Winnipeg Enterprises Inc. reported the following summarized balance sheet at December 31, 2013:
Assets
Current assets .................................................................................... $18,200
Property and equipment, net ............................................................... 34,700
Total assets ........................................................................................ $52,900
Liabilities and Equity
Liabilities ........................................................................................... $ 6,200
Shareholders' equity:
$5 cumulative preferred shares, 180 shares issued ............................... 1,800
Common shares, 2,400 shares issued................................................... 25,900
Retained earnings................................................................................. 19,000
Total liabilities and equity.................................................................. $52,900
During 2014, Winnipeg Enterprise completed these transactions that affected shareholders' equity:
Feb. 22 Issued 1,000 common shares for $16 per share.
May 4 Declared the regular cash dividend on the preferred shares.
24 Paid the cash dividend.
July 9 Distributed a 10% stock dividend on the common shares. Market price of the common shares was $18 per share.
Dec. 8 Issued 600 common shares for $15 per share.
Requirements
1. Journalize Winnipeg Enterprise's transactions. Explanations are not required.
2. Report Winnipeg Enterprise's shareholders' equity at December 31, 2014. Net income for 2014 was $62,000.