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Question 1 Kokomo corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unli

(b) Open T accounts and post to the shareholders equity accounts. (Rec Preferred Shares Common Shares Contributed Surplus

Contributed Surplus Dividends Declared Retained Earnings

I have posted the question and I need help with the T accounts for the 5 headings.

Date Account Titles and Explanation Debit Credit Cash 1960000 Common Shares -9-SS 1960000 950000 Preferred Shares 950000 3500

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Dividends Payable 75000 Closing entries: Date Account Titles and Explanation Debit Credit Dec 31 Retained Earnings 75000 Divi

I'm sorry I forgot the journal entries....I have provided all information now.

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Answer #1
Common Shares Dr $        28,600.00 (13000*2.2)
* Contributed Surplus Dr $          2,600.00 (13000*0.2)
Retained Earning Dr $        20,800.00 Balance
To Cash Cr $                  52,000.00 (13000*4)
Share Issued Price Total   Wt Average Price
$                    980,000.00 $                      2.00 $ 1,960,000.00
$                    245,000.00 $                      3.00 $      735,000.00
Total $                 1,225,000.00 $ 2,695,000.00 $                            2.20
* Contributed Surplus (13000 shares* (2.20-2.0)) $                    2,600.00
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