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Show how each class of shares will be presented

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Reference no: EM132903512

Question - The following shareholders' equity accounts are reported by Ivanhoe Inc. on January 1:

Common shares (unlimited authorized, 156,000 issued) $2,496,000

Preferred shares ($4 cumulative, convertible, 100,000 authorized, 5,400 issued) 405,000

Contributed surplus-reacquisition of common shares 30,800

Retained earnings 1,264,000

The following selected transactions occurred during the year:

Feb.11 Issued 52,000 common shares at $20 per share.

Mar. 2 Reacquired 19,900 common shares at $22 per share.

June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share.

July 25 Reacquired 420 preferred shares at $70 per share.

Sept. 16 Reacquired 52,000 common shares for $17 per share.

Oct. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $19 per share.

Dec. 13 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 per share.

Required - Prepare journal entries for the transactions. Show how each class of shares will be presented in the shareholders' equity section of the balance sheet at December 31.

Reference no: EM132903512

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