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Calculate the carrying value of Chiefs Common shares

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Question - On December 31, 2019, the shareholders' equity section of Chiefs Inc. was as follows:

Common shares, no par value: authorized 30,000 shares; issued and outstanding 10,000 shares: $ 206,000

Retained earnings: 261,000

Total shareholders' equity $ 467,000

On March 31, 2020, when the market value of Chiefs' shares was $33 per share, the corporation declared a 20% stock dividend. For the three months ended March 31, 2020, Chiefs reported a net loss of $ 68,000.

Instruction - By providing details and round all figures to the nearest dollar:

a) Calculate the balance of Chiefs' retained earnings at March 31, 2020.

b) Calculate the carrying value of Chiefs' Common shares and revised number of shares outstanding on the same date.

Reference no: EM132714346

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