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Question 5 – Putting it ALL together The balance sheet of Eye Ltd. at December 31,...

Question 5 – Putting it ALL together

The balance sheet of Eye Ltd. at December 31, 2016

Common shares, 200,000 shares authorized, 50,000 shares issued $750,000

and outstanding

Retained Earnings 250,000

Total Equity $1,000,000

The following happened during 2017

Apr. 29 Declared a 10 percent share dividend on the common shares. The market value of the shares was $15.00 per share. The record date was May 15^th and the distribution date June 6.

Jun 6 Issued the share dividends

Jul 29 Repurchased 5,000 of the their own shares at $13.50 per share and the average issue price was $14.91

Nov 1 Sold 1,000 common shares for $16.50 per share

Nov 25 Declared a $.25 per share dividend on the common shares outstanding. The date of record is December 15^th and the issue date is January 4^th,2018

Dec 31 Closed the $105,000 credit balance of the Income Summary to Retained Earnings

Use the following pages to

Record the transactions in the general journal

Prepare a statement of shareholders’ equity at Dec 31, 2017.

Expert Solution

ekkarill92 answered 1 year ago

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