Reference no: EM132822247
Question - X Company reported the following shareholder's equity at December 31st, 2020.
Preferred shares, $1, no par value, 100,000 shares authorized, cumulative, Callable at $107 plus dividends in arrears:
Issued and outstanding, 20,000 shares $2,040,000
Common shares, no par, 100,000 shares authorized 80,000 issued and outstanding 640,000
Contributed Surplus (retirement of common shares) 120,000
Retained Earnings 1,600,000
The following transactions took place in 2021:-
Jan. 20 Redeemed 1,000 preferred shares at the call price. There were no dividends in arrears
Jan. 28 Declared $100,000 in dividends. (Use separate accounts for each class of dividends)
Feb. 28 Retired 8,000 common shares at $12 per share.
Mar. 2 Declared and distributed a 3% common stock dividend. The market value of the shares at that time was $11.50.
Required - Prepare journal entries for the 2021 transactions.
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