Zlin Aerospace Corporation reported the following
[ad_1]
| Zlin Aerospace Corporation reported the following equity account balances on December 31, 2013: |
| Preferred shares, $3.60 cumulative, unlimited shares authorized | $ 0 |
| Common shares, unlimited shares authorized, 26,000 shares issued and outstanding |
717,600 |
| Retained Earnings | 336,000 |
| In 2014, the company had the following transactions affecting shareholders and the shareholdersâ equity accounts: |
| Jan. | 1 | Purchased and retired 3,200 common shares at $36 per share. | ||
| 14 | The directors declared a 9% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $46.80 pershare. | |||
| 30 | Date of record regarding the 9% share dividend. | |||
| Feb. | 5 | Date of distribution regarding the 9% share dividend. | ||
| July | 6 | Sold 6,200 preferred shares at $72 per share. | ||
| Sept. | 5 | The directors declared a total cash dividend of $48,011 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 $477,600 credit balance in the Income Summary account to Retained Earnings. | ||
| 31 | Closed the dividend accounts. |
| Required | |
| 1. | Prepare journal entries to record the transactions and closings for 2014 (assume the retirements were the first ever recorded by Zlin Aerospace). (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) |
| 2. | Prepare the statement of changes in equity for the year ended December 31, 2014.(Amounts to be deducted should be indicated by a minus sign.) |
[Button id=”1″]
[ad_2]
Source link
"96% of our customers have reported a 90% and above score. You might want to place an order with us."
