the semi-annual dividend to the preferred shareholders. 31 Net income for the year was $616,000. Record the above transactions, including any entries required to close dividends and net income. (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. Round average cost per share to 2 decimal palces, e.g.2.25 and final answers to decimal places.) Date Account Titles and Explanation Debit Credit . June 12 . Dec. 14 Closing entries: Debit Credit Date Account Titles and Explanation Dec. 31 (To close net income/(loss).) Dec. 31 (To close dividends.) Open Taccounts and post to the shareholders' equity accounts. (Record entries in the order presented in the problem.) Preferred Shares Common Shares . Retained Earnings Contributed Surplus . Dividends Declared Accumulated Other Comprehensive Income . Prepare the statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) RUNNER CORPORATION Statement of Changes in Equity Share Capital Preferred Shares Common Shares Contributed Surplus $ Balance, Jan. 1 Issued preferred shares Issued common shares Repurchased common shares Dividends declared Net income Balance, Dec. 31 $ $ Prepare the statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) RUNNER CORPORATION Statement of Changes in Equity Contributed Surplus Accumulated Other Comprehensive Income Retained Earnings Total $ $ $ $ $ $ $ Prepare the shareholders' equity section of the statement of financial position at December 31. (Enter account name only and do not provide descriptive information.) RUNNERCORPORATION Statement of Financial Position (Partial) $ . $
