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Equity Contributed Capital:
Preferred shares, $0.60 cumulative, 100,000 shares authorized, 16,000 shares issued and outstanding:......................... $ 89,4001
Common shares, 500,000 shares authorized, 50,000 shares issued and outstanding:........................ 180,000
Total contributed capital.................................................... $269,400
Retained earnings .............................................................. 563,5202
Total equity ......................................................................... 832,920
Jan 1 - Issued 4,000 common shares for $80,000
Jan 30 - Issued 10,000 preferred shares for $39 per share (dividend of $1.25 per share)
June 1 Repurchased 1,000 common shares for $25 per share
Aug 1 Share dividend of 10% on common shares, distributable
Aug 30th. Market value of shares Aug 1 was $30 per share.
Aug 30 distributed share dividend
November 1 Common share split 2:1
December 1 Board declared a dividend of $27,000 with a date of record of Dec 20 Dec 28 paid the cash dividend
Dec 31 income of $120,000
Prepare entries and closing entries and prepare statement of changes in equity
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