XYZ Corporation had the following balances in its equity accounts at December 31,...
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XYZ Corporation had the following balances in its equity accounts at December 31, 2023. During 2024, the following equity transactions occurred: a. April 17 : A 5% share dividend was declared when the market value was $6 per share, to be paid on June 22 . b. June 22 : Date of distribution regarding the 5% share dividend. c. December 31 : Closed the dividend account. d. December 31 : Closed the Income summary account. A net income of $50,000 was recorded. a) Prepare journal entries to account for the transactions during 2024. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan ). b) Prepare the company's statement of changes in equity for the year ended December 31,2024 . Please make sure your final answer(s) are accurate to the nearest whole number. c) Prepare the company's equity section of the balance sheet for the year ended December 31, 2024. Please make sure your final answer(s) are accurate to the nearest whole number. XYZ Corporation Equity Section of the Balance Sheet December 31, 2024 Contributed capital Common shares, unlimited shares authorized: shares issued and outstanding. Retained earnings Total equity
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XYZ Corporation had the following balances in its equity accounts at December 31, 2023. During 2024, the following equity transactions occurred: a. April 17 : A 5% share dividend was declared when the market value was $6 per share, to be paid on June 22 . b. June 22 : Date of distribution regarding the 5% share dividend. c. December 31 : Closed the dividend account. d. December 31 : Closed the Income summary account. A net income of $50,000 was recorded. a) Prepare journal entries to account for the transactions during 2024. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan ). b) Prepare the company's statement of changes in equity for the year ended December 31,2024 . Please make sure your final answer(s) are accurate to the nearest whole number. c) Prepare the company's equity section of the balance sheet for the year ended December 31, 2024. Please make sure your final answer(s) are accurate to the nearest whole number. XYZ Corporation Equity Section of the Balance Sheet December 31, 2024 Contributed capital Common shares, unlimited shares authorized: shares issued and outstanding. Retained earnings Total equity 