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The balance sheet for Tactex Controls Inc., provincially incorporated in 2 0 2 1 , reported the following components of equity on December 3 1
The balance sheet for Tactex Controls Inc., provincially incorporated in reported the following components of equity on December Equity Section of the Balance SheetContributed capital: shares issued and outstanding $ $ outstanding Total contributed capital Retained earnings Total equity In and the company had the following transactions affecting shareholders and the equity accounts:Jan. Sold common shares at $ per share. shareholders of record. Dividends had not been declared for the years and AllFeb. Paid the dividends declared on January July Sold preferred shares for a total of $ The average issue price was $ per share. Dec. Closed the dividend accounts along with the $ credit balance in the Income Summary Sept. The directors declared the required cash dividend on the preferred shares and a $ perOct. Paid the dividends declared on September Dec. Closed the Cash Dividends account along with the $ credit balance in the Income Required: Prepare journal entries to record the transactions and closings for and The company uses a cash dividends account to record declared dividends. Required: Prepare journal entries to record the transactions and closings for and The company uses a cash dividends account to record declared dividends. Prepare a statement of changes in equity for the year ended December Amounts to be deducted should be indicated by a minus sign. Red text indicates no response was expected in a cell or a formulabased calculation is incorrect; no points deducted. Prepare the equity section of the company's balance sheet as of December
The balance sheet for Tactex Controls Inc., provincially incorporated in reported the following components of equity on
December Equity Section of the Balance SheetContributed capital: shares issued and outstanding $ $ outstanding
Total contributed capital
Retained earnings
Total equity
In and the company had the following transactions affecting shareholders and the equity accounts:Jan. Sold common shares at $ per share. shareholders of record. Dividends had not been declared for the years and AllFeb. Paid the dividends declared on January
July Sold preferred shares for a total of $ The average issue price was $ per share.
Dec. Closed the dividend accounts along with the $ credit balance in the Income Summary
Sept. The directors declared the required cash dividend on the preferred shares and a $ perOct. Paid the dividends declared on September
Dec. Closed the Cash Dividends account along with the $ credit balance in the Income
Required:
Prepare journal entries to record the transactions and closings for and The company uses a cash dividends account to
record declared dividends. Required:
Prepare journal entries to record the transactions and closings for and The company uses a cash dividends account to
record declared dividends. Prepare a statement of changes in equity for the year ended December Amounts to be deducted should be indicated by
a minus sign.
Red text indicates no response was expected in a cell or a formulabased calculation is incorrect; no points deducted.
Prepare the equity section of the company's balance sheet as of December
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