Prepare equity section of balance sheet for poe enterprises

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Reference no: EM132667383

At December 31, 2017, poe enterprises had the following balances in its shareholders section of the balance sheet,

Common stock at $.50 par $300,000

APIC - Common stock $4,000,000

APIC - shar repurchase $50,000

Retained earnings $2,000,000

Treasury stock at cost, 30,000 shares (600,000)

During 2018, Poe completed the following transactions

Feb 20, issued 40,000 shares of common stock, (with a par $.50 parvalue) in exchange for a machine with an appraised value of $800,000

June 17, resold 15,000 shares of treasury stock for $240,000, (the treasury stock that was resold relates to common stock that was originally issue for $18 per share and was reacquired for $20 per share during 2017)

Dec 2, issue 10,000 shares of common stock for $24 value per share, share issue cost to promote the stock issue totaled $15,000

Dec 31, reported net income ofn $1,500,000 and other comprehensive income (OCI) of $200,000 on the company's statement of comprehensive income

Required

Problem 1: What is the journal entry for the following transactions above?

Problem 2: What is the journal entry for dec 31, there are two journal entries?

Problem 3: Prepare the equity section of the balance sheet

Reference no: EM132667383

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