XYZ Co is authorized of 400,000 shares of $15,000 par value. At 31 December 2019, the following equity accounts are in the ledger for XYZ Co.

XYZ Co is authorized of 400,000 shares of $15,000 par value. At 31 December 2019, the following equity accounts are in the ledger for XYZ Co. Equity In $ Share capital-50,000 Ordinary Shares with a par value of $15,000 750,000,000 #F Additional Paid in Capital ( Share Premium) - Ordinary Shares 120,000,000 Retained earnings 225.000.000 No Date Transaction May 4 The Company issues 30.000 ordinary shares for cash at $25.000 per share. The Company issues additional 10.000 ordinary shares to acquire land having a fair 21 May 8 value of $225,000,000. Jun 1 3 Jul 1 The Company declared $1,000 cash dividend per share to shareholders of record on July 1, payable August 10, 2020. Aug 10 Sep 1 4 Sep 20 The Company declared a 10% share dividend to shareholders of record on September 20, and distributable October 1. On September 1, market price was $18,000/share. Oct 1 5 Oct 5 The Company purchased from its shareholders 2,000 shares of its own previously issued shares for $19,000/share (treasury shares) Oct 20 The company paid the legal cost for the attorney service by 500 of the treasury shares with market price $20,000 per share. This is recorded as Legal Expense Nov 1 The company's accountant found an error in 2019 record. Depreciation expense was 7 recorded at $100,000,000 but the correct amount was $125,000,000. The Company corrected the error in 2020. 8 Dec 31 At the end of the year, net income for the year was $100,000,000. Prepare closing entries using account Income Summary. 9 Dec 31 | Prepare closing entries to close 2019 dividend transactions into Retained Earnings, No Prepare the journals for the above transactions of 2020. Calculate the ordinary shares as of December 31, 2020: 2 1. issued 2. outstanding 3 Prepare the equity section in Statement of Financial Position as of Dec 31, 2020