shohei inc s shareholders equity on december 31 2013 was as follows shareholders equ 4374136

Shohei Inc.’s shareholders’ equity on December 31, 2013 was as follows: Shareholders’ Equity Share Capital: Preferred Shares, $0.75 accumulated deferred dividends, 500,000 shares authorized, 100,000 issued and outstanding ….. $1,000,000 Common Shares, unlimited number of shares authorized, 250,000 shares issued and outstanding …………. $4,000,000 Retained Earnings ………………. 750,000 Total Shareholders’ Equity ……………. $5,750,000 During 2014, the following transactions occurred. Jan 2 10,000 preferred shares were issued at $22.00 per share. Feb 1 12,000 common shares were issued in exchange for a building with a fair value of $300,000. Nov 25 Declared preferred dividends to be paid on December 23. Dec 27 Declared 5% common stock dividend, when the marketplace was $25,2to be distributed on January 30, 2015 Dec 31 Net income for the year was $520,000. Requirements 1. Journalize the above transactions. 2. Prepare the shareholders’ equity section of the Shohei Inc. balance sheet as of December 31, 2014. View Solution:
Shohei Inc s shareholders equity on December 31 2013 was as

"Looking for a Similar yet Original Assignment? Order now and Get a Discount!

Get better grades effortlessly,
It’s cheaper than you might think

Effortlessly get the essays and grades you need. You can now get any essay, on any subject and at ANY deadline with just 10 minutes of your time (or less). Your professor will love you for it!