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On January 1, Lunn Ltd.'s equity was as follows: common shares, unlimited shares authorized, and...

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Accounting

On January 1, Lunn Ltd.'s equity was as follows: common shares, unlimited shares authorized, and 35,000 shares issued and outstanding. Prepare journal entries to record the following transactions: On January 1, Lunn Ltd.'s equity was as follows: common shares, unlimited shares authorized, and 35,000 shares issued and outstanding. Prepare journal entries to record the following transactions:Question one
On January 1,20xx Sussex Ltd. had 360,000 common shares issued and
outstanding. During 20xx the following transactions occurred:
Mar1 issued 157,500 common shares
Apr 30 issued 5% stock dividend.
May 31 issued a 3 for 1 stock split.
July 31 Acquired 40,000 common shares.
Sept 30 Issued 50,000 common shares.
In addition to common shares Sussex had 40,000 of 8%,$100 par, cumulative
preferred shares outstanding for the whole year. No dividends were declared
during the year. Net income for the year was $2,250,000.
Required:
Calculate the earnings per share for the year.
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