Reference no: EM132907974
Burgundy Corporation is authorized to issue 145,000 common shares and 85,000, $3 preferred shares. At Jan 1, 2020, the company's shareholders equity included the below:
17,000 common shares valued at $124,000
7,000 preferred shares valued at $83,000
Retained earning was $42,000
During 2020 the net profit earned by Burgundy Corp. was $31,500. The company did not issue any dividend during 2020. Also, during 2020 the company issued the below:
On Mar 3, 2020 - 5,500 common shares for $11 each
On Jun 12, 2020 - 1,500 preferred shares for $18 each and
On Oct 8, 2020 - 14,000 common shares for land valued at $154,000.
Problem 1: Prepare the shareholders equity part of the balance sheet in Dec 31, 2020
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: Prepare the shareholders equity part of the balance sheet in Dec 31, 2020. Burgundy Corporation is authorized to issue 145,000 common shares
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