Reference no: EM132810088
At December 31, 2020, Shannon Corporation had 500,000 common shares authorized, 100,000 of which had been issued for cash proceeds of $1,900,000. Shannon Corporation is a public corporation reporting under IFRS. The Retained Earnings balance was $1,150,000 and Accumulated Other Comprehensive Income was $1,800,000.
On January 18, 2021, 50,000 common shares were issued at $25 per share. Profit for 2021 was $275,000. No dividends were declared in 2021.
Instructions:
Problem (a) Prepare the entry to record the common share issue on January 18, 2021.
Problem (b) Prepare the Shareholders' Equity section of the balance sheet at December 31, 2021.
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