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Question - On January 1, 2022, ChocoPlus had 80,000 common shares, recorded at $600,000, 2,000 preferred shares at $50 each, and retained earnings of $1 million. ChocoPlus never repurchased any of its shares. During the year, the following transactions occurred:

April 15: repurchased 2,000 common shares at $7.30 each.

November 1: declared dividends of $1 per share for each preferred shareholders on record December 1, payable on December 15.

December 20: repurchased 3,000 common shares at $7.85 each.

Required - Record the above transactions for 2022.

Reference no: EM133173303

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