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Prepare the equity section of the balance sheet

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Reference no: EM132715478

Question - 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 - share 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 -

1. What is the journal entry for the following transactions above?

2. What is the journal entry for Dec 31, there are two journal entries?

3. Prepare the equity section of the balance sheet?

Reference no: EM132715478

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