S : IFRS, 3e Help System Announcements ctice Assignment Gradebook ORION Downloadable eTextbook ament Question 11 The equity accounts of Sheffield SE on January 1, 2017, were as follows. 411,600 Share Capital-Preference (9%, 49 par, cumulative, 10,700 shares authorized) Share Capital-Ordinary (1 stated value, 1,944,200 shares authorized) Share Premium-Preference Share Premium-Ordinary Retained Earnings Treasury Shares-Ordinary (20,900 shares) 1,275,800 118,900 1,498,900 1,847,300 58,520 During 2017, the corporation had the following transactions and events pertaining to its equity. Feb. 1 Issued 25,700 ordinary shares for 77,100. Apr. 14 Sold 8,700 treasury shares-ordinary for 46,700. Sept. 3 Issued 6,800 ordinary shares for a patent valued at 41,100. Nov. Purchased 1,000 ordinary shares for the treasury at a cost of 5,900. 10 Dec. Determined that net income for the year was 440,300. 31 No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Credit account titles are automa manually.) G. Weygandt, Financial Accounting: IFRS, 3e Help System Announcements Assignment Gradebook ORION Downloadable eTextbook ht 31 Determined that net income for the year was C440,300. No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Credit account titles are automatically manually.) Debit Credit Date Account Titles and Explanation ANS VivoBook nov Assignment Gradebook ORION Downloadable eTextbook ht SHOW LIST OF ACCOUNTS 19 17 IS the system announcemente Weygandt, Financial Accounting: IFRS, 3e actice Assignment Gradebook ORION Downloadable eTextbook gnment CALCULATOR Enter the beginning balances in the accounts, and post the journal entries to the equity accounts. (Use 35 for the posting reference.) journal entries presented in the previous part.) Share Capital-Preference Date Explanation Ref Debit Credit Balance Balance Share Capital-Ordinary Balance Date Explanation Ref Credit Debit Balance v 35 J5 Balance Credit Debit Share Premium-Preference Date Explanation Ref Balance Balance Credit Debit Share Premium-Ordinary Date Explanation Ref Balance 7 05 . tro 17 fo > Hey gagyste Financial concentrating: IFRS, 3e tice Assignment Gradebook ORION Downloadable eTextbook ment J5 Share Premium-Treasury Date Explanation Ref Debit Credit Balance 35 Credit Debit Retained Earnings Date Explanation Ref Balance Balance 35 Treasury Shares Date Explanation Ref Balance Credit Debit Balance 15 35 SHOW LIST OF ACCOUNTS Prepare an equity section at December 31, 2017 g ma 19 Weygandt, Financial Accounting: IFRS, 3e Help System Announcements & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment URCES Prepare an equity section at December 31, 2017, SHEFFIELD SE Statement of Financial Position (Partial) SHOW LIST OF ACCOUNTS 10