shohei inc s shareholders equity on december 31 2013 was as follows shareholders equ 4374136

Shohei Inc.’s shareholders’ equity on December 31, 2013 was as follows: Shareholders’ Equity Share Capital: Preferred Shares, $0.75 accumulated deferred dividends, 500,000 shares authorized, 100,000 issued and outstanding ….. $1,000,000 Common Shares, unlimited number of shares authorized, 250,000 shares issued and outstanding …………. $4,000,000 Retained Earnings ………………. 750,000 Total Shareholders’ Equity ……………. $5,750,000 During 2014, the following transactions occurred. Jan 2 10,000 preferred shares were issued at $22.00 per share. Feb 1 12,000 common shares were issued in exchange for a building with a fair value of $300,000. Nov 25 Declared preferred dividends to be paid on December 23. Dec 27 Declared 5% common stock dividend, when the marketplace was $25,2to be distributed on January 30, 2015 Dec 31 Net income for the year was $520,000. Requirements 1. Journalize the above transactions. 2. Prepare the shareholders’ equity section of the Shohei Inc. balance sheet as of December 31, 2014. View Solution:
Shohei Inc s shareholders equity on December 31 2013 was as

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