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The shareholders equity for StaySafe Corporation on December 31, 2017 was shown below: Share Capital...

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Accounting

The shareholders equity for StaySafe Corporation on December 31, 2017 was shown below: Share Capital Ordinary, $20 par value, 200,000 shares authorized, 80,000 shares issued and outstanding $1,600,000 Share Premium, Ordinary 80,000 Retained earnings 500,000 Total shareholders equity $2,180,000 The following transactions were related to its shareholders occurred in year 2018: Jan 14 Purchased 3,000 of its own shares at $33 cash per share. Mar 25 Declared a $1 per share cash dividend payable on May 16 with date of record on Apr 25. May 16 Paid the dividend declared on Mar 25 Aug 18 Sold 1,000 of its treasury shares at $42 cash per share. Nov 22 Declared a $1 per share cash dividend payable on Jan 17, 2019, with date of record on Dec 22. Dec 23 Sold 2,000 of its treasury shares at $14 cash per share. Dec 31 Closed $80,000 debit balance in the Income Summary to Retained Earnings. Required 1. Prepare the journal entries to record each of these transactions for 2018. (No narration is required) 2. Determine the equity balance on Dec 31, 2018.

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