Sneijder Companys shareholders equity contained the following items on 12/31/x1

HW Problem 11.1 - Sneijder Company's shareholder's equity contained the following items on 12/31/X1. Common Stock - $2 par value, 200,000 shares authorized, 80,000 issued and outstanding ....... Paid in Capital in Excess of Par - Common ... Preferred Stock - 10% non-cumulative, $20 par value, 60,000 shares authorized, 10,000 issued and outstanding .... Retained Earnings ........ Total Shareholder's Equity ....... . . . . . . . . . $160,000 .... $640,000 $200,000 . $500,000 . $1,500,000 During 20X2 Sneijder had the following transactions: 1/15 2/20 3/31 4/15 6/30 7/20 7/31 9/08 12/31 Issued 20,000 additional shares of preferred stock and received $650,000. Declared dividends of $3 per share common stock with 3/15 record date and 3/31 payment date. Paid the common dividends declared on February 20th. Purchased 10,000 of its own common shares for $105,000. Declared preferred dividends of 10% par value. Record date is 7/15 and payment date 7/31. Issued 10,000 additional shares of preferred stock and received $400,000. Paid the preferred dividends declared June 30th. Purchased 5,000 of its own common shares for $40,000. Closed $2 million of earnings from the income summary into retained earnings. Prepare journal entries for 20X2. Prepare a statement of retained earnings for the year ending 12/31/X2. Prepare the shareholder's equity section from Sneijder Company's balance sheet