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Vision Consulting Inc. had the following balances in its equity accounts at December 31, 2014 Common shares, unlimited shares authorized 80,000 shares issued, and outstandin
Vision Consulting Inc. had the following balances in its equity accounts at December 31, 2014 Common shares, unlimited shares authorized 80,000 shares issued, and outstandin Retained earnings $800,000 285,000 During 2015, the following equity transactions occurred a. January 13 : A 10% share dividend was declared when the market value was $7 per share, to be paid on January 22. b. January 22 : Date of distribution regarding the 10% share dividend c. October 10 The board of directors declared a 2:1 share split on this date d. December 31 Closed the dividend account. e. December 31 Closed the Income summary account. A net income of $120,000 was recorded a) Prepare journal entries to account for the transactions during 2015. Enter an appropriate description when entering the transactions in the journal Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan) General Journal Account/Explanation Page GJ1 Date F DebitCredit b) Prepare the company's statement of changes in equity for the year ended December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number select one Statement of Changes in Equity Common Retained Total Shares Earnings Equi c) Prepare the company's equity section of the balance sheet for the year ended December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number Vision Consulting Inc. Equity Section of the Balance Sheet December 31, 2015 Contributed capital Common shares, unlimited shares authorized shares issued and outstandin Retained earnings Total equity
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