The following shareholders' equity accounts are reported by Sheridan Inc. on January 1: Common shares (unlimited authorized, 144,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,600 issued) Contributed surplus-reacquisition of common shares Retained earnings $2.304.000 345,000 29,200 1,256,000 The following selected transactions occurred during the year: Feb. 11 Mar. 2 14 25 June July Sept. Oct. 16 Issued 48,000 common shares at $20 per share. Reacquired 19,100 common shares at $22 per share. Split the common shares 2 for 1 when the common shares were trading at $30 per share. Reacquired 340 preferred shares at $70 per share. Reacquired 48,000 common shares for $17 per share. 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. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 per share. 27 Dec. 13 Prepare journal entries for the transactions. (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 O for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit (Issued common shares for cash.) Mar. 2 (To record reacquisition of common shares.) (To record reacquisition of common shares.) (To record reacquisition of preferred shares.) Sept. 16 (To record reacquisition of common shares.) (To record declaration of stock dividend.) + (To record declaration of stock dividend.) (To record distribution of stock dividend.) eTextbook and Media List of Accounts Show how each class of shares will be presented in the shareholders' equity section of the balance sheet at December 31. Sheridan Inc. Partial Balance Sheet Shareholders' equity $ The following shareholders' equity accounts are reported by Sheridan Inc. on January 1: Common shares (unlimited authorized, 144,000 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,600 issued) Contributed surplus-reacquisition of common shares Retained earnings $2.304.000 345,000 29,200 1,256,000 The following selected transactions occurred during the year: Feb. 11 Mar. 2 14 25 June July Sept. Oct. 16 Issued 48,000 common shares at $20 per share. Reacquired 19,100 common shares at $22 per share. Split the common shares 2 for 1 when the common shares were trading at $30 per share. Reacquired 340 preferred shares at $70 per share. Reacquired 48,000 common shares for $17 per share. 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. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 per share. 27 Dec. 13 Prepare journal entries for the transactions. (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 O for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit (Issued common shares for cash.) Mar. 2 (To record reacquisition of common shares.) (To record reacquisition of common shares.) (To record reacquisition of preferred shares.) Sept. 16 (To record reacquisition of common shares.) (To record declaration of stock dividend.) + (To record declaration of stock dividend.) (To record distribution of stock dividend.) eTextbook and Media List of Accounts Show how each class of shares will be presented in the shareholders' equity section of the balance sheet at December 31. Sheridan Inc. Partial Balance Sheet Shareholders' equity $
