Mady Entertainment Inc. showed the following equity account balances on the December 31, 2019, balance sheet:
| Common shares, unlimited authorized shares, 550,000 shares issued and outstanding | $ | 3,850,000 |
| Retained earnings | 2,580,000 | |
During 2020, the following selected transactions occurred:
| Apr. | 1 | Repurchased and retired 150,000 common shares at $7.60 per share; this is the first retirement recorded by Mady. | |
| June | 1 | Declared a 2:1 share split to shareholders of record on June 12, distributable June 30. | |
| Dec. | 1 | Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $4.60, $4.36, and $4.50, respectively. | |
| 20 | Distributed the share dividend declared December 1. | ||
| 31 | Closed the credit balance of $756,000 in the Income Summary account. |
Homework Answers
Part A
| Date | general journal | debit | credit |
| April 1, 2020 | common shares (3850000/550000)*150000 | 1050000 | |
| Retained earnings | 90000 | ||
| Cash (150000*7.60) | 1140000 | ||
| June 1, 2020 | no journal entry is required | ||
| December 1, 2020 | retained earnings (550000-150000)*2*10%*4.60 | 368000 | |
| Common share dividends distributable | 368000 | ||
| December 20, 2020 | common shares dividends distributable | 368000 | |
| Common shares | 368000 | ||
| December 31, 2020 | income summary | 756000 | |
| Retained earnings | 756000 | ||
| Date | note disclosure | amount |
| April 1, 2020 | note disclosure not required | |
| June 1, 2020 | note disclosure required | $800000 |
| December 1, 2020 | note disclosure not required | |
| December 20, 2020 | note disclosure not required | |
| December 31, 2020 | note disclosure not required | |
550000-150000=400000*2= 800000
Part B
|
Mady entertainment Inc December 31 2020 |
|
| Contributed capital | |
| Retained earnings | 2878000 |
| Common shares | 3168000 |
| Total equity | $6046000 |
Retained earnings= 2580000+756000-90000-368000=2878000
Common shares=3850000-1050000+368000
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