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The equity accounts of Monty SE on January 1, 2017, were as follows. 372,400 Share Capital-Preference (9%, 49 par, cumulative, 10,000 shares authorized) Share Capital-Ordinary
The equity accounts of Monty SE on January 1, 2017, were as follows. 372,400 Share Capital-Preference (9%, 49 par, cumulative, 10,000 shares authorized) Share Capital-Ordinary (1 stated value, 1,983,900 shares authorized) Share Premium-Preference Share Premium-Ordinary Retained Earnings Treasury Shares-Ordinary (20,700 shares) 1,250,100 114,500 1,471,200 1,781,500 49,680 During 2017, the corporation had the following transactions and events pertaining to its equity. Feb. 1 Issued 24,900 ordinary shares for 74,700. Apr. 14 Sold 8,700 treasury shares-ordinary for 46,900. Sept. 3 Issued 6,800 ordinary shares for a patent valued at 42,600. Nov. Purchased 1,100 ordinary shares for the treasury at a cost of 5,800. 10 Dec. Determined that net income for the year was 457,400. 31 No dividends were declared during the year. Journalize the transactions and the closing entry for net income. (Credit account titles are automatically indented wh Date Account Titles and Explanation Debit Credit Feb. 1 Cash 74700 Share Capital-Ordinary 2490 Share Premium-Ordinai 49800 Apr. 14 V Cash 46900 Treasury Shares 20880 Share Premium-Treasur 26020 Sept. 3 v Patents 42600 Share Capital-Ordinary 6800 Share Premium-Ordinai 35800 Nov. 10 V Treasury Shares 5800 Cash 5800 Dec. 31 v Income Summary 457400 Retained Earnings 457400 Share Capital-Preference Date Explanation Ref Debit Credit Balance Balance 372400 Share Capital-Ordinary Date Explanation Ref Debit Credit Balance Balance 1250100 Feb. 1 25 24900 Sept. 37 15 6800 Share Premium-Preference Date Explanation Ref Debit Credit Balance Balance FX 114500 Share Premium-Ordinary Date Explanation Ref Debit Credit Balance Balance 1471200 x Feb. 1 15 49800 J5 Sept. 37 35800 Share Premium-Treasury Share Premium-Treasury Date Explanation Ref Debit Credit Balance Apr. 14 V J5 26020 Retained Earnings Date Explanation Ref Debit Credit Balance Balance 1781500 Dec. 31 V 15 457400 Treasury Shares Date Explanation Ref Debit Credit Balance Balance 49680 25 Apr. 14 y 20880 J5 Nov. 10 V 5800 Prepare an equity section at December 31, 2017. MONTY SE Statement of Financial Position (Partial) December 31, 2017 Additional Paid-in Capital Share Capital-Ordinary 1281800 > | Share Capital-Preferenc 372400 > Share Premium-Ordinai 1556800 > Share Premium-Prefere 114500 > Share Premium-Treasur 26020 > Retained Earnings 2238900 Less v Treasury Shares 64760 X Total Equity 2962060
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