The shareholders' equity accounts of Carla Vista Inc. at December 31, 2020, are as follows: Preferred...
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The shareholders' equity accounts of Carla Vista Inc. at December 31, 2020, are as follows: Preferred shares, $3 noncumulative, unlimited number authorized, 2,000 issued $200,000 Common shares, unlimited number authorized, 160,000 issued Retained earnings Accumulated other comprehensive loss 800,000 390,000 (47,000 ) Carla Vista has a 40% income tax rate. During the following fiscal year, ended December 31, 2021, the company had the following transactions and events: Feb. 1 Repurchased 10,000 common shares for $40,000. July 12 Dec. 1 Dec. 18 Dec. 31 Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2022. payable on January 31, 2022. Declared a 5% stock dividend to common shareholders of record at December 20, distributable on January 12. 2022. The fair value of the common shares was $11 per share. Determined that for 2021. profit before income tax was $360,000 and other comprehensive income, net of income- tax expense of $45,200, was $67,800. The shareholders' equity accounts of Carla Vista Inc. at December 31, 2020, are as follows: Preferred shares, $3 noncumulative, unlimited number authorized, 2,000 issued $200,000 Common shares, unlimited number authorized, 160,000 issued Retained earnings Accumulated other comprehensive loss 800,000 390,000 (47,000 ) Carla Vista has a 40% income tax rate. During the following fiscal year, ended December 31, 2021, the company had the following transactions and events: Feb. 1 Repurchased 10,000 common shares for $40,000. July 12 Dec. 1 Dec. 18 Dec. 31 Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2022. payable on January 31, 2022. Declared a 5% stock dividend to common shareholders of record at December 20, distributable on January 12. 2022. The fair value of the common shares was $11 per share. Determined that for 2021. profit before income tax was $360,000 and other comprehensive income, net of income- tax expense of $45,200, was $67,800.
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