Equity section of Sol Corporation shows the following on January 1, 2018. Shares Ordinary ...
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Equity section of Sol Corporation shows the following on January 1, 2018. Shares Ordinary Ordinary, $1 par value 1,000,000 shares authorized, 500,000 shares issued and outstanding $500,000 Shares premium Ordinary 500,000 Retained earnings 1,750,000 Total Equity $ 2,750,000 During the year, the company had following transactions occurred: Mar. 1 Issued 50,000 ordinary shares for $150,000. Jun. 1 Acquired 5,000 shares of its shares for the treasury at $4 per share Sep. 1 Sold 3,000 shares at $5 per share Dec 1 Declared a cash dividend of $2 per share to shareholders of record on Dec 15. Dec 30 Paid cash dividend. Instructions Q2) Company had net income of $120,000 in 2018. Please prepare the equity section of balance sheet as of December 31, 2018.
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