A4 The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below:Shareholders' Equity$1.00 cumulative preferred shares, 2,000 shares issuedCommon shares, 5,000 shares issuedRetained earningsDuring 2023 the company completed the following transactions:February 10March 10April 14REQUIRED:$ 60,00030,000Declared a regular cash dividend on the preferred shares.Paid the cash dividendDeclared a 10% stock dividend on the common shares. Market price percommon share was $10/ shareMay 14Distributed the stock dividendJuly 10Issued 5,000 common shares for $8/ shareNovember 20 Received equipment valued at $50,000 and issued 5,000 common shares.122,000$212,0001.2.Journalize Chen's transactions. Explanations are not required.Prepare the shareholder's equity section of Chen Industries Limited balance sheet at November 30, 2023. Netincome for the year ended November 30, 2023 was $175,000.

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The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued Common shares, 5,000 shares issued Retained earnings During 2023 the company completed the following transactions: February 10 Declared a regular cash dividend on the preferred shares $ 60,000 30,000 122,000 $212,000

The shareholder's equity section of Chen Industries Limited at November 30, 2022 is shown below: Shareholders' Equity $1.00 cumulative preferred shares, 2,000 shares issued Common shares, 5,000 shares issued Retained earnings During 2023 the company completed the following transactions: February 10 Declared a regular cash dividend on the preferred shares $ 60,000 30,000 122,000 $212,000

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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