Reference no: EM132828073
Question - ABC Limited has the following Shareholders' Equity at September 30, 2017:
Common shares, 200,000 shares authorized, 144,000 shares issued and outstanding $576,000
Contributed surplus from cancellation of shares 8,500
Contributed capital $584,500
Retained earnings 414,000
Total Shareholders' Equity $998,500
The following transactions took place in the last quarter of 2017:
October 15 Purchased 62,000 shares from a retired shareholder at a total cost of $310,000 to be held as treasury shares.
October 30 Sold 13,000 of the treasury shares for $70,500.
November 20 Sold 20,000 of the treasury shares at $4.50 per treasury share.
December 31 Closed out the quarter's income summary (which showed a $15,000 loss) and declared dividends of $5,000
Required - What would the Shareholders' Equity section of the December 31, 2017 Statement of Financial Position (B/S) look like?