Zen Aerospace Corporation reported the following equity account balances on December 31, 2016 Preferred shares, $3 60 cumulative, unlimited shares authorized $ 0 Common shares, unlimited shares authorized, 29,500 shares issued and outstanding 814,200 Retained Earnings 343,000 In 2017, the company had the following transactions affecting shareholders and the shareholders equity accounts Jan 1 Purchased and retired 3,900 common shares at $36 per share 14 The directors declared a 11 share dividend distributable on February 5 to the January 30 shareholders of record The shares were trading at $47 50 per share 30 Date of record regarding the 11 share dividend Feb 5 Date of distribution regarding the 11 share dividend July 6 Sold 6,900 preferred shares at $79 per share Sept 5 The directors declared a total cash dividend of $48,018 payable on October 5 to the September 20 shareholders of record Oct 5 The cash dividend declared on September 5 was paid Dec 31 Closed the $484,600 credit balance in the Profit Summary account to Retained Earnings 31 Closed the dividend accounts Required 1 Prepare journal entries to record the transactions and closings for 2017 (assume the retirements were the first ever recorded by Zen Aerospace) (If no entry is required for a transaction event, select No journal entry required in the first account field ) Preferred shares, $3 60 cumulative, unlimited shares authorized $ 0 Common shares, unlimited shares authorized, 29,500 shares issued and outstanding 814,200 Retained Earnings 343,000 1 Record the retirement of shares 2 Record the declaration of common shares stock dividend Assume Company is using Share Dividend 3 Record the recording of common shares stock dividend 4 Record the distribution of common shares stock dividend 5 Record the issuance of preferred shares 6 Record the cash dividend Assume Company is using Cash Dividend 7 Record the payment of cash dividend 8 Record to close profit to retained earnings 9 Record the closure of dividend accounts 2 Prepare the statement of changes in equity for the year ended December 31, 2017 (Amounts to be deducted should be indicated by a minus sign Round the final answer to the nearest whole dollar ) ZEN AEROSPACE CORPORATION Statement of Changes in Equity For Year Ended December 31, 2017 Preferred Shares Common Shares Retained Earnings Total Equity Balance, January 1 $0 0 0 0 0 0 0 Balance, December 31 $0 $0

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Zen Aerospace Corporation reported the following equity account balances on December 31, 2016 Preferred shares, $3.60 cumulative, unlimited shares authorized $ 0 Common shares, unlimited

Zen Aerospace Corporation reported the following equity account balances on December 31, 2016


Preferred shares, $3.60 cumulative, unlimited shares authorized	$ 0
Common shares, unlimited shares authorized, 29,500 shares issued and outstanding	814,200
Retained Earnings	343,000

In 2017, the company had the following transactions affecting shareholders and the shareholders equity accounts:


Jan.	1	Purchased and retired 3,900 common shares at $36 per share.
	14	The directors declared a 11% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $47.50 per share.
	30	Date of record regarding the 11% share dividend.
Feb.	5	Date of distribution regarding the 11% share dividend.
July	6	Sold 6,900 preferred shares at $79 per share.
Sept.	5	The directors declared a total cash dividend of $48,018 payable on October 5 to the September 20 shareholders of record.
Oct.	5	The cash dividend declared on September 5 was paid.
Dec.	31	Closed the $484,600 credit balance in the Profit Summary account to Retained Earnings.
	31	Closed the dividend accounts.
Required 1. Prepare journal entries to record the transactions and closings for 2017 (assume the retirements were the first ever recorded by Zen Aerospace). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)


Preferred shares, $3.60 cumulative, unlimited shares authorized	$ 0
Common shares, unlimited shares authorized, 29,500 shares issued and outstanding	814,200
Retained Earnings	343,000

1.Record the retirement of shares.

2.Record the declaration of common shares stock dividend. Assume Company is using Share Dividend.

3.Record the recording of common shares stock dividend.

4.Record the distribution of common shares stock dividend.

5.Record the issuance of preferred shares.

6.Record the cash dividend. Assume Company is using Cash Dividend.

7.Record the payment of cash dividend.

8.Record to close profit to retained earnings.

9.Record the closure of dividend accounts.

2. Prepare the statement of changes in equity for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign. Round the final answer to the nearest whole dollar.)

ZEN AEROSPACE CORPORATION
Statement of Changes in Equity
For Year Ended December 31, 2017
	Preferred Shares	Common Shares	Retained Earnings	Total Equity
Balance, January 1				$0
				0
				0
				0
				0
				0
				0
Balance, December 31	$0			$0