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1 2:48:35 ok Problem 13-4A Dividends, retirement, statement of changes in equity LO1, 2, 5 Zen Aerospace Corporation reported the following equity account balances on December 31, 2022: Preferred shares, $3.60 cumulative, unlimited shares authorized Common shares, unlimited shares authorized, 27,000 shares issued and outstanding Retained earnings $ 0 745,200 338,000 In 2023, the company had the following transactions affecting shareholders and the shareholders' equity accounts Jan. 1 Purchased and retired 3,400 common shares at $36 per share. 14 The directors declared an 11% share dividend distributable on February 5 to the January 30 shareholders of record. The shares were trading at $47.00 per share. 30 Date of record regarding the 11% share dividend. Feb. 5 Date of distribution regarding the 11% share dividend. July 6 Sold 6,400 preferred shares at $74 per share. Sept. 5 The directors declared a total cash dividend of $48,013 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 $479,600 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 2023 (assume the retirements were the first ever recorded by Zen Aerospace). Assume share dividends and cash dividends account is used when dividends are declared. (If select "No journal entry required" in the first account field.)

Problem 13-4A Dividends, retirement, statement of changes in equity LO1, 2, 5 Zen Aerospace Corporation reported the following equity account balances on December 31, 2022 In 2023, the company had the following transactions affecting shareholders and the shareholders' equity accourtis Jan. 1 Purchased and retired 3,40 connon shares at 536 per share, 14 The darectors dectared an 11 share dividend distributable on February 5 to the January 3a sharebolders of record. The shares were trading at s47.e0 per share. 30 Date of record regarding the 11w share dividend. feb. 5 Date of distribution regording the 114 share dividend. juty 6 sold 6,403 preferred shares at $74 per stare. Sept. 5 The directors dectared a total cash dividend af 548 , e23 payable on 0ctober 5 to the September 20 shareholders of record. bet. 5 The cash dividend dectared on Septenber 5 was paid. Dec. 31 Closed the $479,600 credit balance in the Profit Sumary account to Retalned lamings. 31 closed the dividend accounts. Required 1. Prepare journal entries to record the transactions and closings for 2023 (assumie the retirements were the first ever! recorded by Zen Aerospace), Assume share dividends and cash dividends account is used when dividends are declred

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