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The following shareholders' equity accounts are reported by Oriole Inc. on January 1: Common shares (unlimited authorized, 157,500 issued) $ 2,520,000 Preferred shares ($4 cumulative,
The following shareholders' equity accounts are reported by Oriole Inc. on January 1: Common shares (unlimited authorized, 157,500 issued) $ 2,520,000 Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,500 issued) 412,500 31,000 Contributed surplus-reacquisition of common shares 1,265,000 Retained earnings The following selected transactions occurred during the year: Feb. 11 Issued 52,500 common shares at $ 20 per share. Mar. 2 Reacquired 20,000 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 430 preferred shares at $ 70 per share. Sept. 16 Reacquired 52,500 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. The following shareholders' equity accounts are reported by Oriole Inc. on January 1: Common shares (unlimited authorized, 157,500 issued) $ 2,520,000 Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,500 issued) 412,500 31,000 Contributed surplus-reacquisition of common shares 1,265,000 Retained earnings The following selected transactions occurred during the year: Feb. 11 Issued 52,500 common shares at $ 20 per share. Mar. 2 Reacquired 20,000 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 430 preferred shares at $ 70 per share. Sept. 16 Reacquired 52,500 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
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