Solution-Prepare the equity section on the january

Prepare the equity section on the january

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Reference no: EM132656884

Arcus Development Inc.'s equity section on the December 31, 2019, balance sheet showed the following information:

Common shares, unlimited shares authorized, 280,000

shares issued and outstanding $3,696,000

Retained earnings 422,500

On January 15, 2020, the company's board of directors declared a 5% share dividend to the shareholders of record on January 20 to be distributed on January 30. The market prices of the shares on January 15, 20, and 30 were $16.80, $14.20, and $15.50, respectively.

Required:

Question 1. Prepare the required entries for January 15, 20, and 30. Assume share dividends account is used when dividends are declared. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Question 2. Prepare the equity section on the January 31, 2020, balance sheet, assuming profit earned during January 2020 was $595,000.

Reference no: EM132656884

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Prepare the equity section on the january

Reference no: EM132656884

Reference no: EM132656884

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