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The Data Group Inc. had the following balances in its equity accounts at December 31, 2019: Common shares, unlimited shares authorized; 330,000 shares issued and
The Data Group Inc. had the following balances in its equity accounts at December 31, 2019: Common shares, unlimited shares authorized; 330,000 shares issued and outstanding Retained earnings $10,230,000 590,000 During 2020, the following equity transactions occurred: Apr. 15 Repurchased and retired 11,600 common shares at $29.40 per share. May 1 Repurchased and retired 20,000 common shares at $32.60 per share. 1 The board of directors declared a 2:1 share split effective on this date. Nov. Required: 1. Prepare journal entries to account for the transactions during 2020 (assuming the retirements were the first ever recorded by The Data Group Inc.). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the company's equity section on the December 31, 2020, balance sheet, assuming a loss for the year of $174,000. THE DATA GROUP INC. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Common shares, unlimited shares authorized, 596,800 shares issued and outstanding Retained earnings $ 9,218,400 429,440 $ 9,647,840 Total equity *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted
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