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Transactions of Sarasota Corporation are as follows. 1. The company is granted a charter that authorizes the issuance of 150,000 preferred shares and an unlimited
Transactions of Sarasota Corporation are as follows.
1. | The company is granted a charter that authorizes the issuance of 150,000 preferred shares and an unlimited number of common shares. | |
2. | The founders of the corporation are issued 9,000 common shares for land valued by the board of directors at $ 234,000 (based on an independent valuation). | |
3. | Sold 16,000 preferred shares for cash at $ 100 per share. | |
4. | Repurchased and cancelled 3,200 shares of outstanding preferred shares for cash at $ 90 per share. | |
5. | Paid $ 83,000 in dividends that were declared in the previous period. | |
6. | Repurchased for cash and cancelled 400 shares of the outstanding common shares issued in item 2 above at $ 49 per share. | |
7. | Issued 2,700 preferred shares at $ 99 per share. |
Assuming that the company has retained earnings from operations of $ 1,132,000, prepare the shareholders equity section of its SFP after considering all the transactions above.
Sarasota Corporation Statement of Financial Position (Partial) | ||
Total Share CapitalShareholders' EquityTotal Shareholders EquityShare CapitalTotal Paid-in Capital | ||
Total Share CapitalTotal Shareholders EquityTotal Paid-in CapitalShare CapitalShareholders' Equity | ||
$ | ||
Share CapitalShareholders' EquityTotal Shareholders EquityTotal Paid-in CapitalTotal Share Capital | ||
Share CapitalTotal Paid-in CapitalTotal Shareholders EquityTotal Share CapitalShareholders' Equity | ||
Total Share CapitalTotal Paid-in CapitalTotal Shareholders EquityShareholders' EquityShare Capital | $ |
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