Reference no: EM132813923
Bridge Corporation has authorized share capital of an unlimited number of common shares and 600,000 $4, preferred shares. On January 1, 2020, the balance in its shareholders equity includes:
12,000 common shares valued at $58,000,
3,500 preferred shares valued at $36,000 and
Retained earnings of $125,000.
Profit for the year ending December 31, 2020 was $31,000. No dividends were declared during 2020.
During 2020, Bridge Corporation had the following share transactions:
Mar 1 Issued 8,000 common shares for $6 each.
Jun 30 Issued 1050 preferred shares for $11 each.
Sep 1 Issued 65,000 common shares in exchange for land valued at $325,000.
Required:
Problem a) Journalize the share transactions.
Problem b) Prepare the equity section of Bridge Corporation balance sheet at December 31, 2020.
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