the following information was available for the gibson group inc tggi for 2011 1 cla 4375563

The following information was available for The Gibson Group Inc. (TGGI) for 2011: 1. Class A common shares, 10 votes per share, unlimited authorized, 7,530,000 issued and outstanding on January 1, 2011, for $18,825,000. Class B common shares, 1 vote per share, unlimited authorized, 25,432,000 issued and outstanding for $216,172,000. 2. January 1, 2011, balance of $252,475,000 in retained earnings and $674,000 in accumulated other comprehensive income. 3. During September, TGGI bought back and cancelled 750,000 Class B shares. The total cost of the buyback was $7,875,000 and the average value of the shares repurchased was $8.50. Any difference between the average carrying value and the repurchase price should be recorded in retained earnings. 4. In December, TGGI paid dividends of $1.25 on all shares outstanding. 5. Net earnings for 2011 were $85,993,000 and other comprehensive income was $43,000. Required: a. Prepare TGGI’s statement of changes in shareholders’ equity for 2011. b. What portion of net earnings did TGGI pay out in dividends? View Solution:
The following information was available for The Gibson Group Inc

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