Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please give a complete ans relevent answer jun

please give a complete ans relevent answer Jun 30 Declared dividends...

80.2K

Verified Solution

Question

Accounting

please give a complete ans relevent answer
image
Jun 30 Declared dividends for Preferred Shares and a 10\% common stock dividend, payable on July 31,2024 , to shareholders of record on July 5, 2024. The fair market value it common shares on Jun 30,2024 was $12 per share and $15 on July 31 Sep 30 1,000 Preferred Shares were converted to Common Shares. The price of its Preferred Shares and Common Shares was $8 and $13 on September 30 Oct 31 Declared a 2 -for-1 stock split. Common Share price was $15 on Oct 31 Dec 1 Re-acquired 15,000 Common Shares at \$16 Dec 31 Record net profit for the year of $225,000. Declared $1 Cash Dividends on Common Shares and declared dividends for its Preferred Shares Required (20 marks) a) Prepare the journal entries on all the above transactions b) Fill in the amount that would appear in the shareholders' equity section for ABC Corporation at December 31, 2024, for the following items: 1. Common shares value 2. Preferred Shares value 3. Number of Common Shares issued 4. Retained earnings balance 5. Total shareholders' equity

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students