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The shareholders' equity of Fryman Company at January 1, 2023 included two accounts, Common Shares and Retained Earnings, for a total of $2,400,000. The company
The shareholders' equity of Fryman Company at January 1, 2023 included two accounts, Common Shares and Retained Earnings, for a total of $2,400,000. The company is authorized to issue 100,000 common shares, but it had issued 40,000 shares at an average price of 550 per share. During 2023, the company had the following transactions: March 10 Purchased an old building for $1,100,000. The seller agreed to receive 20,000 shares in exchange for the building. Dec. 15 Declared a cash dividend of $3 per common share, payable on January 15, 2024, to shareholders of record on December 31, 2023. Dec. 31 Determined that net earnings for the year 2023 amounted to $400,000. Prepare, in good form, the shareholders' equity section of Fryman's statement of financial position as at December 31, 2023
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