Reference no: EM132815264
Problem - On January 1, 2021, Sandhill Ltd. had the following shareholders' equity accounts:
Common shares (1,000,000 issued) $1,700,000
Retained earnings 1,950,000
The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2021, none had been issued. During 2021, the corporation had the following transactions and events related to its shareholders' equity:
Jan. 2 Issued 72,000 preferred shares for $60 per share.
Apr. 1 Paid quarterly dividend to preferred shareholders.
July 1 Paid quarterly dividend to preferred shareholders.
Aug. 12 Issued 72,000 common shares for $1.20 per share.
Oct. 1 Paid quarterly dividend to preferred shareholders.
Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.20 per share dividend to the common shareholders.
Dec. 31 Loss for the year was $72,000.
Required -
1. Journalize the transactions and the entries to close dividends and the Income Summary account.
2. Prepare the shareholders' equity section of the balance sheet at December 31, 2021, including any required disclosures. Assume Sandhill is reporting under ASPE.
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