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Prepare the Equity section of the corporation balance sheet

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Question - The balance Sheet for XYZ Seafood Inc. reported the following components of equity on December 31, 2019:

Common Shares, unlimited shares authorized, 20,800 shares issued and outstanding $376,000

Retained Earnings 224,000

Total equity 600,000

In 2020, XYZ Seafood Inc. had the following transactions affecting shareholders and the equity accounts:

Jan 5 The directors declared a $4.00 per share cash dividend payable on 28th Feb to the Feb 5th shareholders of the record.

Feb 28 Paid the dividend declared on Jan 5.

Jul 6 Sold 1,150 shares at $39.20 per share.

Aug 22 Sold 1,650 shares at $28.00 per share.

Sep 5 The directors declared dividend of $4.00 per share cash dividend payable on October 28 to the October 5 shareholders of the record.

Oct. 28 Paid the dividend declared on Sep 5.

Dec 31 Closed the $348,000 credit balance in the Income Summary Account.

Closed the Cash Dividends account.

Required -

a. Prepare journal entries to record the transactions and closings for 2019.

b. Prepare a Statement of changes in Equity for the year ended Dec. 2019.

c. Prepare the Equity section of the corporation's balance sheet as of Dec 31, 2019.

Reference no: EM132513755

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