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The following shareholders' equity accounts are reported by Branch Inc. on January 1: Common shares (unlimited authorized, 150,000 issued) $2,400,000 Preferred shares ($4 cumulative, convertible,

The following shareholders' equity accounts are reported by Branch Inc. on January 1:

Common shares (unlimited authorized, 150,000 issued) $2,400,000
Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,000 issued) 375,000
Contributed surplusreacquisition of common shares 30,000
Retained earnings 1,275,000

The following selected transactions occurred during the year:

Feb. 11 Issued 50,000 common shares at $20 per share.
Mar. 2 Reacquired 20,000 common shares at $22 per share.
May 3 Shareholders converted 1,000 preferred shares into 4,000 common shares. The fair value per preferred share was $80; per common share, $24.
June 14 Split the common shares 2-for-1 when the common shares were trading at $30 per share.
July 25 Reacquired 500 preferred shares at $70 per share.
Sept. 16 Reacquired 50,000 common shares for $17 per share.
Oct. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $19 per share.
Dec. 13 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 per share.

Prepare a chart that shows for each class of shares (1) number of shares issued, (2) total cost, and (3) average cost per share. Enter the January 1 data into the chart.(Round average cost answers to 2 decimal places, e.g. 52.75. Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.)

Common Shares
Date (1) No. of Shares (2) Total Cost (3) Average Cost
Jan. 1 $ $
Feb. 11
Subtotal
Mar. 2
May 3
Subtotal
June 14
Subtotal
Sept. 16
Subtotal
Dec. 13
Bal.
Preferred Shares
Date (1) No. of Shares (2) Total Cost (3) Average Cost
Jan. 1 $ $
May 3
July 25
Bal.
LINK TO TEXT LINK TO TEXT

Prepare journal entries for the transactions. Update the chart in (a) as required for the transactions. After each transaction, determine the number issued, total cost, and average cost per share.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit
Feb. 11
Mar. 2
May 3
July 25
Sept. 16
Oct. 27
Dec. 13

Show how each class of shares will be presented in the shareholders equity section of the balance sheet at December 31.

Branch Inc. Partial Balance Sheet December 31
Shareholders' equity
Accumulated Other Comprehensive IncomeTotal Share CapitalShare CapitalOwner's DrawingsContributed SurplusReacquired Shares
$

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