Reference no: EM132815598
Problem - Tailwind Company had the following shareholders' equity accounts as of April 1, 2020:
Contributed capital:
Preferred shares $874,000
Class A common shares $1,215,000
Class B common shares $2,279,000
Retained earnings $3,260,200
Total shareholders' equity $7,628,200
Number of shares issued and outstanding as of April 1, 2020
Preferred shares 66,119
Class A common shares 195,998
Class B common shares 377,452
The following transactions took place in 2020:
May 5 Tailwind reacquired and cancelled Class A common shares:
Number of Class A common shares reacquired 951
Reacquisition price per share $5.92
July 16 Tailwind issued Class A common shares:
Number of Class A common shares issued 1,801
Issuance price per share $9.02
September 20 Tailwind reacquired and cancelled Class A common shares:
Number of shares retired 982
Reacquisition price per share $9.02
October 2 Tailwind declared and distributed a 2% Class B common stock dividend:
Market value per common share on March 2 $8.99
Assume that the common shares are issued on the date of dividend declaration.
Required - Prepare journal entries for each of the above transactions for 2020.
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