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The following shareholders' equity accounts are reported by Carla Vista Inc. on January 1: Common shares (unlimited authorized, 163,500 issued) $2,616,000 Preferred shares ($4 cumulative,
The following shareholders' equity accounts are reported by Carla Vista Inc. on January 1:
Common shares (unlimited authorized, 163,500 issued) | $2,616,000 | |
Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,900 issued) | 442,500 | |
Contributed surplusreacquisition of common shares | 31,800 | |
Retained earnings | 1,269,000 |
The following selected transactions occurred during the year:
Feb. | 11 | Issued 54,500 common shares at $20 per share. | ||
Mar. | 2 | Reacquired 20,400 common shares at $22 per share. | ||
June | 14 | Split the common shares 2 for 1 when the common shares were trading at $30 per share. | ||
July | 25 | Reacquired 470 preferred shares at $70 per share. | ||
Sept. | 16 | Reacquired 54,500 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. |
Please solve and show how calculation were done. Thank You.
The following shareholders' equity accounts are reported by Carla Vista Inc. on January 1: The following selected transactions occurred during the year: Feb. 11 Issued 54,500 common shares at $20 per share. Mar. 2 Reacquired 20,400 common shares at $22 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at \$30 per share. July 25 Reacquired 470 preferred shares at $70 per share. Sept. 16 Reacquired 54,500 common shares for $17 per share. 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. (a) Your answer is partially correct. 5,276. List all debit entries before credit entries.)Step by Step Solution
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