The line with my initial is highlight
4. Assume one year later (2019) the company KY Jeweller's Ltd has been formed and the owners are desirous of companying several financial transactions and possible outcomes to assist in guiding their decision-making process. They have asked each student from your accounting course to prepare the company's journal entries and statement of owner's equity based on the following information which is grouped according to your fist name initial. (Hint!!!! Example fist name Michael will use the initial M and that person should only use the info presented in line with the heading with their first name initial. You are not allowed to use info associated other initials other than that of your own as this will result in the forfeiture of the grade) The company's charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferred stock and the following are the transactions for consideration: 1) KY Jewelers purchased a piece of land from the original owner. In payment for the land, KY Jewelers issues (please refer to table below and use only the info in line with your fist name initial) shares of common I stock with $1.00 par value. The land has been appraised at a market value of below for land value under the category with your first name initial). (Please refer to table First Name Initial With your first name initial). # of shares issued Value of land A.P.I, E, V CORY 300,000 $1,200.000 350,000 $1,350,000 KQ.M.F 380,000 $1,500,000 400,000 $1,480,000 S.W. G.Z D.T.L.U N. B.J.XH 410,000 $1,560,000 390.000 $1,520,000 ii) The company sold (please refer to table below and use only the info in line with your fist name initial) shares of common stock with $1 par value. First Name Initial # of shares issued 120,000 A.P.I, E, V CORY 110,000 150,000 110,000 KQ, M, F S, W, G, Z DT, LU N, B, J.XH 155,000 140,000 Issued (please refer to table below and use only the info in line with your fist name initial) shares of (please refer to table below and use only the info in line with your fist name initial) par value preferred stock. Shares were issued at par. First Name Initial # of shares issued Par value API, E, V 25,500 $20 C, ORY 22,000 $18 KQ, M, F 23,000 $16 S.W.GZ 24,000 $14 D.T.L.U 25,000 $19 N.B. J.XH 26,000 $22 (please refer to table below and use only the info in line with your fist name iv) Earned net income of $ initial). First Name Initial Net Income API, EV $764,000 $850,000 CORY KQ.M.F $940,000 S,W,G, Z $1,000,000 $880,000 D.T.L.U N. B.J.XH $950,000 V) Dividend declared and paid - $0.15 per share on common stock vi) Dividend declared and paid - $5 per share on preferred stock Using the information above and as guided: A. Prepare the Journal entries and closing entries for the above transaction B. Prepare the owner's equity section of the balance sheet based on the info above
