S 13-6 Analyzing retained earnings LO The Retained Earnings account for Callaho Inc. is shown below: Retained Earnings 50,000 120,000 (Balance x 300,000 Balance Dec 31/14 1. Calculate X 2. What does X represent? 3. What caused the debit of $50,000? Page 730 QS 13-7 Preparing a statement of changes in equity LO Fisher Inc. began operations on January 1, 2014. During its first year, $750,000 of common shares were issued and a net loss of $28,000 was realized. In 2015, Fisher's second year of operations, an additional $125,000 of common shares were issued, a net income of $148.000 was realized, and dividends of $40,000 were declared and paid. Prepare a statement of changes in equity for the year ended December 31, 2015. QS 13-8 Issuance of common shares LO On February 1. Excel Corporation issued 37,500 common shares for $252,440 cash. On February 12, an additional 47,000 common shares were issued for cash of $7.25 per share. Present the entries to record these transactions and calculate the average issue price per common share. QS 13-9 Interpreting journal entries for share issuances LO Each of these entries was recently recorded by a different corporation. Provide an explanation for the transaction described by each entry. E Apr. 1 Cash 60,000 Common Shares 60,000 b. Apr 3 Organization Expenses 90,000 Common Shares 90,000 c Apr. 5 Merchandise Inventory; Machinery 90.000 130,000 Notes Payable 144.000